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Day 6��Get in to your Planet Earth Groups.�You have 5-10 minutes to finish your Planet Earth assignment.

January 31/February 1

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Quiz #5

1. The United States divides powers between the federal government and state government. Which system of government does the United States have?

2. Which of the following is NOT one of the basic economic decisions that all economic systems make?

a. What and how many goods and services should be produced?

b. How should goods and services be produced?

c. Who gets the goods and services that are produced?

d. All of the above are basic economic decisions that all economic systems have to make.

3. In a market economy, who makes the decisions about what to produce?

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Quiz (continued)

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• 4. ______________ is the idea that private individuals have the right to own property or businesses and make a profit with only limited government influence.

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• BONUS:
• 5. How are socialism and communism different?

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answers

1. Federal System
2. D- They are all decisions that an economic system must make.
3. Individuals and private groups.
4. Free enterprise
5. (Bonus) Socialism allows a wider range of free enterprise. Communism requires strict government control of the entire society, including its economy.

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Gov. & Econ.

Honors World Geography

Unit 1

Which terms would you use to describe our Government

• Unitary, Federal, Confederation?
• Autocracy, Oligarchy, Democracy?
• Republic, Representative, Direct/Absolute
• Constitutional, Parliamentary, Constitutional Monarchy
• Capitalism, Socialism, Communism

Come up with real world examples for each term.

• Work in groups of two and provide an example for you term.

Supply and Demand

• -Resources:

-Natural:

-Products:

-Services:

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Supply & Demand

• Supply (Supplier or the amount of a limited resource)

-Cost (to make/produce it)

•  Demand (Consumer)

-Price (willing to pay)

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How do the above 4 elements affect each other?

• What happens to the Supply if the cost to make the supply goes up?
• What happens to the Price if the cost goes up?
• What happens to the demand if the price goes up?
• IF the demand goes up as the supply goes down, what happens to the price?
• If the demand goes down what might the supplier want to do with the price or the level of supply?
• If the demand goes down and the suppliers don’t pay attention, what will they have to do with the price?

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How can you manipulate the price?

• If you can control the supply, you can control the price.
• If demand goes up, but you don’t increase the supply to meet the demand, you can increase the price.

Q: How can you control the supply?

• Create a Monopoly (Natural, Products, Services)
• You find a way to undersell your competitor, forcing them to go out of business.

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How does competition help or hurt a country?

• Competition creates the largest, highest quality supply, for the lowest price.
• Competition forces companies to find a cheaper way to make a better product. (Cheap labor is not always in your country, driving down costs doesn’t go well with taking care of your employees.)

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Competition is best for whom?

Economic Systems:

• Traditional/Barter:

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• Free Market:

• Command:

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• Mixed:

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What can a government do to hinder or promote competition?

• Barriers to trade:

-Quotas:

-Tariffs:

-Tax:

-Embargo:

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Trade agreements & Organizations

• WTO:
• NAFTA:
• EU:

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• What are each of these designed to do?

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How can trade affect the environment?

• Environment (Human & Environmental Interaction)

-Water and Land Pollution:

-Air Pollution:

• Protection the environment makes products more expensive? How?