ADVISORYD: 9/26/12A: Grade ChecksS: What work are you missing?H: None

D: 9/26/12A: Government and Economy Discussion and NotesS: How does the availability of resources create global interdependence?H: Natural Hazard Sheet Due TOMORROW w.o.d: Market Economy

Warm-Up: Based on the next picture describe economy.

What is Economy?

Word

Market economy

Definition

An economy in which

consumers help determine what

is to be produced by buying or not buying certain

goods and services.

Sentence

Business owners in a

free enterprise system sell

their goods in a market economy.

Picture

Types of Production Recap

• What are the three types of production?

• What are service jobs?

• What is industrial production?

• What are the main products of agricultural production?

Economic Systems Recap

• Why do culture develop economic systems?

• How does a ______________________ or bartering system work?

• How do cultures develop more complex systems of production?

Economic Systems Recap• A free market economy is _________________ driven and

ruled by ____________ it is not _________________ by one person, organization or institution. Companies decide what to _____________, how much people get paid and what to _________ for products so they make a _____________

• A command economy the ______________________ owns all significant enterprises and closely _______________ all economic activities. The government controls _________________, dictates the rights of ________________ and controls all of the __________________. The distribution of wealth is skewed to those who ________ rather than those who _______________.

Characteristics of Developed Countries

• Strong economies• Good health care• High literacy• Lots of technology• Urban Living

Characteristics of Developing Countries

• 2/3 of the world live in developing countries• Poor• Small economies• Lack of health care• Low literacy• Minimal technology • Over crowded cities