Unit 5 Globalization of Economics
In this unit, you will learn about
economics ---- the study of how
people make their livings, earn and
spend money, trade with one another,
and invest in their future.
Source: Mastering the TEKS in World Geography
Student Expectations:
(9) Economics. The student understands the various ways in which people organize economic systems. The student is expected to:
(A) compare ways in which various societies organize the production and distribution of goods and services;
(B) compare and contrast free enterprise, socialist, and communist economies in various contemporary societies, including the benefits of the U.S. free enterprise system;
Essential Question:
How do different societies around the world meet their economic needs?
Source: Mastering the TEKS in World Geography
Essential Question:
What are the advantagesand disadvantages of each economic system?
Source: Mastering the TEKS in World Geography
UNIT 5 Economics
Terms
economy
Economist
Resources
Natural resources
Products
Human resources
services
Economics
Supply
Demand
Poverty
wealth
economy
the use and management of resources;
the system of exchange of goods and
services.
Source: original
economics
the study of how individuals, businesses,
and nations make things, buy things,
spend money and save money.
.
Source: Mastering the TEKS in World Geography
natural resources
elements of the economy that come from
the natural environment. Things from
Mother Nature. Example: soil, water,
sunlight, wind, forests, oil
SoSource: Mastering the TEKS in World Geography
goods (products)
the things that people make. examples:
food, clothes, machines, houses, and toys.
SoSource: Mastering the TEKS in World Geography
human resources ( labor resources)
the people factors in the economy.
Example: number of people, physical
strength, intellect, skill, health.
Source: original
capital resources
money or assets put to economic use.
Example: the tools in a factory or the
money to buy the materials to start or run a
business.
Source: The Economist
services
the things that people do for others.
Examples: electricians, carpenters, doctors,
lawyers, teachers, plumbers, hair dressers
and auto mechanics.
So
Source: Mastering the TEKS in World Geography
supply
How much of a resource, good or service
is available. Example: How many doctors
in a town, how many loaves of bread on the
shelf at the store or how much land is
available to farm.
So
Source: original
demand
How much of a resource, good or service
that is wanted or needed by the consumer.
Example: Starving people in a desert need
water and food. Sick people need a doctor.
Women like diamonds…
So
Source: original
consumption
the using up of goods and services. This
term is also used to describe the purchase
and use of goods and services by
consumers.
Source: Teachers’ Curriculum Institute
developed country
a wealthy country with an advanced
economy. Developed countries have many
industries and provide a comfortable way
of life for most of their people.
Source: Teachers’ Curriculum Institute
developing country
a poorer country with a less advanced
economy. In general, developing countries
are trying to increase their industries and
improve life for their people.
Source: Teachers’ Curriculum Institute
gross domestic product (GDP)
the total value of goods and services
produced in a country in a year.
Source: Teachers’ Curriculum Institute
per capita
by or for each person. A per capita figure
is calculated by dividing the total amount
of something by the number of people in a
place.
Source: Teachers’ Curriculum Institute
capitalism
Source: The Economist
Capitalism is a free-market system built on
private ownership. Owners of CAPITAL have
PROPERTY RIGHTS that entitle them to earn
a PROFIT as a reward for putting their
capital at RISK in some form of economic
activity.
entrepreneur (entrepreneurship)
SoSource: Deardorffs’ Glossary of International Economics
A person who starts a business.
Entrepreneurship The talent, knowledge,
and willingness to engage
in new activities,
especially those that may
result in new kinds of
firms.
SourcesTax Laws.com http://tax.laws.com/tax-brackets
USA.gov http://www.usa.gov/
U.S. Department of Labor http://www.dol.gov/index.htm
Free PowerPoints Mr. Donn http://economics.mrdonn.org/powerpoints.html
The White House Website http://www.whitehouse.gov/
Architects of the Capitol Website http://www.capitol.gov/
United States Department of State http://www.state.gov/
New World Encyclopedia http://www.newworldencyclopedia.org/entry/Civilization
The Economist http://www.economist.com/economics-a-to-z
TEA Vocabulary
Merriam-Webster Dictionary : http://www.merriam-webster.com/dictionary
Yahoo Kids Dictionaryhttp://kids.yahoo.com/reference/dictionary/english/search?query=political+science
Deardorffs’ Glossary of International Economics
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