It's a Thrilling Thursday in Business Principles!
Bellwork: Log onto computers and get onto the classroom website. Look over today's agenda and learning targets. Review the following information on economic systems:
WHAT is produced? This is one of the economic choices that people in a society, both producers and consumers, are forced to make with regard to “what” should be produced in a world with limited resources. Some specific examples of this question:
• If resources are limited, should a local government use resources to build a new school, repair an old highway, or construct a new recreation center?
• If resources are limited, should American producers use resources to make goods for national defense or to provide services for retired people who are too old or ill to work?
• If resources are limited, should a farmer grow wheat, cotton, or lettuce?
HOW is it produced? A second choice that society has to make is “how” to produce. Some specific examples of this question:
• How should we obtain crude oil to meet our energy needs? • How much pollution should we allow firms to generate when producing goods?
• How should hogs be raised before they become food?
WHO consumes what is produced? After goods and services are produced, a society must determine how the goods and services will be distributed among its members. Some specific examples of this question:
• Who should receive the limited supply of flu vaccinations?
• Who should benefit from the construction of a new school?
• Who should a shoe manufacturer market their products toward?
We will finish the presentations on economic systems.
We will complete additional activities on economic systems
I understand the various types of economic systems, their advantages, and their disadvantages.