eoc unit 6
TRANSCRIPT
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Mastering the TEKS for the World
Geography EOC
Unit 6: The Globalization of
Economics
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Economic Systems
TEKS to be covered in this section
Economics 10 The student understands the distribution,characteristics, and interactions of the economic systemsin the world.
Economics 10 (A) Describe the forces that determine thedistribution of goods and services in free enterprise, socialist, andcommunist economic systems.
Economics 10 (B) Classify where specific countries fall along theeconomic spectrum between free enterprise and communism.
Economics 10 (C) Compare the ways people satisfy their basicneeds through the production of goods and services such assubsistence agriculture versus commercial industries.
Culture 18 (C) Identify examples of cultures that maintaintraditional ways, including traditional economies.
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Economic Systems
What is economics?
Economics is the study of howindividuals, businesses, andnations make things, buy
things, spend money and savemoney.
Supply and Demand- peoplehave unlimited wants yetsupplies might be limited.
When supply is high anddemand is low, cost is low.When supply is low anddemand is high, cost is high.
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Economic Systems
What are goods and services?
Goods are those things that
people make
Services are those thingsthat people do for each
other
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Economic Systems
Types of Economic Systems
Traditional Economy Primarily agricultural
Center around family or tribal unit
People are born into theireconomic situation
Barter system
Subsistence Agriculture Tribe or family only grows what
they need
No sales to market
Cottage Industries People use their free time to
weave cloth, make furniture andcloths
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Economic Systems
Types of Economic Systems
Free Enterprise
Known as capitalism or freemarket
Based on the laws of supplyand demand
Role of the Government
People have the right toprivate property
People are free to take part inany business they choose
The ability to make profitdrives people
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Economic Systems
Types of Economic Systems
Communism
Developed in the 1800s based onthe ideas of Karl Marx
In theory, there are no socialclasses
Cooperation replaces competitionand everyones needs are met
In Reality
All important economic decisions
are made by government leaders Government leaders develop
national plans and decide whatspecific goods a factory is going tomake
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Economic Systems
Types of Economic Systems
Socialism
Important businessesproducing goods are owned
by the government (mines,factories, ect)
Governments typically ownrailroads, airlines, hospitals,banks, utility companies and
other major industries Disagree with communist
ideal that workers lives couldonly improve through violentrevolution
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Economic Systems
Types of Economic Systems
Mixed Economies
In the real world, no economy
follows one economic system Most countries blend systems
into a mixed economy
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Economic Development
TEKS to be covered in this section Geography 5 (B) Interpret political, economic, social,
and demographic indicators (gross domestic productper capita, life expectancy, literacy, and infant
mortality) to determine the level of development andstandard of living in nations using the terms HumanDevelopment Index less developed, newlyindustrialized, and more developed.
Economics 11 (A) Understand the connections
between levels of development and economicactivities (primary, secondary, tertiary, andquaternary).
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Economic Development
Indicators of Development
Human Development Index
Less developed (tribal
civilizations) Newly Industrialized
(countries just starting to turn
into an industrialized
economy)
More Developed (U.S., China,Europe)
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Economic Development
Demographic Indicators
Life Expectancy
The average number of yearsan individual in the country is
expected to live
Birth and Death Rates
Measure how many peopleare born or die per thousandpeople in a given year
Infant Mortality Rate
Number of infants who dieper every thousand births
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Economic Development
Economic Indicators
Gross Domestic Product
(GDP) total value of goods
and services produced by anation in a year
Other economic indicators
include average number of
automobiles, telephones,
televisions, or computers
per person
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Economic Development
Social Indicators
More developed nations
provide more social services
to their citizens Literacy Rate (the
percentage of people who
can read and write) can
indicate the human
development of a country
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Economic Development
Types of Economic Activities
Primary Involve production of foods and
the extraction of resources
Secondary Add value to raw materials by
producing them or changingtheir form
Tertiary A variety of services performed
by people and businesses Quaternary
Economic activities consistingof those involving informationprocessing and management