government’s role in economy termdefinition economy the production and consumption of goods and...
TRANSCRIPT
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Government’s Role in Economy
Term Definition
Economy The production and consumption of goods
and services in a country
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First: Important Vocabulary
Term Definition
Currency Coin or paper money used to purchase goods and
services
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Currency
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Second: Important Vocabulary
Term Definition
Allocate To spend a specific amount of money on a specific thing
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Allocate
• How did you suggest the government reallocate its spending in your essay?
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Third: Important Vocabulary
Term Definition
Market The exchange of goods and services between two or more people
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Important Vocabulary Continued
Term Definition
Scarcity The problem of having limited resources to meet unlimited wants
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What is the scarce resource for this guy?
• He has $300 to spend • Yet, he wants over $1500 worth of goods • He has a scarcity of…
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He has a scarcity of money
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Scarcity• Jimmy returns home from school at 5:00 pm.
He has work at 7:30 pm. Before work he needs to complete his homework, do his laundry, clean his room and help his younger brother with his homework. The total time it will take to get all this done is 4 hours, but remember that Jimmy has work.
• What is the scarce resource in this scenario?
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There is a scarcity of time
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Important Vocabulary Continued
Term Definition
Opportunity Cost
What is given up when a person chooses something else
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This guy decides to buy the iPod. What is his opportunity cost?
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His opportunity cost is the Air Jordan Sneakers
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Important Vocabulary Continued
Term Definition
Tax Revenue
The income of the government when it takes tax money from the people
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Tax Revenue
Government
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Tax Revenue• Government uses its tax revenue for…• Public Services -Schools, Roads, Hospitals, Parks • Protect National Security -Military Forces, Counter-Terrorist Programs• Maintain Social Order -Police Salary, Build Prisons, Natural Disasters
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There are 4 types of Economy
• Traditional • Command • Market• Mixed
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Traditional Economy
Keywords/Phrases:• Long-standing customs (values)• Inherited (born into) occupations (jobs)• Hunting and farming are common
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Traditional Economy
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Traditional Economy
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Traditional Economy
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Command Economy
Keywords/Phrases:• Government control • National production goals • Public (government) ownership
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Command Economy
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Market Economy
Keywords/Phrases:• Individual choice• Business competition• Private (individual) ownership
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Market Economy
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Mixed Economy
Keywords/Phrases:• Government Regulation • Protect Public Interest
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Mixed Economy - United States
• This kind of economy includes some parts of traditional, command and market
• Government plays a role, but businesses are given many freedoms
• Government sets rules for the economy so that people are protected
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Mixed Economy
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In order for Hopkins to build the Bio Tech Park in E. Baltimore…
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Affordable Housing Must Be Included
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Your Ideas
• What should be done to improve the economy here in Baltimore?
Discussion Rubric:Points Actions +2 Makes or responds to a statement quoting information from the text
or government vocabulary to support your opinion. +1 Makes a statement or gives an opinion that contains misconceptions
but students gave a worthy attempt. 0 Student does not participate. Student makes a statement that is off
topic and not relevant to the discussion. -1 Students calls out. -2 Student is having a side conversation / engaged in other distractions.