Name: ______________________________!

Date: _______________________________ Introduction to New Material Main Idea Economic Systems Details

Mod: ________

Market Economy

Traditional Economy

Command Economy

Main Idea U.S. Economy

Details

Guided Practice Argentina was facing incredibly rough times. Crime had increased, because people had fallen ill, and in some cases were unable to fulfill their basic needs. Roads were in shambles and public schools were all running the risk of being shut down. Recently the cost of certain consumer services have risen by 100% (Consumers are paying 100% more!). These services include car detailing, spa services, sports tickets, restaurants, and golf clubs. These are services that typically only the rich can afford. Since the increase in prices for these services, roads have been repaired, schools have been fixed, and there have been more police on the street. Tax Rates on Luxury Items and Services 12
Country: Argentina

9 6 3 0 1900 1950 2000 2010

Leader: Christina Fernández de Kirchner Type of Government: Representative Democracy Population: 40,134,425 Major Religions: Catholic Happiness Index: 35 / 100 Minimum Wage: $2.50/hr

What type of economy is this?

Why have prices risen by 100%?

What are the consequences of the rising prices? Who is making decisions in this economy? What questions do you need answered in order to better understand this problem?

Independent Practice Case #1: _________________________________________ What type of economy is this? Who makes the decisions in this economy?

Is this business being regulated? If yes, what is the government doing?

What are some major reasons for the current status of this product?

What questions do you need answered in order to better understand this problem?

Case #2: _________________________________________ What type of economy is this? Who makes the decisions in this economy?

What has happened in the country that has stopped the production of slinkies?

Case #2: _________________________________________

What are some major reasons for the current status of this product?

What questions do you need answered in order to better understand this problem?

Case #3: _________________________________________ What type of economy does India have? Why are they declining to purchase technology?

How are decisions made?

What type of economy would be most likely to purchase the farming equipment?

What questions do you need answered in order to better understand this problem?

HOMEWORK President Obama is tremendously upset today. He just found out that his favorite hot dog stand in New York, Floydʼs, has gone out of business. This is a ridiculous mystery, as Floydʼs has always made the best product and almost never had enough hot dogs to satisfy the demand. In fact, a weekday lunch at Floydʼs could almost be the definition of scarcity--too many people, and not enough hot dogs. Not only that, they were the cheapest hot dogs in town! Either way, we have to figure out what happened at Floydʼs. Review the information below in order to determine why Floydʼs Hot Dogs went out of business. 3 2.25 1.5 0.75 0 2007 What type of economy does Floyd’s work in? Who makes the decisions in this type of economy? 2008 2009 2010 Cost of Making a Hot dog Price of Hot Dog

Why did Floyd’s go out of business?

Did the government do anything to make it happen? How do you know?

What questions do you need answered in order to better understand this problem?

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