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Government’s Role in Economy Term Definition Economy The production and consumption of goods and services in a country

Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

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Page 1: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Government’s Role in Economy

Term Definition

Economy The production and consumption of goods

and services in a country

Page 2: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

First: Important Vocabulary

Term Definition

Currency Coin or paper money used to purchase goods and

services

Page 3: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Currency

Page 4: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Second: Important Vocabulary

Term Definition

Allocate To spend a specific amount of money on a specific thing

Page 5: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Allocate

• How did you suggest the government reallocate its spending in your essay?

Page 6: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Third: Important Vocabulary

Term Definition

Market The exchange of goods and services between two or more people

Page 7: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country
Page 8: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Important Vocabulary Continued

Term Definition

Scarcity The problem of having limited resources to meet unlimited wants

Page 10: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

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…

Page 11: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

He has a scarcity of money

Page 12: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

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?

Page 13: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

There is a scarcity of time

Page 14: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Important Vocabulary Continued

Term Definition

Opportunity Cost

What is given up when a person chooses something else

Page 15: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

This guy decides to buy the iPod. What is his opportunity cost?

Page 16: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

His opportunity cost is the Air Jordan Sneakers

Page 17: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Important Vocabulary Continued

Term Definition

Tax Revenue

The income of the government when it takes tax money from the people

Page 18: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Tax Revenue

Government

Page 19: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

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

Page 20: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

There are 4 types of Economy

• Traditional • Command • Market• Mixed

Page 21: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Traditional Economy

Keywords/Phrases:• Long-standing customs (values)• Inherited (born into) occupations (jobs)• Hunting and farming are common

Page 22: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Traditional Economy

Page 23: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Traditional Economy

Page 24: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Traditional Economy

Page 25: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Command Economy

Keywords/Phrases:• Government control • National production goals • Public (government) ownership

Page 26: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Command Economy

Page 27: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Market Economy

Keywords/Phrases:• Individual choice• Business competition• Private (individual) ownership

Page 28: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Market Economy

Page 29: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Mixed Economy

Keywords/Phrases:• Government Regulation • Protect Public Interest

Page 30: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

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

Page 31: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Mixed Economy

Page 32: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

In order for Hopkins to build the Bio Tech Park in E. Baltimore…

Page 33: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

Affordable Housing Must Be Included

Page 34: Government’s Role in Economy TermDefinition Economy The production and consumption of goods and services in a country

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.