Good Day!

DRAW A LINE SEPARATING TODAY & YESTERDAY1) Write: Date: 01/06/09, Topic: Economic Systems2) On the next line, write “Opener #1” and then:

1) Plot your mood, reflect in 1 sent.2) Respond to the opener by writing at least 2 sentences about:Your opinions/thoughts OR/AND

Questions sparked by the clip OR/AND

Summary of the clip OR/AND

Other things going on in the news.Announcements: None Intro Music: Pandora

Agenda1) Health Care Case Study (as an intro to “What is Economics”)

What you will be able to do:1) Which economic system is best?

Reminder1) Print/Design Checks1) First Day Forms

Quiz (10 Points)1) Clear desk of everything except a

writing tool2) When done, turn quiz face down.3) Circle just the dots.4) Quiz # 1

Q2 Fix: What CAN’T Mr. Chiang do

successfully?

Review1) Scarcity: The assumption that everything is

limited (time, objects, skills).2) Economics*: Study of how resources are

allocated*like all areas of social sciences, they are not pure

sciences in that they rely on human behavior, and humans are not 100% predictable. The closest thing social science gets to real science is psychology.

3) Micro-economics: Resource decisions on an individual level

4) Macro-Economics: Resource decisions on a society level

5) Behavioral Economics: The psychology of resource decisions

Welcome to EconomicsStudy of resource allocation:1) What is produced? 2) How to produce it?3) Who do we produce it for?

4) Who should get the liver transplanta) Wealthy retired baseball player (90% chance of survival)b) Mother of 2 (50% survival chance)c) Teenager (20% survival chance)d) Nobel prize peace winner scientist

(5% chance of survival)

Notes #1a, Title: “Econ Systems Notes” How do different econ systems decide:1) What is produced? 2) How to produce it?3) Who do we produce it for?

Capitalism (Free Enterprise/Free Market): Individual ppl decide what, how, and for who based on prices/profit (competition makes things better)

Communism: Gov decides what, how, and for who based (gov makes things better)

Socialism: Let ppl make money, buy property, but uses high taxes to provide everyone their basic needs (hybrid)

Capitalism (USA*) All PrivateEven US not 100%

Socialism (Sweden) Gov Control Private

Communism (North Korea) All Gov ControlEven N Kor not 100%

Capitalism is a form of freedom.a) Capitalism is linked to freedom since it

is about individual choice.b) However, active debate over if

capitalism promotes democracy (China)c) Most the world are capitalists, even

“communist” countries. (Cuba and North Korea are the big exceptions)

d) Note, China is a communist country, because the political party in power is the Communist Party, NOT because their economic system is communism.

Team Quiz (10 Points)Discuss the following questions with your group. Make sure everyone understands how to answer it. Once the quiz paper is passed out, everyone individually writes their own responses. No talking once we start writing. 1 paper will be graded from each group (10 points). Prepare now. Ask Mr. Chiang only if no one in your team knows. When writing, use sentences!

1) What is capitalism?2) What is communism?3) What is socialism?Bonus Q) In what ways is America between 2 + 3

5 Reading/Film Qs Come From These Work Sections

Work #1a, Title “Class Prep”

a) Name + Period: Cover + 3 edgesb) Staple (bottom-top, stapes-in): Front: Constitution, Green SheetBack: Plastic Bag

1) Each of you sign your name in your partner’s workbook under 1) to verify your first written sections and handouts look in order.

Career FairDefault role is intern, at which

you will be paid $1280/mo (8/hr). Roles available:

Banker: $4800/mo* ($30/hr, 8 per class) training req.

Landlord: $3200/mo* ($20/hr, 6 per class) training req.

*bonus possible based on performancePolitician: $2400/mo ($15/hr, 3 per class) occas.

brunch

You will be fired if you can’t perform well!

Work #1a, Title “Class Prep”2) Pick 1 of the 4 banks, they are all the same, you should care about speed + reliability in choosing. Write down the bank name AND the name of the two bankers.Make sure the banker gives you $280 (2x100, 2x20s, 2x10s, 2x5s, 10x1s) 3) Rent a desk, write down your landlord’s name AND rent price (rent due Friday)4) Write down names of your REPs.Last, fill out new seating chart circulating:

First Name, Last Initial (Bill L), Bank Name

Homework: 1) Study today’s notes + work sections

for a possible workbook quiz.2) Design your checks due Friday.3) Bring 1+ items for Friday

Marketplace

Workbook Check: If your name is called, drop off your workbook with Mr. Chiang (if requested, points lost if your workbook is not turned in)