Teacher:
Mike Yan
Class:
Economics
Date:
September 13, 2010 -
September 17, 2010
Goals and Objectives
TBA
ESLRs
(Empty)
| Day | Classwork | Homework |
|---|---|---|
| Monday | Laissez Faire and the Free Market System Centrally Governed/Planned System and the Mixed Market System Lecture |
none |
| Tuesday | Economic System Advantages Disadvantages Free Market/Laissez Faire 1. Competition 2. Incentive based 3. Innovation and freedom 4. Efficient and quick to react to market 5. Growth 1. Monopolies 2. Certain less “desirable” or profitable fields get left behind 3. Individual Consumer Rights Centrally Planned 1. All areas of industry covered 2. Government can control prices 3. Ensures access to all vital goods 4. Provides opportunity to all members of society 5. Less discrepancy between rich and poor 1. Poor quality 2. Shortages 3. Diminished production 4. Work produced is not necessarily commensurate with pay 5. Lack of creativity Mixed Market 1. Government can pick up balance between factor and product market 2. Government can regulate market 3. Government can protect consumers 4. Balance between private and government ownership promotes innovation and efficiency while protecting quality and pricing 1. Can be inefficient and wasteful 2. There can be over and under regulation resulting in lack of production or harm to consumers 3. There can be shortages of goods and services if system is mismanaged |
Complete Economic Systems chart |
| Wednesday | Assignment #1 and 2 page 38 #1 on page 44 and the following: a) The U.S. is based on a free market system. What party is responsible for market decisions? b) Based on figure 2.5 on page 43, list the 4 most centrally planned and 4 most free market economies. Where does the United States fall? |
Assignment #1 and 2 page 38 #1 on page 44 and the following: a) The U.S. is based on a free market system. What party is responsible for market decisions? b) Based on figure 2.5 on page 43, list the 4 most centrally planned and 4 most free market economies. Where does the United States fall? |
| Thursday | Video TBD | Complete questions for video |
| Friday | Quiz | none |
Long-term assignments and projects
TBA