CRCT Review_Economics

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CRCT Review: “Economics (Asia + Africa)”:

CRCT Review: “Economics (Asia + Africa)” 7 th Grade Social Studies Wednesday, March 30, 2011

SS7E1, SS7E5, SS7E8:

SS7E1 , SS7E5 , SS7E8 SS7E1, SS7E5, SS7E8: “The student will analyze different economic systems.”

SS7E5:

SS7E5 Israel: Individual citizens have more economic freedoms than most other Middle Eastern countries

SS7E5:

SS7E5 Saudi Arabia: The government is dependent on oil sales The government has great control over most economic activities

SS7E5:

SS7E5 Turkey: Diversified economy (not dependent on one resource) Rapidly implementing more market economy principles each year

SS7E8:

SS7E8 China: Economy has allowed more market economy principles over the past 20 years Communist government still has a considerable amount of control

SS7E8:

SS7E8 India: Subsistence agriculture is important (due to the large population) Workers are becoming more educated and productive

SS7E8:

SS7E8 Japan: Individual citizens have great control High standard of living due to high amounts of human capital and capital goods

SS7E8:

SS7E8 North Korea: Government controls most aspects of the economy Low amount of trade partners

SS7E1:

SS7E1 Nigeria: Makes most of its money from the sale of petroleum (oil) Unstable government has led to a low GDP

SS7E1:

SS7E1 South Africa: Economy is recovering from the effects of apartheid High GDP as compared to neighbors (even though they suffer from a high HIV/AIDS rate and a high crime rate)

CRCT Review: “Economics (Generic)”:

CRCT Review: “Economics (Generic)” 7 th Grade Social Studies Tuesday, March 29, 2011

SS7E1, SS7E5, SS7E8:

SS7E1 , SS7E5 , SS7E8 SS7E1, SS7E5, SS7E8: “The student will analyze different economic systems.”

SS7E1, SS7E5, SS7E8:

SS7E1, SS7E5, SS7E8 Traditional Economy Based on customs and beliefs

SS7E1, SS7E5, SS7E8:

SS7E1, SS7E5, SS7E8 Command Government answers all economic questions Market Individual citizens (buyers and sellers) (producers and consumers) answer all economic questions

SS7E1, SS7E5, SS7E8:

SS7E1, SS7E5, SS7E8 Mixed Economy Combination of command and market principles All national governments have mixed economies in place

SS7E1, SS7E5, SS7E8:

SS7E1, SS7E5, SS7E8 All countries have mixed economies that are found on a continuum between pure command and pure market Command -----(A)--------------(B)----- Market Mixed

SS7E1, SS7E5, SS7E8:

SS7E1, SS7E5, SS7E8 “A” “A” is more of a command economy because the government makes more business decisions “B” “B” is more of a market economy because individual citizens make more business decisions

SS7E2, SS7E6, SS7E9:

SS7E2 , SS7E6 , SS7E9 SS7E2, SS7E6, SS7E9: “The student will explain how voluntary trade benefits buyers and sellers in SW Asia, S+E Asia, and Africa.”

SS7E2, SS7E6, SS7E9:

SS7E2, SS7E6, SS7E9 Countries specialize in producing specific resources and goods, and providing certain services Specialization encourages trade between countries

SS7E2, SS7E6, SS7E9:

SS7E2, SS7E6, SS7E9 Trade Barriers: Tariff Tax on imports Quota Limit on imports Embargo Limit on trade

SS7E2, SS7E6, SS7E9:

SS7E2, SS7E6, SS7E9 In order for international trade to be successful, a system of exchanging currencies must be in place

SS7E3, SS7E7, SS7E10:

SS7E3 , SS7E7 , SS7E10 SS7E3, SS7E7, SS7E10: “The student will describe factors that influence economic growth and examine their presence or absence in SW Asia, S+E Asia, and Africa.”

SS7E3, SS7E7, SS7E10:

SS7E3, SS7E7, SS7E10 Human Capital Education and training When countries invest in “HC,” the GDP will increase When countries do not invest in “HC,” the GDP will not increase Capital Factories, machinery, technology When countries invest in “capital goods,” the GDP will increase When countries do not invest in “capital goods,” the GDP will not increase

SS7E3, SS7E7, SS7E10:

SS7E3, SS7E7, SS7E10 Entrepreneurship Using money and talents to start your own business Entrepreneurs can make significant contributions to a country’s economy

CRCT Review: “Economics (Other)”:

CRCT Review: “Economics (Other)” 7 th Grade Social Studies Thursday, March 31, 2011

SS7E6:

SS7E6 SS7E6: “The student will compare and contrast various forms of government.”

SS7E6:

SS7E6 OPEC (Organization of Petroleum Exporting Countries): Most oil-rich nations are members of OPEC OPEC controls 2/3 of the world’s oil supply OPEC influences the price of oil

SS7E3, SS7E7:

SS7E3 , SS7E7 SS7E3, SS7E7: “The student will describe factors that influence economic growth and examine their presence or absence in SW Asia, S+E Asia, and Africa.”

SS7E7:

SS7E7 Israel: Little access to oil Is usually dependent on the U.S. and other allies for its oil needs

SS7E7:

SS7E7 Saudi Arabia: Largest supply of oil in the world The government is dependent on oil sales (most money is made from this)

SS7E7:

SS7E7 Iran: One of the largest suppliers of oil in the world The government is dependent on oil sales (most money is made from this)

SS7E3:

SS7E3 South Africa: Produces high amounts of gold and diamonds Low amounts of uranium and oil Has diversified economy

SS7E3:

SS7E3 Nigeria: Produces high amount of oil Low amounts of gold, diamonds, and uranium Dependent on oil sales

Economic Standards:

Economic Standards

Economic Standards: Types of Economic Systems :

SS7E1 The student will analyze different economic systems. a. Compare how traditional , command , and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command. C. Compare and contrast the economic systems in South Africa and Nigeria. SS7E5 The student will analyze different economic systems. a. Compare how traditional , command , and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command. c . Compare and contrast the economic systems in Israel, Saudi Arabia, and Turkey. SS7E8 The student will analyze different economic systems. a. Compare how traditional , command , market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command. c . Compare and contrast the economic systems in China, India, Japan, and North Korea. Economic Standards: Types of Economic Systems

Economic Standards: Voluntary Trade:

SS7E2 The student will explain how voluntary trade benefits buyers and sellers in Africa. a. Explain how specialization encourages trade between countries. b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. c. Explain why international trade requires a system for exchanging currencies between nations. SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East). a. Explain how specialization encourages trade between countries. b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. c. Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC). d. Explain why international trade requires a system for exchanging currencies between nations. SS7E9 The student will explain how voluntary trade benefits buyers and sellers in Southern and Eastern Asia. a. Explain how specialization encourages trade between countries. b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. c. Explain why international trade requires a system for exchanging currencies between nations. Economic Standards: Voluntary Trade

Economic Standards: Economic Growth:

SS7E3 The student will describe factors that influence economic growth and examine their presence or absence in Nigeria and South Africa. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP). c. Explain how the distribution of diamonds, gold, uranium, and oil affects the economic development of Africa. d. Describe the role of entrepreneurship. SS7E7 The student will describe factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Iran. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP). c. Explain the role of oil in these countries’ economies. d. Describe the role of entrepreneurship. SS7E10 The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP). c. Describe the role of natural resources in a country’s economy. d. Describe the role of entrepreneurship. Economic Standards: Economic Growth

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