Questions:
1. Define economics in your own words.
2. How did the global economic crisis unfold?
3. Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Use a specific example to explain.
4. Your textbook explained the economic systems as Capitalism, Planned Economies (Socialism and Communism), and Mixed Economies. Make sure you read what your book has to say about these.
•Now watch this video about economic systems. Compare and contrast the types of economic systems based on the video. Which one best describes the United States? Explain.
https://www.youtube.com/watch?v=eIzkUrXWhCo.
Brown, Tamara. "Economic Systems Overview." YouTube. YouTube, 11 Aug. 2011. Web. 21 Aug. 2013.
Link to transcript of video: Ch 2 - Economic Systems Video Transcript.docx
5. Why does quantity supplied tend to increase when prices go up and decrease when prices go down? Why does quantity demanded move in the opposite direction?
6. Major events in our country and around the world tend to have economic advantages for some segments of society and disadvantages for others. Determining who benefits can be tough for negative events, but it's especially important in order to prevent the unscrupulous from capitalizing on them. Consider the following events and trends, and determine possible winners and losers from an economic standpoint. Be specific in your responses and explain.
• The Hurricane Katrina aftermath
• The influx of illegal immigrants in the U.S.
• The 30% U.S. high school dropout rate
• The aging population in the U.S., Europe, and China
• The rising price of oil worldwide