The US economy is best described as what type of economy? E - PowerPoint Presentation

Slide1

The US economy is best described as what type of economy? Explain Slide2

Welcome Knight Time

Find a seat and settle in

Are you ready for your finalSlide3

According to supporters of capitalism, which of the following would be regarded as the economic motivator??

Competition

Profit

Price

Consumer Sovereignty Slide4

List the

3 questions of economies must ask

.Slide5

Which of the following works alongside competition in economic regulation ?

Self-interest

Profit

Government

PriceSlide6

How do consumers demonstrate their sovereignty in a market system?Slide7

Which economic policy is most associated with socialism?

Free trade

Competition

A guaranteed job

Economic freedomSlide8

Who can own the factors of production in a socialist system?Slide9

According to supporters of free enterprise, what makes an economy inefficient?

Rejecting customs and traditions

Meeting wants instead of needs

Allocating scarce resources

Allowing government regulations/interventionSlide10

What role does the US government play in the economy?Slide11

What is the main difference between socialism and communism?

in communism, the government allows citizens to create social programs to help the poor

in socialism, the government is always authoritarian

in socialism, the government redistributes wealth but allows private ownership

in communism, the government can be democratic and protect individual libertiesSlide12

The US economy is best described as what type of economy?

Considered market by many, but with increasing government intervention it should be regarded as mixed Slide13

According to supporters of capitalism, which of the following would be regarded as the economic motivator??

Competition

Profit

Price

Consumer Sovereignty Slide14

List the 3 questions all economies must ask.

What to Produce

How to produce it

For Whom to produce it for Slide15

Which of the following works alongside competition in economic regulation ?

Self-Interest

Profit

Monopolies

PricesSlide16

How do consumers demonstrate their sovereignty in a market system?

By helping determine what gets produced and sold Slide17

Which economic policy is most associated with socialism?

Free trade

Competition

A guaranteed job

Economic freedomSlide18

Who can own the factors of production in a socialist system?

The Government

The People Slide19

According to supporters of free enterprise, what makes an economy inefficient?

Rejecting customs and traditions

Meeting wants instead of needs

Allocating scarce resources

Allowing government regulationsSlide20

What role does the US government play in the economy

?

Some intervention by providing regulations/subsidies to businesses Slide21

What is the main difference between socialism and communism?

in communism, the government allows citizens to create social programs to help the poor in socialism, the government is always authoritarian

in socialism, the government redistributes wealth but allows private ownership

in communism, the government can be democratic and protect individual libertiesSlide22

Welcome Knight Time!

Find a seat and settle in

Take out your budget projects.Slide23

Reminders

Budget Project Due FRIDAY

Unit 7 Test will be next Wednesday (12/16/15)

Recovery

Next Year’s Classes

SOT Adopt a Marine Project!Slide24

Shhh! Quiz in progress!

All you need is your Chromebook

Login:

studentID#@student.cms.k12.nc.us

URL

:

http://

goo.gl/forms/nK2pTUA2CL

When finishedSlide25

Budget Project

Today day is the last day to work on your project in class!

Use the

chromebooks

to research

Feel free to ask questions. Slide26

Welcome C&E Students!

Find your seat and settle in

Roll Call Question:

Would you rather be 3’5’’ or 8’5’’?

Bell Work: Prepare for your quiz!

Types of Economies

Economic Philosophies Slide27

Reminders

Unit 7 Test next Tuesday!

Quiz Thursday –Gov’t Revenue & Labor Unions

Monopoly Reflection due tomorrow

Budget Project – past due

RecoverySlide28

Shhh! Quiz in progress!

All you need is a writing utensil

Have a question? Ask a Question!

When finished …

1

st

Get your Unit 6 Test From Mrs. Peach and Complete your Pink Data Tracker. Give both back to her when finished.

2

nd

grab a

chromebook

and begin your self-paced lesson on

NearPod

-

LVMRKSlide29

Self-Paced

You will be completing a

N

earpod

lesson today to learn how the US Government Collects and Distributes Tax Revenue

These will serve as your notes for Objective 7.2

Complete all activities throughout the lesson Slide30

eCOWnomics Systems

Taught by Cows Slide31

Capitalism Slide32

Socialism Slide33

Socialism Slide34

Communism Slide35

Communism Slide36

Reading – Gov’t Spending

Read the Section Outlining Discretionary & Mandatory Spending

How are these two different?

What are some examples of each?Slide37

7.2 – Revenue and Expenditures of the Gov’t

Objective: Evaluate

how the government collects and distributes tax revenue Slide38

I. The Government’s Budget

A. Each year the president and Congress create a

budget

– blueprint of how the government will raise and spend money

1.

Fiscal Year

– a 12 month period that may or may not match the calendar year

2.

B

egins Oct. 1 and ends Sep. 30 of the following year Slide39
Slide40
Slide41
Slide42
Slide43
Slide44
Slide45
Slide46

B. Budget Process

1. President sends a budget to Congress outlining how the government should spend its money

a.

Office of Management and Budget

- office within the Federal Bureaucracy (Executive Branch) who assists the President to prepare the budgetSlide47

2

. Congress divides spending into two types:

a.

Mandatory Spending

– spending that does not need annual approval

(1). Examples: Social Security Benefit Checks and interest payments on the government debt.

b.

Discretionary Spending

– expenditures that must be approved each year

(1). Examples: Money for highway construction and military/defense. Slide48
Slide49
Slide50
Slide51

If these are considered laws that the House and Senate attempt to pass, then what must be the next step after each chamber has approved the appropriation bill?

c. Must be approved by both chambers and then signed into law or vetoed by the President

d. Current annual budget is near $4 trillionSlide52
Slide53

C. Budget Breakdown

1.

Entitlement programs

– social security, Medicare and Welfare – 50% of the budget

2. Defense – 20%,

3. interest on debt 8-9%Slide54

D. Borrowing

1.

Deficit

– spending above revenue ($1.5 trillion)

2.

Debt

– money borrowed and not paid back

a. total debt: over $19 trillion, that’s over $300 billion in interest Slide55

How Quickly Does the Debt Grow?

Let’s find out

http://www.usdebtclock.org

/Slide56
Slide57
Slide58
Slide59

CROSSWORD MADNESSSlide60

Welcome C&E Students!!!

Grab your handouts and settle in

Roll Call Question:

Would you rather defend yourself against an army of Smurfs or an army of

Carebears

?

Bell Work:

What 2 groups develop a national budget?

Explain the difference between Mandatory and Discretionary Spending

What does the US spend most of the budget on?

How is a deficit different from debt

Prepare for your Quiz!Slide61

Reminders

Unit 7 Test is May 19

th

(next Thursday)

Next Quiz is on Tuesday

Budget Project was due Monday

RecoverySlide62

SHHH! Quiz in Progress!

All you need is a writing utensil

Have a question? Ask a question!

When finished turn in quiz to the class tray

Take out your reading from today and complete the attached activitiesSlide63

II. Constitution and Taxes

A. Article I , Sec. 8, Clause 1 – First power given Congress

1. “

power of

the purse

”

– Congress’

ability to set the spending and taxing policies of the nation

.Slide64

B. Limitations

1. No taxes on churches (Any federally recognized religion)

2. Taxes may be used for public purposes only Slide65

III. Types of Taxes

A.

Direct Tax -

paid directly to the

gov’t

1. Income Tax

a. Allowed by 16

th

Amendment

b.

Progressive Income Tax

– percentage paid goes up with income (determined by “brackets”)Slide66
Slide67

c

.

Corporate Income Tax

– extra tax on businesses’ profits (corporations are treated like individuals)

d

.

Capital Gains Tax

– on stock market profits Slide68

e. Payroll Tax

1. Taxes taken out of your paycheck each month

2. Social Security – Money for retires and disabled

3. Medicare – healthcare for elderly Slide69

B. Indirect Tax

Paid to another party for good or service then sent on to the gov’t

1. Sales Tax

you only

have to pay these if

you

want to buy

something

2

.

Excise Tax

-

you only have to pay these if you want

certain goods and services (

example: gas, tobacco, phone)

a. these are examples of a

Regressive Tax

– percentage paid goes down the more money your makeSlide70

3. Estate Tax

a

. Tax on inheritance – if you want to leave someone your property/money after you die a certain percentage will be taken by the government Slide71
Slide72

Objective Overview

Write two test/quiz questions based on this new material

It can be Multiple Choice or Short Answer

If these are good enough you may see them on a quiz or test!Slide73

SPLAT!!!

Laissez-Faire

Profit

Citizens

Control

FofP

Self-

Interst

Proletariat

Command Economy

Capitalism

Citizens & Gov’t Control

FofP

Karl Marx

Progressive Income Tax

Communism

Traditional Economy

Authoritarian

Communist Manifesto

Competition

Wealth of Nations

Gov’t Controls

FofP

Bourgeoisie

Invisible Hand

Socialism

Slide74

SPLAT!

Office of Management & Budget

Corporate Income Tax

300 Billion

Entitlement Programs

Regressive

Estate Tax

Debt

16

th

Amendment

Payroll Tax

Fiscal Year

Sales Tax

Mandatory Spending

Capital

Gains Tax

Deficit

Indirect Tax

Direct Tax

Progressive

19 Trillion

Discretionary Spending

Excise TaxSlide75

Welcome Knight Time!

It’s DEAR Day!!!!

Spread out and find a book