April 11

Social 10

I gave you a handout today on the World Trade Organization, this is testable material so please make sure that you are really well-versed with this material. You must go to the following part of the World Trade Organization's website in order to complete your chart (which is for homework, for Tuesday): Ten Common Misunderstandings about the WTO. At this website, you will find criticisms of the WTO, and the WTO's response to these criticisms. What you need to do is make a chart listing off the arguments against the WTO and arguments in favor of the WTO. Also, your Chapter 11 Key Terms and Questions will be due on Tuesday. Your Unit 2 Final Exam is on Monday, April 14th. I posted the study guide on the blog again yesterday, so please check there for the study guide. Please make sure that you post to your group blog prior to Monday! Thanks!

Social 33

We played a review game today which covered our economic systems unit. I will be sending this PowerPoint presentation to you by e-mail. Please study for these exams (you have one on Monday, and one on Tuesday). The study guides are posted below.

Study Guide for Economic Systems Tests:

Next week, you will be writing a couple of tests covering the Economic Systems unit that we have been working on. I've decided to combine the study guide into one, however, please realize that there are two tests:

• Economic Systems Unit Quiz (fill in the blanks format) + a writing assignment from a past Diploma Exam, this quiz is on Monday, April 14th
• Economic Systems Unit Final (multiple choice questions) is on Tuesday, April 15th

The following study guide covers both tests:

1. Market Economy

• synonyms for a Market Economy
• Economic Values associated with Market Economy
• Advantages/Disadvantages of a Market Economy
• Adam Smith
• Invisible Hand
• Business Cycle (booms, busts, depression, recession, recovery)
• Law of supply and Demand (effect on price; equilibrium)
• Characteristics of a Market Economy
• Basic Economic Questions (what are the basic economic questions? how does a market economy 'answer' them?)
• USA (model example, please see Ch. 8-9 in A Changing World)
• FDR and the New Deal
• the Great Depression
• Means of Production (examples)
• Economic Individualism
• Competition
• Monopoly
• Private Ownership
• Profit Motive
• Consumer Sovereignty

2. Command Economy

• synonyms for a Command Economy
• Economic Values associated with a Command Economy
• Advantages/Disadvantages of a Command Economy
• Basic Economic Questions (what are they? how does a Command economy 'answer' them?)
• Karl Marx (Das Kapital and The Communist Manifesto)
• Characteristics of a Command Economy
• Structure of the Soviet Economy
• "storming"
• the second economy
• Central Planning of Production in the Soviet Union
• Gosplan
• top-down decision making in Soviet economy
• Economic Planning in the USSR (booklet)
• Lenin
• Stalin
• Five Year Plans
• collective farms
• Stalin and Modernization
• collectivization
• Gorbachev and his economic reforms
• Perestroika
• Glasnost
• please see Chapters 10-11 in A Changing World

3. Mixed Economy

• Economic Values associated with a Mixed Economy
• Characteristics of a Mixed Economy
• Advantages/Disadvantages of a Mixed Economy
• Monetary Policy
• Fiscal Policy
• Basic Economic Questions (what are they? how does a mixed economy 'answer' them?)
• privatization
• Utopian socialism
• Louis Blanc
• Robert Owen
• Business Cycle
• John Maynard Keynes
• Keynesian Economics
• tax incentives
• government subsidies
• please see Chapter 12 in A Changing World
• case studies (Canada-Ch. 14 and Sweden- Ch. 13 in A Changing World)