You wrote your Topic A Unit Final today. You will get the results back tomorrow. For homework tonight, please read Chapters 1-2 in
Global Forces of the Twentieth Century.
We did a review of the business cycle today, as well as reviewed Keynesian economics, and fiscal and monetary policy (please keep reviewing all concepts that have been introduced in our Economic Systems unit so far). We then started looking at our next mixed economy case study, Canada. I have assigned the following questions out of Chapter 14 in A Changing World: Q 1-5, Q8. Here are some upcoming important dates for Social 33 students:
- Economic Systems Quiz is on Tuesday, April 14th
- Economic Systems Unit Exam is on Wednesday, April 15th
Please see the study guides below:
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 Tuesday, April 14th
Economic Systems Unit Final (50 multiple choice questions) is on Wednesday, 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)
I delivered a presentation today on "The Holocaust" which I have sent to you already, so please check your e-mail accounts. I also gave you a reading called "36 Questions About the Holocaust", which I strongly encourage you to read. Tomorrow, we will be continuing our examination of the Holocaust.
