Chapter 1, Slideshow 2
- 1. Opportunity Cost Which city are you going to move to, the country or the city? If you move to the city, you give up the country scenery. Which college are you going to go to, a university or a community college? If you go to a community college, you save money, however lose the “college life.”
- 2. Six Steps of the Decision Making Process between Getting a job after High School or Going to College Define the Problem: Should you get a job after High School or go to college? Identify the Choices: Job or College Advantages of Job: Money, Displays Independence Disadvantages of Job: Do not get an education, do not get to experience the “college life.” Advantages of College: Get an education, get to experience the college life Disadvantages of College: Do not get paid for it Choose One: College Act on Your Choice: Apply and start attending the college Review Your Decision: Review your choice of choosing to go to college
- 3. Six Steps of the Decision Making Process between driving to Florida or Flying to Florida Define the Problem: Should you drive or fly to Florida? Identify the choices: Driving, flying Advantages of Driving: You are with people you are comfortable with, do not have to deal with airport traffic and have to pay for a ticket Disadvantages of Driving: You have to physically drive, you have to pay for gas and put miles on your car Advantages of Flying: You can sit back and relax, do not have to pay for gas and put miles on your car Disadvantages of Flying: You are surrounded by people you do not know, have to deal with airport traffic and have to pay for a ticket Choose One: Flying Act on Your Choice: Buy the plane ticket and fly to Florida Review your Decision: Review your choice of flying to Florida over driving there
- 4. What is a Command Economy?. The resources are owned and controlled by the government. An example of a country with a command economy is Cuba Advantage: You do not have worry about any of the resources, it is all on the government. Disadvantage: You do not have freedom of choice on the resources
- 5. What is a Market Economy? The resources are owned and controlled by the people of the country. An example of a market economy, is the United States. Advantage: We have freedom of choice on the resources Disadvantage: The government has little say in a market economy, therefore you do not receive much of his input.
- 6. What is Capitalism? The private ownership of resources by individuals, rather than by the government. An example of a capitalist economy is the United States Advantage: Individual owners are free to decide what they want to produce and buy Disadvantage: There is more competition
- 7. What is a Communist Economy? A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. An example of a communist economy is Australia Advantage: Free Government Service to you Disadvantage: Downgrade in type of services and no choice