Current Events:
Market Segment
Mobile Technologies
Funding Details
Company is part of Fox Mobile Group
Competitors
Hulu,Netflix,MobiTV,FloTV
Product Description
Bitbop is a a new wireless subscription service delivering on demand mobile TV directly to U.S. consumers' smartphones. The company's state-of-the-art platform puts the flexibility of a home based media center right in the user's pocket. Bitbop's service is accessible from any 3G or wireless network and features unlimited streaming or temporary downloading of selected content from top quality partners.
Market Opportunity
Could TV be the next killer app. The mobile video potential of the smartphone has barely been tapped. This opportunity is huge- no matter the platform. We know that consumers want flexibility as well as personalized control. The mobile device gives consumers access to their favorite shows and movies while on- the -go.
Vizerra (Monday)
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TuneUp_Media (Tuesday)
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Monday's poll result:
If you were an investor in entrepreneurs, would you fund Vizerra for virtually offering the best world landmarks without ever leaving home?
Yes 12 Votes 44%
No 15 Votes 56%
Total number of people voted: 27
Debates in Economics
Should the Minimum Wage Be Increased?
Chapter 2 Economic Systems and Decision Making
Section 1 Economic Systems
Section 2 Evaluating Economics Performance
Section 3 American Free Enterprise
Chapter Overviews
Section 1: Economic Systems
Economic systems help societies provide for the wants and needs of their people. Three major economic systems have evolved over the years: traditional, command, and market economies. In the traditional economy, the WHAT, HOW, and FOR WHOM questions are answered by tradition, customs, and even habits handed down from generation to generation. In a command economy, a central authority answers the three basic questions. In a market economy, decision making is decentralized with consumers and entrepreneurs playing a central role. Most economies in the world today feature some mix of traditional, command, and market economies.
Chapter 2, Video Library, 4:44
In-class assignment (hand-in or email with HW)
1. Where do 6 out of 10 Americans buy their groceries?
2. What has happened to the traditional grocery stores?
3. What type of grocery store is popping up?
4. Are prices higher or lower at Whole Foods Market?
5. What are the surviving grocery stores doing to win back their customers?
6. Who wins with competition?
Cf. http://www.glencoe.com/video_library/index_with_mods.php?PROGRAM=9780078747649&VIDEO=4757&CHAPTER=2&MODE=2
traditional economy
Definition
An underdeveloped economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. Traditional economies are often found in rural regions with high levels of subsistence farming. Countries that evolve their economies past the traditional level often develop into market economies or command economies.
Chapter 2: Economic Systems and Decision Making
Student Web Activity
"The Inuit Society — The Importance of Tradition"
Introduction
The Inuit society of northern Canada in the last century is an example of a traditional economy. For generations, parents taught their children how to survive in a harsh climate, make tools, fish, and hunt. Their children, in turn, taught these skills to the next generation. The Inuit hunted, and it was traditional to share the spoils of the hunt with other families. If a walrus or bear was taken, hunters divided the kill evenly into as many portions as there were heads of families in the hunting party. The hunter most responsible for the kill had first choice, the second hunter to help with the kill chose next, and so on. Because of their tradition of sharing, and as long as skilled hunters lived in the community, a village could survive the long harsh winters. This custom was partially responsible for the Inuit's survival for thousands of years.
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit1/chapter2/student_web_activities.html
Command Economy
An economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed. The former Soviet Union was an example of a command economy. Also called a centrally planned economy.
Market economy
A system of allocating resources based only on the interaction of market forces, such as supply and demand. A true market economy is free of governmental influence, collusion and other external interference.
Interactive Graphic Organizers: Chapter 2, Section 1 - Reading Strategy
Suggested answers to graphic organizer:
Market Economy: people make decisions based on their own self-interest; high degree of freedom; private ownership of resources.
Command Economy: central authority makes economic decisions and owns resources; low degree of freedom.
Similarities: both must decide what, how, and for whom to produce; both face scarcity.
Pursuit! On the Trail of Economic Growth
Welcome
Four hundred years of New England history tell us much about how economic growth occurs. pursuit! puts you hot on the trail of this phenomenon by helping you discover the key ingredients of growth. Travel our Timeline with one of our special guides on a fun hunt for the many things that enable us to have a rising living standard. There's a lot to learn from New England's bumpy but amazing growth path. So, pack your bag, pick a trail, and get in pursuit!
How to Play
Pick a "Trail." Each trail explores a different time period with 8 questions based on New England history. Pick a "Guide." Your guide keeps you energized and on track! Answer the questions by searching the Timeline. Click the left/right arrows and century tabs to navigate. To find some answers, you'll have to click on the events for more information. Bonus: ONLY if you get at least 7 of the 8 questions right, your guide performs a "special trick" to celebrate!
1. We will divide the class into three teams for each of the three trails. There are three historical periods surveying four hundred years of historic economic growth. Each group may pick one historical period.
2. There are six guides. You may "meet" as many guides as you wish before making your selection.
Cf. http://www.economicadventure.org/pursuit/index.htm
Systems Explained for (Farmers) Dummies Using Two Cows, 3:57
In-class assignment: pick your favorite "cow" and explain its characteristics, provide examples, and describe its advantages and disadvantages.
The fundamental principles of the different types of economic, political, and social systems explained via a simple example using two cows. You heard right, COWS. If you know what a cow is and are aware of the fact that they produce more than just steaks for your dinner, or products such as milk, you are good to go and should have no problem understand the concepts: think a traditional, a command, and or market economies.
FEUDALISM: You have two cows. Your lord takes some of the milk.
PURE SOCIALISM: You have two cows. The government takes them and puts them in a barn with everyone else's cows. You have to take care of all of the cows. The government gives you as much milk as you need.
BUREAUCRATIC SOCIALISM: You have two cows. The government takes them and put them in a barn with everyone else's cows. They are cared for by ex-chicken farmers. You have to take care of the chickens the government took from the chicken farmers. The government gives you as much milk and eggs as the regulations say you need.
FASCISM: You have two cows. The government takes both, hires you to take care of them and sells you the milk.
PURE COMMUNISM: You have two cows. Your neighbors help you take care of them, and you all share the milk.
RUSSIAN COMMUNISM: You have two cows. You have to take care of them, but the government takes all the milk.
CAMBODIAN COMMUNISM: You have two cows. The government takes both of them and shoots you.
DICTATORSHIP: You have two cows. The government takes both and drafts you.
PURE DEMOCRACY: You have two cows. Your neighbors decide who gets the milk.
REPRESENTATIVE DEMOCRACY: You have two cows. Your neighbors pick someone to tell you who gets the milk.
LIBERTARIAN/ANARCHO-CAPITALISM: You have two cows. You sell one and buy a bull.
BUREAUCRACY: You have two cows. At first the government regulates what you can feed them and when you can milk them. Then it pays you not to milk them. Then it takes both, shoots one, milks the other and pours the milk down the drain. Then it requires you to fill out forms accounting for the missing cows.
PURE ANARCHY: You have two cows. Either you sell the milk at a fair price or your neighbors try to take the cows and kill you.
SURREALISM: You have two giraffes. The government requires you to take harmonica lessons.
Why It Matters, p. 32
The BIG Idea
Guide to Reading, p. 33
Section Preview
Content Vocabulary
economic system
traditional economy
command economy
market economy
market
capitalism
mixed economy
The Spectrum of Mixed Economies
Cf. http://glencoe.com/sites/common_assets/socialstudies/in_motion_08/epp/EPP_p40.swf
socialism
communism
Academic Vocabulary
stagnation
allocate
emphasizing
Reading Strategy
Comparing and Contrasting
Companies in the News
McDonald's and Hindu Culture
Traditional Economies, p. 34
Characteristics
Examples
Advantages
Disadvantages
Reading Check
Describing
What are the advantages and disadvantages of a traditional economy?
The Global Economy & You, p. 35
Command Economies
Characteristics
Examples, p. 36
Advantages
Disadvantages, p. 37
Reading Check
Market Economies
Characteristics
Examples, p. 38
Advantages
Disadvantages, p. 39
Reading Check
Identifying
What are the main characteristics of a market economy?
Mixed Economies
Characteristics
Examples, p. 40
Advantages
Disadvantages, p. 41
Reading Check
Explaining
How can you explain the range of mixed economies in the world?
Section 1 Review
Case Study
The Home Depot
Resources
MARKET AND COMMAND SYSTEMS, 12:44
Cf. http://learnecon.info/moodle/mod/resource/view.php?id=10
BULGARIA - From a Command to a Market Economy, 4:43
Cf. http://learnecon.info/moodle/mod/resource/view.php?id=11
1.1 Quiz
Cf. http://learnecon.info/moodle/mod/quiz/attempt.php?id=137
HW email to gmsmith@shanahan.org or hand in hard copy.
1. In your own words define traditional, command, and market economies while supplying an example of each.
