The Progressive Era
Name one of the Presidents of the United States that helped to pass laws that made work safer:
1. Theodore Roosevelt (1901-1909)
2. William Howard Taft (1909-1913)
Name 4 different materials that have been used as money in world history:
1, Coins/Dollars bills
2. Wheat or other plant foods
3. Fish/Meat
4. Living Animals
5. Beer or fresh water
6. Spices or salt
7. Rai Stones or shells
8. Feathers, Animal Teeth
9. Nails, wood, ETC.
What is "Macroeconomics"?
Economic ideas and concepts on a larger level, such as world trade or interest rates.
What is "microeconomics"?
This deals with economic areas that are small compared to other ideas. For example, microeconomics would deal with you not breaking your budget, or you saving money in an account.
What is a bank?
Name four problems working Americans faced before Progressive laws were made to make work safer:
1. Worked everyday, no weekends.
2. Low Pay
3. Unsafe conditions, such as no safety equipment
4. Child Labor
5. No vacations
6. No breaks and no meal break
7.No protections if you were hurt or killed on the job
8. ETC.
Any object can be used as "money", as long as people give it V_______.
Value, because this gives the item a reason for people to want to trade something for it.
What is a product's "economic web"?
This is the intricate steps and materials needed to produce and sell some product.
Let's say that farmers had a bad growing season and were not able to produce as many cabbages as the year before. How would this effect a customer that wants to buy cabbages at HEB?
Since less cabbages are in the market for sale, cabbages would most likely sell at a higher price. The customer will pay more for his cabbages.
(Law of Supply and Demand)
What is interest, and how does it effect a borrowed loan?
Interest is the extra money a loan borrower pays a bank while they pay back loan money.
In your own words, tell me why child labor was very dangerous for kids in the late 1800's and early 1900's:
Listen to answer and give points if correct.
Which form of "money" includes the coins and dollar bills a nation's government produces: (Is it Representative Money, Fiat Money, or Commodity Money?)
Fiat Money!!!
What natural resource is used to produce plastics, synthetic rubber, and gasoline?
Crude oil (Petroleum)
What is the difference between a "good" and a "service"?
A "good" is a physical object you can buy, such as a computer. A "service" is when you pay money to another person to carry out some sort of work for you. One example of a "service" would be paying a Mechanic to work on your car.
This bank account holds your paycheck money and lets you use a debit card for paying for purchases: (Savings Account, Checking Account, or a Retirement Account)
Checking Account
Today, most jobs in a factory require their workers to wear a uniform or at least safety equipment while on the job. What changed around the early 1900's, and why is it important?
Safety laws placed into law by the government protect workers while on the job. Think of the picture of the woman with the long skirt in the factory with thin rows.....
Name two kinds of representative money:
1. Checks
2. Debit Cards
3. Credit Cards
4. Bank Checks
5. Land Titles
6. Wills
Name two Asian nations where Americans purchase many of their electronics products.
China, Japan, South Korea, or India are acceptable answers.
Name 5 kinds of services you can purchase in the economy:
Listen to their answers and count them out...
Name two ways that banks make profits from their customers.
1. Bank Fees
2. Interest Payments from Loans
3. Interchange Fees from businesses you buy from.
4. Maintenance Fees
What can a labor union do to help workers gain better pay or safer working conditions?
1. Strikes
2. Picketing
3. Boycotting
4. ETC.
Describe the main difference between debit cards and credit cards:
Debit cards use money that belongs to you. Credit cards use money you borrow to make a purchase. Credit card funds are a "loan" you have to pay back, so be careful!!!
What is a possible problem that can occur when the United States trades with a foreign nation?
1. Dangerous or untrustworthy products.
2. We may support a government that mistreats it's citizens.
3. We may support a government that pollutes the planet.
ETC.
Earlier in the class we learned about how a product's "supply" can effect it's price when you purchase it at a store. Do your best to explain how a product's physical amount can effect whether it is super expensive or cheaper.
When more of a product is made, it will sell cheaper at a store because there is a lot to buy from. When a product has less amount to buy, it will be more expensive because it is rarer and not as east to find.
(Law of Supply and Demand)
Name two things (either good or bad) that can effect your credit score:
1. A person's payment history on their bills.
2. A person's credit card history (Do they have a lot of C.C. debt?)
3. Negative marks for late payments
4. ETC.