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TExES History

Economics

TermDefinition
How do the government and economy interrelate? There must be regulations, incentives, and taxation; example: restaurants have to pass health inspections, incentives could be a tax break if you bring your business into the city or state, and taxation on your business may vary
What are economic systems? How resources are used to produce and distribute goods and services.
What are economic resources? CELL-capital (money), entrepreneurship (start up your own business), land (where to start the business), and labor (are the worker resources available)
What does SUPPLY and DEMAND mean? A product has a price. Based on the DEMAND will determine the price of the product (SUPPLY). Less of the product= the higher the price, more of the product[=the lower the price.
What does ECONOMIC systems around the world mean? Students must understand how we get products from other countries. What it might cost to get the product and the price hike to cover shipping, taxes, etc. (example: Have them look at what they are wearing and the countries that made their clothing.
What is FREE ENTERPRISE? Own your own business; Limited power from the government; Employ workers; Buy and Make goods to sell
Texas and its Economy One of the fastest growing economies; most jobs are in the SERVICE industry; TOURISM is a big industry; Natural Resources (oil), MANUFACTURING (Toyota/Apple); many goods are exported
The Great Depression 1920s -more goods that needed were made-More SUPPLY than DEMAND; the stock market crashed in 1929; many were bankrupt; a lot of poverty and hardships; FDR helped it to recover
The New Deal Created by Franklin Deleanor Roosevelt at the end of WWII. It created FEMA (Fed. Emergency Mgmt. Agency), Social Security; AAA(Agriculture Adjustment Act), the CCC (Civilian Conservation Corps), and labor unions(National Labor Relations)
FEMA Federal Emergency Management Agency to help those during a time of disaster (hurricanes, tornadoes, war, flooding, etc.)
Social Security (in the US) a federal insurance program that provides benefits to retired people and those who are unemployed or disabled.
Agriculture Adjustment Act he Agricultural Adjustment Act was a United States federal law of the New Deal era which reduced agricultural production by paying farmers subsidies not to plant on part of their land and to kill off excess livestock.
Civilian Conservation Corps The Civilian Conservation Corps (CCC) was a public work relief program which employed young men to perform unskilled work in rural areas; under United States Army supervision. It began in 1933 and ended in 1942.
National Labor Relations The National Labor Relations Act guarantees workers the right to unionize, strike, and participate in collective bargaining free from fear of retaliation by management.
Interdependence of the Texas Economy Texas' production of goods and its trade/distribution outside of the state and the world. (NAFTA, international TX film industry, global energy corps (Exxon in Venezuela). headquartered in TX, Texas art/museums with other countries around the world
NAFTA North American Free Trade Alliance (trade with Mexico/Canada) for products/goods/services
Factors of Production Supply and Demand, employment (do you have the labor force needed), the economy (if the economy is strong, people will buy, if not-people won't)
Scarcity A short supply; shortage; need more of the product/service/goods
Created by: cebarr
 

 



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