This is a PowerPoint presentation I have used in my high school Economics class. It focuses on the various economic systems at work in the world today. I mainly use it to accompany my lectures as my students follow along and take notes.
This presentation contains notes, slides, and graphics on the following topics:
Key Terms and Topics in Presentation
• Price System
• Advantages of Price system
• Problems with Rationing
• 1970’s gas crisis and consequences
• Ration tickets
• Market equilibrium
• Price Ceiling and its consequences
• Rent Control
• Price Floor and consequences
• Minimum Wage
• Black Markets
• Supply & Demand curves
1. What determines the equilibrium price of a product? How do shortages and surpluses affect the equilibrium price?
2. What would happen if a seller raised the price of an item at a time when there was a market surplus?
3. Why have some cities passed rent control laws? What would happen if New York City repealed its rent control laws?
4. There are four advantages to the price system. Give an example of each. (I’m asking you to explain each advantage. Give an example of why it is considered an advantage)
5. What is the difference between a coupon and a rebate? Why do most business prefer rebates?
6. Why conditions must be present for a black market to exist? Why is there a demand for black markets among consumers?
7. What is administration cost?
8. How is minimum wage a good example of a price floor? What does the minimum wage law affect the supply of labor?