I, Pencil

You received the readings for chapters 3 & 4 yesterday as we started work on Chapter 2 and learned about the Circular Flow.  You were to read the packet and answer the following questions:

1. What role does profit play in the U.S. Free Enterprise system? 
2. How does voluntary exchange between households and businesses create a circular flow of money, products, and resources?
3. Why do people prefer money exchange to barter exchange?
4. What function does money perform?
5. Why is entrepreneurship important to an economy's growth over time?

Today, you read about Adam Smith, Leonard Read's "I, Pencil" and got a taste of Milton Friedman.  Combined with Keynes and Paul Samuelson, you are getting the basics of econ infused into your system.

Tuesday March 15, 2011                               
Notebook Page   Title: I, Pencil &  (Smith & Friedman)               
Pick up Ch. 2 Reading (Stays in class)                       
Read P. 17 about Adam Smith                           
Copy the excerpt from Wealth of Nations into your notebook           
Summarize Adam Smith's theories (using your own words)               
Work with your peer(s) to come up with the resources/steps needed to make a pencil.                                       
Pick up I, Pencil Reading (Stays in class)                   
Read I, Pencil (as a class)
Discuss importance/relevance
    Price System, Free Market, human Creativity & Freedom