Southern & Eastern Asia Economics Guided Notes

Southern & Eastern Asia Economics Guided Notes

Chapter 29- Lesson 1

Activator: What are the four types of economic systems we have previously talked about?

1.______

2.______

3.______

4.______

What does variety mean? ______.

China’s Economy

-  China is transitioning from a ______completely controlled by the ______to a mixed market economy overseen by the Chinese Communist Government

North Korea’s Economy

-  ______completely controlled by its ______government

-  Farmers work on ______where up to 300 families share the work

-  Massive food aid from other countries have been needed to avoid starvation

Japan’s Economy

-  Japan has a ______economy- one of the ______in the world!

-  They have built their economy around manufacturing and fishing. Why? ______

India’s Economy

-  India has ______economy that is moving away from a command, but many citizens still live in extreme poverty

Summarizing Comparison Chart

Country / Economic System / Growing or Struggling / One Interesting Fact
China
North Korea
Japan
India

Chapter 30- Lesson 2

Write T for True and F for False.

1. _____ Every country has exactly the resources it needs to make everything its citizens need and want.

2. _____ Specialization leads to products that cost less.

3. _____ Countries that specialize can make products more efficiently.

4. _____ Opportunity cost is how much a country can make from the products it specializes in making.

5. _____ Countries have different natural, human, and capital resources.

Read the statements below. Write a “T” for tariffs, “Q” for quota, or “E” for trade embargo.

6. _____ India may export only 4,000 cotton shirts per year to China.

7. _____ United States refuses to trade with any country that supports terrorism.

8. _____ Importers selling bags of rice from China will be charged 20% percent when their products enter the United States.

9. _____ India does not allow any more software from the United States to enter the country in order to support its growing software industry.

10. _____ Japan may import only 1,500 cameras from Great Britain.

Answer the questions below.

11. Many Americans desire to buy Indian jewelry. If the U.S. restricts imports of Indian jewelry into the U.S., will the price of Indian jewelry go up or down?______

Why?______

12. If China imposes high tariffs on steel coming into its country from Russia, will Russian steel cost more or less than Chinese steel?______

Why?______

Create Your Own Scenarios Using the Following Vocabulary:

1.  Tariff:______

2.  Quota:______

3.  Embargo:______

4.  Opportunity Cost:______

5.  Specialization:______

6.  Currency Exchange:______

Chapter 31- Lesson 3

Activator:

Give 4 examples of capital goods ______

Give 2 examples of natural resources ______

Give 1 example of human capital ______

Give 1 example of entrepreneurship ______

THINK/PAIR/SHARE Discussion Questions

Why would investing in something be a good decision? ______

______

How would investing in education and skills training for workers affect GDP? ______

______

How would investing in capital goods affect the GDP? ______

______

What’s Up with India?

-  ______and investment in ______is a ______priority of the government

-  Many Indians are skilled in ______due to the English and computer skills of many citizens

-  The ______has neglected ______in the country’s ______which leads to terrible roads and power outages

Checking In On China

-  China has made significant investments in ______by improving its ______

-  They also pour a lot of money into ______investments.

Japan’s Economic Journey

-  At the end of WWII, Japan’s ______and ______were in complete ruins

-  Much like India and China, Japan places a heavy emphasis on ______

-  They also invest heavily in ______especially ______in order to provide its workers with the latest equipment.

Rich in Natural Resources?

Draw and label pictures underneath each country that represent what natural resources that country is rich in.

China India Japan

Keep Those Ideas Coming!

Why are entrepreneurs so important to a country’s economy? ______

-  Entrepreneurship is dramatically ______in China and India.

-  Japan has one of the ______rates of ______because they face difficulty getting loans

-  Japanese companies typically guarantee ______employment for their employees, so why would they leave the job security?

Summarizer- Make the Argument

Pretend you are a 25-year-old Japanese man who wants to start a business repairing computers. Your father wants you to work for a company that will guarantee you a job for the rest of your life. Write a conversation between the two of you, where you explain why you want to start a business and why you feel you would succeed.

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