Adam Smith and the Invisible Hand in the Economy.pptx

This PowerPoint details the importance of Adam Smith in relation to his concept of the Invisible Hand and how it has shaped our Modern Economic Landscape

1. Fun Facts China has more English speakers than the United States Kleenex tissues were originally used as filters in gas masks Over 1000 birds a year die from smashing into windows Squirrels forget where they hide about half of their nuts

2. 10/10/2017 Joel Embiid signs a five-year, $148 million designated rookie scale maximum contract extension with the 76ers If/When you are finished: .....it will be the end of class 10/10 EPF Agenda: Warm-Up 2) Incentives Nearpod 3) Incentives & Baseball Activity 4) Kahoot! 5) Wrap-Up Unit 1 – Economics Basics Learning Target(s) Focus this Week: EPF 2b 10/10 World Day Against the Death Pentalty

3. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

4. 10/9/2023 World record set for the heaviest pumpkin, a jack-o’-lantern gourd weighing 2,749 pounds (1,247 kg), grown by Travis Gienger from Anoka, Minnesota, enough for 687 pies If/When you are finished: .....it will be the end of class 10/9 EPF Agenda: Warm Up 2) Contracts Review 3) Exam! 4) Wrap-Up Unit 2 – Contracts Learning Target(s) Focus this Week: EPF 2a 10/9 World Sight Day

5. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

6. 10/17/2008 Iran's attempt to create the world's largest sandwich (1,500 metres ) fails when crowds eat it before it can be measured If/When you are finished: .....it will be the end of class 10/17 EPF Agenda: Warm-Up 2 ) Unit 2 Review Guide 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/17 National Pasta Day

7. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

8. 10/19/2018 "Halloween" film reboot starring Jamie Curtis makes a record $77m for a horror film with a female lead, biggest debut any film with female lead over 55 in US If/When you are finished: .....it will be the end of class 10/19 EPF Agenda: Warm-Up 2 ) Unit 2 Exam 3) Movie Time 4) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/19 Evaluate Your Life Day

9. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

10. 10/20/1988 Reggie Rogers, Det Lion's # 1 pick, kills 3 by driving intoxicated If/When you are finished: .....it will be the end of class 10/20 EPF Agenda: Warm-Up 2 ) Unit 2 Exam 3) Movie Time 4) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/20 National Youth Confidence Day

11. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

12. 10/21/2021 Actor Alec Baldwin shots cinematographer Halyna Hutchins dead and injures director Joel Souza with a prop gun in rehearsal on a film set at Bonanza Ranch, New Mexico If/When you are finished: .....it will be the end of class 10/21 EPF Agenda: Warm-Up 3) Movie Time PT.2 4) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/21 National Apple Day

13. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

14. 10/25/2001 Windows XP first becomes available If/When you are finished: .....it will be the end of class 10/25 EPF Agenda: Warm-Up 2 ) CRA Video Contd. 3) Remediation Time 4) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/25 World Pasta Day

15. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

16. 10/26/1972 Guided tours of the former prison at Alcatraz by the National Park Service begin If/When you are finished: .....it will be the end of class 10/26 EPF Agenda: Warm-Up 2 ) CRA Video Contd. 3) Remediation Time 4) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/26 National Pumpkin Day

17. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

18. 10/26/1913 President Woodrow Wilson says US will never attack another country If/When you are finished: .....it will be the end of class 10/27 EPF Agenda: Warm-Up 2 ) Remediation Time 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/27 Lung Health Day

19. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

20. 10/28/1538 The first university in the New World, the Universidad Santo Tomás de Aquino, is established on Hispaniola If/When you are finished: .....it will be the end of class 10/28 EPF Agenda: Warm-Up 2 ) Remediation Time 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 10/28 International A nimation Day

21. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

22. 11/1/2018 Google employees stage mass walkout to protest the company's handling of sexual harassment If/When you are finished: .....it will be the end of class 11/1 EPF Agenda: Welcome Back Q2 EverFi *Budgeting *Consumer Skills 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/1 National Brush Day

23. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

24. 11/2/2000 The first crew arrives at the International Space Station. If/When you are finished: .....it will be the end of class 11/2 EPF Agenda: Welcome Back Q2 EverFi *Budgeting *Consumer Skills 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/2 Nat ional Stress Awareness Day

25. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

26. 11/3/1994 First PlayStation console released by Sony Interactive Entertainment in Japan If/When you are finished: .....it will be the end of class 11/3 EPF Agenda: Warm- Up Business Plan Project 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/3 Nati onal Housewife’s Day

27. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

28. 11/4/2008 Barack Obama becomes the first African-American to be elected President of the United States, defeating Republican candidate John McCain If/When you are finished: .....it will be the end of class 11/4 EPF Agenda: Warm- Up Business Plan Project 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/4 National Candy Day

29. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

30. 11/7/2020 Kamala Harris makes US history as the 1st woman and 1st woman of color to be elected to the vice presidency If/When you are finished: .....it will be the end of class 11/7 EPF Agenda: Warm- Up Business Plan Project 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/7 National Hug a Bear Day

31. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

32. 11/8/2018 Azerbaijan woman who spent £16m in Harrods granted bail in UK after being arrested for suspested embezzlement under new laws If/When you are finished: .....it will be the end of class 11/8 EPF Agenda: Welcome Back Q2 CRA Movie 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 11/8 National Capp uc c ino Day

33. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

34. 11/9/1961 PGA eliminates Caucasians only rule If/When you are finished: .....it will be the end of class 11/9 EPF Agenda: Welcome Back Q2 Business Plan Project: Day 1 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/9 World Kindness Week

35. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

36. 11/10/1619 René Descartes has the dream that inspires his "Meditations on First Philosophy" If/When you are finished: .....it will be the end of class 11/10 EPF Agenda: Welcome Back Q2 Business Plan Project : Day 2 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/10 National Accounting Day

37. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

38. 11/14/1888 USC Trojans (then Methodists) play their 1st football game If/When you are finished: .....it will be the end of class 11/14 EPF Agenda: Welcome Back Q2 Business Plan Project : Day 2 3 ) Wrap-Up Unit 3 – Business Plan Project Learning Target(s) Focus this Week: EPF 3c 11/14 Anti-Bullying Day

39. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

40. 11/15/1904 King C. Gillette patents the Gillette razor blade If/When you are finished: .....it will be the end of class 11/15 EPF Agenda: Warm-Up Business Plan Project: Day 3 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 11/15 America Recyc les Day

41. EPF – Target 3c/Target C ( G F H S ) “The student will demonstrate knowledge of the role of producers and consumers in a market economy by comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative” Essential Question: What is the importance of different types of Businesses to the value of Democracy? Keywords: Sole Proprietorship; Partnership; Corporation; Franchise; Cooperative

42. 11/16/1965 Walt Disney launches Epcot Center: Experimental Prototype Community of Tomorrow If/When you are finished: .....it will be the end of class 11/16 EPF Agenda: Warm-Up Business Plan Project: Day 3 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 11/16 National Fast Food Day

43. EPF – Target 2a/Target A ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by describing the factors of production” Essential Question: In what way do each of the Factors of Production shape Economics? Keywords: Land, Labor, Human Capital, Physical Capital, Capital, Entrepreneurship

44. 11/17/2003 Britney Spears, at 21 years old, becomes the youngest singer to get a star on the Hollywood Walk of Fame If/When you are finished: .....it will be the end of class 11/17 EPF Agenda: Warm-Up Business Plan/PPT 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 11/17 World Peace Day

45. EPF – Target 2b/Target B ( G F H S ) “The student compare the characteristics and applications of market, command, traditional, and mixed economies” Essential Question: How do economies differ from one another and how do these reflect on the respective countries? Keywords: Market, Command, Traditional, Mixed, Economy

46. 11/21/2019 44% of Americans work in low-wage jobs with medium annual wage of just $18,000, with most aged 25 - 54 according to analysis by Brookings Institution's Metropolitan Policy Program If/When you are finished: .....it will be the end of class 11/21 EPF Agenda: Warm-Up Business Plan/PPT 3 ) Wrap-Up Unit 2 – Factors of Production Learning Target(s) Focus this Week: EPF 2a, 2b, 2c 11/21 World Te levision Day

47. EPF – Target 2c/Target C ( G F H S ) “The student will demonstrate knowledge and integration of basic economic concepts and structures by identifying Adam Smith and describing the characteristics of a market economy” Essential Question: How has Adam Smith impacted the American Economy? Directly? Indirectly? Keywords: Market, Command, Traditional, Mixed, Economy, Adam Smith, Invisible Hand, Supply and Demand

48. Adam Smith Unit I: Economics Basics and Market Types Lesson VII

49. Adam Smith Adam Smith was a Scottish moral philosopher who was a key member of the Scottish Enlightenment He studied at the University of Glasgow and tutored all over Europe Smith wrote The Theory of Moral Sentiments (1759)- explaining his theories on moral philosophy

50. The Wealth of Nations His major work was “An Inquiry into the Nature and Causes of the Wealth of Nations” (1776) Wealth of Nations became the foundation of the free market economic theory Smith became the father of modern economics

51. Ideas on the Market Smith believed that self-interest (guided by profit) motivates people to perform tasks required by society (what people are willing to pay for) Competition regulates greed People that over charge will lose to those that charge cheaper Pursuit of self-interest leads to communal prosperity Freedom allows people to pursue self-interest and compete

52. Ideas Supply and demand always uses prices and profits to signal to producers what society requires Producers produce what society requires In the correct quantity and at a competitive price Competition among businesses would keep prices in check Too little of a good produced for society- high demand, low supply- will lead to high profits from high prices, which will attract more effort for production Division of labor allows for specialization in niches- leading to more productivity

53. The Invisible Hand “He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.” When individuals go for their best interest they end up helping the society as a whole without even realizing it (the invisible hand)

54. Laws of Progress Law of accumulation: businesses will try to accumulate unused wealth for more profit Eventually there will be a point where no more can be accumulated Law of population: as wages rise, more people will want to enter the workforce Increased population will increase the worker supply which will lower wages and increase profit These two combine to make progress inevitable

55. Father of Capitalism Market will work for the societal good if it is left alone Society can depend on unregulated capitalist markets rather than tradition or authoritarianism Thus came the idea of capitalism- a laissez-faire economy

56. The Government Smith believed that there did exist a limited, but important role for government in the economy The government has the role of enforcing contracts, granting patents and copyrights, and providing public works such as roads