I understand the business principles that caused the European countries to establish colonies. 0 1 2 3 4 5

Study Guide:1. Why is glass relatively cheap and diamonds are so expensive? (buddy

task)2. Does the McDonald’s happy meal answer the 3 questions every business

must answer effectively? (Buddy task)3. Explain how the local Wal-Mart incorporates the 3 factors of production

(buddy task)4. Evaluate this statement: Columbus was one LUCKY man! (Prove It!)5. Why are colonies valuable to the “mother country?” (Prove it financially)6. Explain the meaning of the “graffiti” card.

Explorers---$ makes the world go round!

Setting of the 1400's1.They did not understand that North America and South America existed2. They thought everything in solar system revolved around the Earth3. Unsure about the "ends" of the earth---flat versus round

What is the message being sent by this “movie theatre graffiti” ?

= $

Resources

Renewable Nonrenewable

SCARCITY

Economics 101 (principles of economics)1. Scarcity --- you have something(resource or product) that consumers(people who want to buy) desire to purchase....the more scarce the product---the higher the price...the more plentiful the product---the lower the price***businesses want to make a product that everyone wants and no one has***

2. The three questions---you must answer to be successful...What am I going to make?...How am I going to make it?...Who am I going to make it for?

Spicy and silky---explorers from Europe went to Asia and came back with products that the royalty in Europe greatly desired...Spices for their food and silk for their clothing

Silk industry---people in Asia were specialized in the silk industry --- they had knowledge and ability to make a product no one else could do.

Business 1011. Entrepreneur---person who is the business owner. They take land, labor, and capital (Factors of Production) --- to make a product that consumers want to buy.A. Land---is the place where the business is located.(land has different value---this is depending on the land's resources and location)

B. Labor----people who do the work(3 categories) Unskilled labor---general knowledge of how to do something...low level of training...paid the lowest...waitress,cashier,clerk skilled labor---trained in a very specific skill...higher level of training and will make more money...plumber, electrician, carpenter etc Management--- have college education or work experience and they oversee laborers who work under them...highest paid

C. Capital---all the equipment a business needs to make, sell and ship the product(item that is being sold) Walmart... cash register...clothes rack...shelves...electronic doors...lights in parking lot...Walmart semis

Businesses use their land, labor, and capital to make a product that they specialize in---they become interdependent as they trade with each other to buy, make, and sell the product

Spices and silk ---- The History!...Royalty and merchants of Europe desired silk and spices from Asia ...Merchants sent out caravans(groups of traders) to buy desired products---silk road.

...Problem********two religious belief systemsEuropean...God and His son JesusMiddle Eastern... Allah and his prophet MohammedBoth religions claim Jerusalem as their "holy city"...They fight...silk road is cut off to Europeans...

Europeans had to find a new route to Asia---Started looking for a water route...Had to sail around Africa...which is difficult journey at best!On the scene comes Columbus who believes he can sail west and get to Asia because world is round...Ran into North America

Columbus failed but he found resources---GOLD caught the King eyes

Colonies are all about getting RESOURCES---especially ones that are SCARCE---Scarce resources are valuable

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To understand the footprints left in the United States by Spain, France and England.

Economics-1011.King is entrepreneur---uses "Factors of Production"---capital,labor,land2.Boat and all supplies are capital3.Captain and crew are labor 4.Country is the land where business takes place

Boats are sent to colonies to pick up raw products that are returned to make finished goods (you raise prices on finished goods to make money---PROFIT)

Columbus named new land West Indies---thought he was in India....found gold and discovered a plant that grew really well in the West Indies---Sugar---people eat it and want more or they turn it into Rum

The dark side....Spanish and Aztec Indians---Spanish used their superior weapons to defeat the Aztec and turn them into slaves who had to work in gold mines---the gold was shipped to Spain and turned into finished goods(rings,necklaces,religious items)

Spanish---dark side

Used Aztec slaves...(defeated with superior weapons)

Got gold from mines and sent to Spain... finished good

The Spanish used their technology to cut their labor costs. Slavery is wrong but economically it cuts down on money a business has to pay to laborers---makes profit increase.

Spain and the New World...1. Came to share their Catholic Faith---wanted to show people how to get to heaven...they built Monasteries(little religious villages---church,school, hospital etc) Also known as missions...run by monks, priest, nuns

2. Conquistadors(conquerors...soldiers who came to conquer the Indians and take their resources...wanted the goldBuilt fortresses to store resources(raw products) and to protect the land from other countries who would try to force their way in...presidios

Footprints of Spain1.Settled predominately in southern regions of US/ Mexico---Spanish Language/foods

2. Spanish Architecture ...stucco outside,arches over windows and arched doorway, tile roofs, ceramic tile, black rod iron

3. Catholic religion is still predominate today4. presidios and missions are still found standing in many southern areas.

France joins the fun! ---- Looking for fuzzy gold!looking for animal skins to make into clothing, coats...etc(finished goods)

The french began to trade with the Indians to get furs (They used the Mississippi as a natural water way to ship items) They married into the villages and became part of the family group

Footprints of the French1. left their language in Canada2. Left their catholic beliefs 3. left their names on land areas in Canada---and US (Louisiana) etc..4.left food and recipes along Mississippi region --- gulf coast of Mexico --- Cajun cooking(hot and spicy)

5. French style architecture...extensive stone or brick,large hip roof lines,gables,symmetrical balance, arched windows and doors

England joins the party!---last ones to grab a piece of the pie (New World)

Background info...Henry the 8th created his own church so he could divorce his wife. He called the new church...the church of England = Anglican church. Some people objected and called it phony...they protested...they became known as protestants...

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People from England came to New World for 2 reasons1. Religious freedom...they wanted to get away from Catholic church and Anglican church which they thought were phony and too showy(Puritans and Pilgrims came to America to set up a new and purer place for people to live....New England, New York etc...become a shiny new example to true Christianity to rest of world)

2. Investors...people who came to the New World to get resources and $ (green gold)They found that certain cash crops could be grown in New World...crops that are not eaten but grown for $a. Tobacco...smoked and chewedb. Indigo...plant that makes dark blue-purple dye...for clothingc. cotton...clothing etc

England came to the New World because

1. Religious Freedom from King "phony church"

2. Came as Investor who would make money... Plant Tobacco "green gold" and Indigo-a plant used to make purple dye for clothing

Footprints of the English... 1. language2. public education3. public square4. copied legislative branch5. Jury system

English Footprints1. They left the language2. Public education---want everyone to read the Bible for themselves3. Concept of town square...common area for people to gather with important buildings all around.4. Copied our legislative branch from England5. Jury system ... where people face their peers when accused of a crime.