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Tuesday, May 28, 2013

5/28: World 1

DO NOW: Self Assess on the LTs that will be on the EXAM.

 
POD:
1. DO Now
2. Levels of Production
3. The FIRST Global Supply Chain: The Silk Road
4. Global VS. Local
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Levels of Production:
--> Subsistence
This is the lowest level of production. Subsistence productions refers to output from the production process that is just enough for the survival. This amount of production is therefore not adequate to meet all needs and wants of a family, community or a country. For example, subsistence farming involves the production of crops to feed the family and for survival. Wealth is not created as whatever is produced is consumed.
Domestic Production
Domestic production refers to production that is more than survival level. It provides output that is enough to satisfy domestic needs and wants. Excess is not available for export. However, production is adequate to supply local demand.
Surplus or Export 
This level of production is adequate to supply local demand and for export.  Large industries can produce large quantities of output to satisfy local consumption and earn foreign exchange from export, for example, the sugar and banana industries.
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The Silk ROAD










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Homework: Take the Study Island- Study Guide for the Exam: ECONOMICS
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