you will need to complete the student handout as the powerpoint is discussed. student instructions...
TRANSCRIPT
You will need to complete the student handout as the PowerPoint is discussed. Student instructions
will always be in black.
You will need to complete the student handout as the PowerPoint is discussed. Student instructions
will always be in black.
You will be introduced to several economic terms throughout this
PowerPoint. Write the definitions of key economic terms on your
student handout. Economic terms that need to be defined are in red.
You will be introduced to several economic terms throughout this
PowerPoint. Write the definitions of key economic terms on your
student handout. Economic terms that need to be defined are in red.
Cattle, Cotton, and Crude
Cattle, Cotton, and Crude
Beef, Bales, and Black Gold
Beef, Bales, and Black Gold
The legs, fiber, and grease of
the Texas economy.
The legs, fiber, and grease of
the Texas economy.
What are we talking about when we speak of the economy?
What are we talking about when we speak of the economy?
The economy is the wealth and resources of a
nation and how they are
managed.
The economy is the wealth and resources of a
nation and how they are
managed.
In the U.S. and in Texas, we have a free enterprise or market economy. In the U.S. and in Texas, we have a free enterprise or market economy.
In a free enterprise economy individuals have the right to own businesses and to make
money with limited government interference.
In a free enterprise economy individuals have the right to own businesses and to make
money with limited government interference.
Simply stated, you are free to buy what you want, sell what
you want, make what you want, and provide any service
you want with very few restrictions.
Simply stated, you are free to buy what you want, sell what
you want, make what you want, and provide any service
you want with very few restrictions.
Imagine that you are an
entrepreneur, or a
risk-taking business person.
Imagine that you are an
entrepreneur, or a
risk-taking business person.
You have capital that you would like to invest in a business. Capital is
the...
You have capital that you would like to invest in a business. Capital is
the...
or moneyor money
equipment,equipment,
factories,factories,
used to produce goods or services.used to produce goods or services.
You want to invest your
capital wisely so that you make a
profit, or make
money.
You want to invest your
capital wisely so that you make a
profit, or make
money.
In the box on the student handout, list three businesses in Texas where
you would invest your capital.
In the box on the student handout, list three businesses in Texas where
you would invest your capital.
For each business, write one or two sentences explaining why you chose
that business.
For each business, write one or two sentences explaining why you chose
that business.
Some of you may have invested in businesses that have historically
been important in the Texas economy
such as ...
Some of you may have invested in businesses that have historically
been important in the Texas economy
such as ...
cottoncottoncattlecattle
oiloil
Historically, the Texas economy has fallen into two categories:
Historically, the Texas economy has fallen into two categories:
Agribusiness - business related to the production, processing, and
distribution of agricultural products
Agribusiness - business related to the production, processing, and
distribution of agricultural products
Petroleum Industry - the production and distribution of oil and natural
gas
Petroleum Industry - the production and distribution of oil and natural
gas
The agribusiness and petroleum industries have been good to Texas,
but these businesses can be risky because they are greatly affected by a boom/bust cycle in the economy.
The agribusiness and petroleum industries have been good to Texas,
but these businesses can be risky because they are greatly affected by a boom/bust cycle in the economy.
BoomBoom BoomBoom
Bust Bust
Simply put, when things
are good they are great,
but when they are bad, they are terrible.
A boom/bust economy is one that has a cycle of intense highs and
lows.
A boom/bust economy is one that has a cycle of intense highs and
lows.
When the economy is
booming, the prices of cattle,
crops, and oil are high, thus
bringing profit to Texas.
When the economy is
booming, the prices of cattle,
crops, and oil are high, thus
bringing profit to Texas. When the
economy is in a bust cycle,
prices are low and small profits are
made.
When the economy is in a bust cycle,
prices are low and small profits are
made.
Many years ago Texan
entrepreneurs realized that an economy based on businesses
that are greatly affected by the boom/bust cycle would not be the
best for our state’s economy.
Many years ago Texan
entrepreneurs realized that an economy based on businesses
that are greatly affected by the boom/bust cycle would not be the
best for our state’s economy.
Diversification, or increasing the
variety of products, has been key to a
strong Texas economy.
Diversification, or increasing the
variety of products, has been key to a
strong Texas economy.
Texas has a very strong economy
today because we have diverse industries.
Texas has a very strong economy
today because we have diverse industries.
The next slides are on the modern Texas economy. List these
industries in the “Texas Industries Today” section of your student
worksheet.
The next slides are on the modern Texas economy. List these
industries in the “Texas Industries Today” section of your student
worksheet.
Agribusiness and the petroleum Agribusiness and the petroleum industry are still strong in Texas industry are still strong in Texas
today, but we have developed the today, but we have developed the following industries as well:following industries as well:
Agribusiness and the petroleum Agribusiness and the petroleum industry are still strong in Texas industry are still strong in Texas
today, but we have developed the today, but we have developed the following industries as well:following industries as well:
PetrochemicalPetrochemical IndustryIndustryPetrochemicalPetrochemical IndustryIndustry
Petrochemicals are chemicals or products made from petroleum or
natural gas such as
Petrochemicals are chemicals or products made from petroleum or
natural gas such as
plastics
plastics
cosmetics
cosmetics
rubber
rubber
synthetic fibers
synthetic fibers
Computer / ElectronicsComputer / Electronics IndustryIndustry
Computer / ElectronicsComputer / Electronics IndustryIndustry
Telecommunication Industry
Telecommunication Industry
Aerospace Industry
Aerospace Industry
Service IndustriesService Industries
medicinemedicine andand healthhealth carecare
medicinemedicine andand healthhealth carecare
bankingbanking andand financialfinancial
bankingbanking andand financialfinancial
educationeducationeducationeducation
Real Estate Industry
Real Estate Industry
Tourism IndustryTourism Industry
These industries, coupled with our geography and abundant
natural resources, make Texas a very strong presence in the
global marketplace.
What is important to remember about the
“Growth and Development” of
Texas?
What is important to remember about the
“Growth and Development” of
Texas?
What is the enduring
understanding?
What is the enduring
understanding?
Texas’s strong standing in the world today originated from its
diverse leaders, geography and resources.
Texas’s strong standing in the world today originated from its
diverse leaders, geography and resources.
We‘ve come a long way from We‘ve come a long way from
to to