Economic Systems

Document Based Lesson

Hook Excercise

Questions:

1. Where do you think that the United States of America falls on this economic continuum? Why?____________________________________________________

2. Where do you think that Russia falls on this economic continuum? Why? ___________________________________________________________________

3. Where do you think that England (the United Kingdom) falls on this economic continuum? Why? ____________________________________________________

Command Market

Example of a Traditional Economy

Questions:

1.What type of household does this traditional economy center around?

2.What are some of their sources of income?

3.How does this farm household utilize their goats and fowl?

4.What can you infer the farm households standard of living to be like?

England’s Market EconomyQuestions:

1.What are the 5 branches of this market economy chart?

2.What role do consumers play in the demand side of the market economy?

3.What things might effect supply in a market economy?

4.What does equilibrium mean?

5.What determines a surplus &/or a shortage?

6.What do the consumers and producers desire in price?

Command Economy

Questions:

1.Interpret the image of Stalin pulling the strings on the puppet as it relates to a command economy.

2.Using the segment on the command economy from your background essay, What role do you think the man in the sunglasses plays in the command economy?

3.According to the map how strong do you believe the presence of command economies are in the world? Why?

Traditional Economy

Determined ByCustoms, Traditions, community or religion

Determined ByCustoms, Traditions, community or religion

Determined ByCustoms, Traditions, community or religion

Who answers the 3 basic Questions?

Who answers the 3 basic Questions?

Using the previous graphic answer the below questions:

1.In a command economy who decides what to produce?

2.In a Market Economy Who decides how things are produced?

3.What if any are some similarities between a market and command economy?

4.Why do you believe that almost all economic systems are mixed economies?

5.Which of the four economic systems do you agree with their decision making process and why?