Chapter 29: Economies in Transition

LEARNING OBJECTIVES
The steps to achieve the learning objectives include reading sections from your textbook and the
causation chain game, which is available directly on the Tucker web site. The steps also include
references to Ask the Instructor Video Clips, the Graphing Workshop available through
CourseMate on the Tucker website.
#1 - Describe the strengths and weaknesses associated with different types of economic systems.
Step 1

Read the sections in your textbook titled Basic Types of Economic systems, and The
Isms.

Step 2

Play the Causation Chains Game titled Central Planners Fixing Prices.

Step 3

Listen to the Ask the Instructor Video Clip titled What Would Happen If Everyone
Were Paid the Same? You will learn how the production possibilities curve is related to
socialism.

The Result

Following these steps, you have learned that Adam Smith is the father of modern
economics, while Karl Marx advocated communism as the ideal system.

#2 - Compare economies in transition.

Step

Read the section in your textbook titled Comparing Economic Systems.

The Result

Following these steps, you have learned about economies in transition from communism
to market economies to allocate goods and services including Cuba, Russia, and China.

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