Professional Documents
Culture Documents
• Bellringer/Review Activity
• Notes: Economic Systems
• Should the US become more socialist?
Practice – identify FOP
• Tools you own?
• Area in yard where you plant vegetables?
• Lawn mower to cut grass?
• Workers hired to plant beds?
• Knowledge and skills from college?
• Water and fertilizer used in garden?
• Combining all elements to begin landscape biz?
• Effort you exert in tending your garden?
• What does Guns and Butter model depict?
Target: Economic systems
• Essential Learning: Economic systems and theorists
Objectives
• Students will demonstrate an understanding of the “Big
Three” economic questions and how they apply to the four
economic types
The Big Three Questions
• Every economic system in the world, past and
present, has to answer these three questions:
Inuits
Advantages Disadvantages
• Economic roles are set • Discourages new
• Stable, predictable, ideas
and continuous • Lack of progress
• Lower standard of
living
Does a traditional economy answer the
big three questions?
• What will be produced?
• Whatever tradition, values, and rituals dictate
• How will it be produced?
• However tradition, values, and rituals dictate
• For whom will it be produced?
• Whomever tradition, values and rituals dictate
Command Economy
Market Command
Mixed
Traditional
Or maybe this…
Traditional Command Market Mixed
Classwork/Homework
• In a formal paragraph, tell me which economic system
you believe is the best. Consider your needs and
wants. All systems had their advantages and
disadvantages – which one do you support?