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Take out a half sheet of paper

Take out a half sheet of paper. Read article and answer the three questions at the end Your answers will be collected in 20 minutes. Economic systems. What are the strengths and weaknesses of the various economic systems?. SSEF 4.

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Take out a half sheet of paper

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  1. Take out a half sheet of paper • Read article and answer the three questions at the end • Your answers will be collected in 20 minutes.

  2. Economic systems What are the strengths and weaknesses of the various economic systems?

  3. SSEF 4 • The student will compare and contrast different economic systems and explain how they answer the three basic economic questions • A. Compare command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition and government regulation

  4. Warm up • What are the three economic questions that all societies must answer? What economic systems do you already know?

  5. Traditional • Economic decisions repeat those that have been made in earlier times • Examples: Tribal societies, Inuit culture • Do we have any traditional qualities?

  6. Command • Economic decisions are made by the government and central government planners • Example: Communist countries – what, how and for whom are all decided by the government • Do we have any command qualities?

  7. Market • Decisions made by the people engaged in voluntary exchange • Consumers decide what gets made • Producers decide how it gets made • Money decides for whom it gets made for

  8. Activity #1 • With a partner, write down the strengths and weaknesses you think exist within each one. • Which system(s) would have the greatest private ownership, profit motive, consumer sovereignty (freedom), competition and government regulation (involvement in businesses)?

  9. Page 38 • How does your chart compare with the one on the above page?

  10. Traditional • Strength: Stability and Security – everyone knows their role • Weakness: Stagnate, no growth, no innovation or invention

  11. Command • Strength: Can change quickly – government says jump, people act • Weakness: No consumer choice, no freedom, lack of productivity

  12. Market • Strength: Variety of choices and products, economic freedom • Weakness: Some “fall through the cracks” – unemployment, homelessness, poverty

  13. Activity #2 • Complete “Reviewing the Facts” Section 1 Question #3 – Page 54

  14. Point to remember • Because we, and virtually all societies, have qualities of each of the systems, in reality, we are a MIXED ECONOMY.

  15. What’s the economic concept(S) mentioned in this poem? • “This is the beginning of a new day/God has given me this day to use as I will/I can waste it or use it for good/What I do today is very important because I am/Exchanging a day of my life for it/When tomorrow comes, this day will be gone forever/Leaving something in its place I have traded for it/I want it to be a gain, not loss — good, not evil/Success, not failure, in order that I/ Shall not forget the price I paid for it.” - Heartsill Wilson

  16. Economic/social goals How do we, as a country, evaluate economic performance? How are we doing?

  17. Warm Up • Complete “cause and effect in a market economy” sheet • For an economic system to be best for a society, it must be able to meet the needs of its members. • What do you think are our country’s social and economic goals? What does our economy try to accomplish?

  18. SSEF 4 • The student will compare and contrast different economic systems and explain how they answer the three basic economic questions • B. Evaluate how well they meet the broad social and economic goals of freedom, security, equity, growth, efficiency, and stability.

  19. Activity • Complete the following chart.

  20. Read Tradeoff among goals • How would you rank the importance of each goal? • Which would be most important in a command economy? • Explain your answer for both.

  21. Free Enterprise System How do you as consumers support a free enterprise system?

  22. Warm up • Based on your experience as a consumer, how would you answer the E.Q.? • Consumer Sovereignty: • The role of consumer as ruler of the market in determining the types of goods and services produced • How does the government, consumers and entrepreneurs participate in the free enterprise system?

  23. In pairs, complete HEI handout – pick wisely!!

  24. Wrap up – T.O.D. • What is the answer to the E.Q.? • How do other groups impact you as a consumer?

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