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Aim: Which economic system would I most want to live under?

Aim: Which economic system would I most want to live under?.

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Aim: Which economic system would I most want to live under?

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  1. Aim: Which economic system would I most want to live under? Do Now: Renee is in love with Jeffrey. They have been together for one year and she has been desperate for him to propose. Finally, at a fancy restaurant he gets down on one knee. Renee is about to faint. Jeffery says “Renee, I LOVE YOU. But you know that I’m a broke law student. Please accept this fake diamond and be my wife.” What should Renee say? NY State Learning Standards 2, 4 Common Core RS 6, WS1

  2. I What is economics? Economics studies scarcity(when the resources we need or want are limited).Due to scarcity, Economic Systemshave developed that decide how a society makes, distributes and uses its scarce resources. Which ring would you prefer? Why?

  3. Natural Resources Which of the above are limited?

  4. In a successful economic system, should there be poverty or hunger? On the flip side, does everyone need to be a millionaire?

  5. II The 4 Main Economic Systems

  6. The 4 Main Economic Systems COMMUNIST BLOC HOUSES: EVERYONE LIVES IN SIMILAR APARTMENTS DUE TO SEVERE INFLATION, MANY IN ZIMBABWE HAVE TURNED TO BARTER TO GET FOOD, CLOTHES, AND EVEN HEALTHCARE.

  7. The 4 Main Economic Systems IN MARKET ECONOMIES, THE PEOPLE DETERMINE THE PRICE. WHEN DEMAND IS HIGH FOR THE NEW iPHONE, THE PRICE INCREASES. WHEN DEMAND DECREASES, THE PRICE WILL TOO. AIR CHINA IS OWNED BY THE CHINESE GOVERNMENT. HOWEVER, THERE ARE NOW MANY PRIVATELY OWNED BUSINESSES IN CHINA’S MIXED ECONOMY.

  8. III Which Economic System is the best? The worst? You decide!

  9. Key Vocabulary • Command Economic System • Economics • Economic System • Market/Capitalist Economic System • Mixed Economic System • Resources • Scarcity • Second World (Developing) Nation • Third World (Undeveloped) Nation • Traditional Economic System

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