3. Major Economic Systems

"Money makes the world go 'round." - from the musical - Cabaret.
 
"We live by the Golden Rule. Those who have the gold make the rules." - Buzzie Bavasi
 
"Inflation is when you pay $15.00 for the $10.00 haircut you used to get for $5.00 when you had hair." - Sam Ewing
 

 
Whether you believe these quotations or not, it is an undeniable fact that money is one of most important cultural features of a country. A country's economic health has a direct impact on the standard of living of its people and can ultimately lead to civic unrest when their are financial problems.
 
In this lesson, we are going to study the various economic systems that exist in the world and how these economic systems impact the people who live under them.  
 
Essential Questions:
  1. What is an economic system and how do they differ from various forms of economic systems?
  2. What is the role of the producer and consumer in each of the various forms on economic systems?
  3. How does the concepts of supply and demand impact economic development?
  4. How does trade affect culture?
Learning Targets:
  1. Students will assess their personal understanding of key economic terms.
  2. Economic terms that students are unfamiliar, they will research the definitions and write their own, personal, definitions for those terms.
Directions.
 
Activity #1:
 
Students will create a layered book foldable to record their data on the various forms of government.
 
For this layered book foldable, you are going to need 4 sheets of 11" X 14" sheets of paper.
 
The tab labels are as follows:
  1. Traditional
  2. Mercantilism 
  3. Market Economy
  4. Command Economy
  5. Mixed Economy
  6. Terms - Chart
  7. Terms - Definitions

The teacher will also demonstrate how to make the foldable.

Activity #2:
  1. Prior to beginning our study of economic systems, there are several important terms and concepts that one must understand. On the terms chart flap of your flipbook, complete the following activity.
Words I Already Know Words I Have Heard Words I Do NOT Know
     
 
Using the list of words below, sort these words in to these categories.
  1. Mercantilism
  2. Market Economy
  3. Command or Planned Economy
  4. Mixed Economy
  5. Traditional Economy
  6. Capitalism
  7. Free Enterprise or Free Market
  8. Socialism
  9. Communism
  10. Consumers
  11. Producers
  12. Standard of Living
  13. Supply and Demand
  14. Private Ownership
  15. Public Ownership
  16. Tariffs
  17. Capital
  18. Imports
  19. Exports
  20. Barter
  21. Trade
  22. Supply
  23. Demand
Activity #3:  
  1. On the Terms-Definition flap, students will define the words that they did not know, in their own words. Students may use a textbook or dictionary to start the thinking process.

Activity #4:

  1. The teacher will call on students randomly to define each of the key terms and check their understanding.

Assessment:

  • Work will be assessed for completion, understanding, and participation.
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