Economics Learning Steps 11215 Complete USA Test Prep

Economics Learning Steps 1/12/15

Complete USA Test Prep. Warm-up & Standard 1 Test Review

Standards & Elements SSEF 4 • The student will compare and contrast different economic systems, and explain how they answer the three basic economic questions of what to produce, how to produce and for whom to produce. Elements: • a. Compare command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, government regulation. b. Evaluate how well each type of system answers the three economic questions and meets the broad social and economic goals of freedom, security, equity, growth, efficiency and stability.

Enduring Understandings Students will understand that all societies must answer three key economic questions about production and consumption of goods and services and that four different economic systems have developed in response to those three questions.

Essential Questions 1. What are three Key Economic Questions and how do different societies answer them? 2. What are traditional economies usually? 3. In what kind of economy does the government make economic decisions ? 4. What must a nation’s economy do to improve its standard of living? 5. What system is used to protect people experiencing unfavorable economic conditions? 6. In which type of economy are decisions based on exchange and trade? 7. What is the method used by society to produce and distribute goods and services?

Class Activities Pure Command Vs. Pure Market “Charting it Out” Daily “Write About It” Ticket-Out-The Door

Class Activity Directions Pure Command v Pure Market Economy T-Chart: SSEF 4 a Students will create a T-Chart contrasting the characteristics of the market and command economies from the attached list. When complete, students will write a paragraph explaining how the US economy is mixed by incorporating those given characteristics.

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