Economic Systems Intro

Economic systems answer the three questions:  1) What to produce, 2) How to produce, and 3) For who to produce.

There are 3 basic types of economic system:
Traditional
Command
Market

TRADITIONAL:
Families, clans, etc make decisions and answer the 3 Questions based on decisions handed down from generation to generation.
-goal-survival
 - everyone has a set role
 - group more important than the individual

Command Economy
The government answers the 3 questions.
-government officials look at the resources and decide how they are going to be used
-the government owns all the means of production  (natural resources, factories, etc)
-ex:  North Korea, Cuba, Soviet Union

Market economy
Based on individual choice, not what the government decides.
Producers answer the questions, based on what they know about consumers.
Consumers decide what they want to spend their money on.
Economy SURVIVES based on producers & consumers working together.


Assignment:

In groups of 3-4, make a mini-poster, illustrating the characteristics if one the three economies and how one how they answer the 3 economic questions.  Then summarize your findings in a paragraph.

Current Event Assignment

For one week, you are in charge of providing the class with knowledge of a current event. 
Go online to a reliable news source, read a paper, or check out a news magazine (like Time or Newsweek).  Choose a current event (related to history, politics, or the economy) that you find interesting.
Write a 1-2 paragraph summary of the article in your own words.  Make sure you include why you chose that event - why is it significant?
 You will present your current event to the class on the Friday of your assigned week. 

Total Points:  50     (25 for the article, 25 for presenting)

Dates:    PERIOD 1            PERIOD 2  
8/23 -     Martin               Richard
8/30 -     Helen                Clarissa
9/5 -    Abraham              Katherine
9/13 -     Erika                
9/20 -     Anthony              Aime
9/27 -     Leslie                 Lisette
10/5 -       Xiomara           Angelica
10/11 -     Oscar                Bernice
10/18-      Jennifer          Kauser
10/25 -      Joyce             Azucena
11/1 -      Yesenia           Rickey
11/8 -     Luis                 Edwin
11/15 -     Nixon             Jorge
11/22 -     Rina               Jimmy
12/6 -   Gerson              Mary Grace
12/13 -     Mishel           Ashley
1/24 -                                Joanna
1/31  -   Janet              Jairo
2/7 -      Katya              Jose
2/14 -    Maria             Marvin
2/21 -    Angel                Ivan
2/28 -     Daniella          Enrico
3/7 -     Michael           Alec
3/14 -     Farbod       Natalie
3/21 -     Cynthia          Luis
3/28 -     Marcos          Reyna
4/4 -                            Fabiola
4/11                             Daniel
4/25                                 Emily