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What is an economy?

What is an economy?. What is an economy?.

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What is an economy?

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  1. What is an economy?

  2. What is an economy? An economy is a system in which goods and services are produced, bought, sold, and/or used within a society. Each person, business, and government contributes to the economy by producing and consuming goods and services. For example, Joe works at the tire factory. After receiving his paycheck from the tire factory, he uses his money to buy food and clothing. He also pays the cable bill, make a car payment, pay the mortgage, etc. How do Joe’s purchases provide jobs for other people? How do you contribute to the economy?

  3. Lesson 1.3Economic Systems Essential Question: How do capitalist, communist, and socialist economic systems differ from each other?

  4. Adam Smith (1723 – 1790) Karl Marx (1818 – 1883)

  5. Capitalism vs. Communism (Use textbook page 18 for Smith and page 500 for Marx)

  6. Explain Adam Smith’s “Invisible Hand” theory. What are the forces that drive the hand? What are the benefits?

  7. Explain Marx’s theory of a class struggle. How does this struggle end? How does this cartoon relate to this theory?

  8. The Spectrum of Economic Systems Communism Socialism Capitalism

  9. Economic Systems: Summarizer The best thing about capitalism is… The worst thing about communism is…

  10. Economic Systems: Summarizer The best thing about communism is… The worst thing about capitalism is…

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