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The Three Economic Questions What, How, And For Whom?

The Three Economic Questions What, How, And For Whom?. Economic Systems. ESSENTIAL QUESTIONS For what reasons did different types of economic systems evolve? Why have some economic systems flourished while others have not?

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The Three Economic Questions What, How, And For Whom?

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  1. The Three Economic Questions What, How, And For Whom? Economic Systems

  2. ESSENTIAL QUESTIONS • For what reasons did different types of economic systems evolve? • Why have some economic systems flourished while others have not? • By definition mixed economic systems contain characteristics of command, market, and traditional economies. How do the above characteristics impact the United States Economy? • Why do different types of economic systems answer basic economic questions differently?

  3. Your plane has been forced to make an emergency landing do to mechanical problems. You have landed in a remote part of the world and there appears to be no hope of rescue. Create a Survival Plan based on one of the following Economic Systems-Market, Command,Traditional or Mixed. You must answer the three economic questions what to produce, how to produce and for whom to produce?

  4. What is the problem? What questions should you be asking?

  5. Survival

  6. Requirements: Students working in groups of three/four must supply the following information. • Departure point and original destination of the plane. • The Approximate area in which the plane was forced to land and the present climate conditions of the area. • Passenger list(limited number) professions/occupations of the passengers. • Type of economic system chosen, market, mixed, command, traditional and reason for their choice. • You must answer the three economic questions in your survival story. The answers must correlate with the type of system chosen. • A survival plan must be developed based on the information in numbers 3,4,and5 . • Students must put their survival plan in the form of a power point to be presented to the class.

  7. TRADITIONAL ECONOMY • Economic activity passed down from generation to generation.

  8. Market • Supply and demand • Interaction of consumers and producers in the market place • Individual choice • Limited government involvement

  9. Command • Central Planning Committee • Government allocation of the means of production • Good of community more important than the individual

  10. Mixed • Characteristics of Command and market economies

  11. LEARNING OBJECTIVES • Students will apply their geography skills by tracing the route of the plane and approximating their location. • Students will gain an understanding of the characteristics of the different types of economic systems. • Students will discover a correlation between the three basic economic questions in the lesson and the type of economic system they have chosen. • Students will gain an appreciation for the complexities involved in operating an economic system. • Students will work cooperatively in groups to complete the project. • Students will practice oral communication skills through presentation of their survival plans and class discussion

  12. Common core standards • Students Who are College and Career Ready in Reading, Writing, Speaking, Listening, & Language • They demonstrate independence. • They build strong content knowledge. • They respond to the varying demands of audience, task, purpose, and discipline. • They comprehend as well as critique. • They value evidence. • They use technology and digital media strategically and capably. • they come to understand other perspectives and cultures.

  13. Common Core • OH: Literacy in History/Social Studies, Science, & Technical Subjects 6-12 OH: Grades 11-12 Reading: History/Social Studies • Key Ideas and Details 1. Read closely to determine what the text says explicitly and to make logical inferences from it; cite specific textual evidence when writing or speaking to support conclusions drawn from the text. • IPMRH.11-12.1. Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained from specific details to an understanding of the text as a whole.2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas. • IPMRH.11-12.2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships among the key details and ideas.3. Analyze how and why individuals, events, or ideas develop and interact over the course of a text. • IPMRH.11-12.3. Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence, acknowledging where the text leaves matters uncertain.

  14. THE END

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