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Today Students Will:

Today Students Will:. Participate in “The Bead Simulation” in order to differentiate and evaluate market, command, and traditional economic systems. Warm Up:.

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Today Students Will:

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  1. Today Students Will: Participate in “The Bead Simulation” in order to differentiate and evaluate market, command, and traditional economic systems. Warm Up: Fill in the blank—There are not enough _____________ to satisfy human wants so ______________ exists. Since we can’t have everything we want, we must make choices. What we give up to make an economic decision is called an ______________ _____________.

  2. Economic Systems Miss Heller Northwestern High School

  3. Introduction In any type of economic systems, three basic questions must be answered: • What will be produced? • How will it be produced? • For whom will it be produced? We classify economic systems according to how they answer these questions.

  4. “The Bead Simulation” • Divide class into 6 groups. • Once in groups Take 1 minute to read instructions CAREFULLY! • Rotate each group to 3 “countries” (stations). • Complete Debriefing Activity.

  5. Traditional Economy“That’s The Way We’ve Always Done It Ville” • Economic questions answered according to custom & tradition • Production is done the way it has always been done. • Examples Rural areas of South America & Africa

  6. Command Economy“We Do What We’re Told Ville” • Economic questions answered according to government direction • Government controls all economic activity • Example Communist North Korea

  7. Market Economy“Make As Much As We Want Ville” • Economic questions answered according to wishes of buyers & sellers • Individual choice determines progress of market • Example United States

  8. Question… Is the United States a PURE Market Economy? Does it operate without any type of government intervention?

  9. Mixed Economy • No system in the world is PURE • Mixed Economy Economic system that incorporates elements of different systems (usually command and market) • United States Example: • Market Malls, restaurants, entrepreneurship • Command Minimum wage, labor laws • Traditional “blue laws”, Chick Fil-A

  10. Homework: • Complete “Who Gets the Harvest” and “Mixed Economy” handouts • STUDY for a Quiz on Tuesday to cover: • Scarcity • Opportunity Cost • Traditional, Command, and Market Systems • Mixed Economy

  11. Learning Log (Closure): • What was the most interesting thing you learned today? • Was “The Bead” Simulation helpful in learning about economic systems? Explain.

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