TYPES OF ECONOMIES
Objectives:
- Explain how traditional, command and market economies answer the basic economic questions of what to produce, how to produce, and for whom to produce.
- Describe how governments organize their economic system for the production, distribution and consumption of goods and services.
- Explain how elements of market, command and traditional economies have shaped the United States’ mixed economic system, such as consumer preferences, tariff policies and farming practices.
Activities
Task One: PowerPoint Presentation
Types of Economies Activity: Visual Definitions
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Using your notes, you will create visual definitions for each of the type of economies. Use pictures for each of the keywords found in the definition. Click here to complete the visual definition assignment. |
Types of Economies Resources
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Key Vocabulary Command Economy | Traditional Economy Mixed Economy | Market Economy | Goods and Services Economic Wants | Economic Resources Socio-Economic Goals |
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What is meant by the sign the man in the red shirt is holding?
How might tariffs influence the kind of car you might purchase?
How might tariffs influence the kind of car you might purchase?