Aim: How does an economic system help a society deal with the fundamental problem of scarcity?
Journal 7 – What are the advantages and disadvantages of a traditional economy?
Objectives:
1. Students will compare how the various economic systems (traditional, market, command, mixed) answer the questions: (1) What to produce? (2) How to produce?; and (3) For whom to produce?
2. Students will identify and explain broad economic goals.
3. Students will differentiate and draw conclusions about historical economic thought theorized by economists.
Agenda:
- Bell Ringer (10 min)
- Complete the note-taking guide (Economic Systems) using your textbook (McGraw-Hill Economics Principles and Practices pp. 32-53), online resources, or class notes as appropriate. (rest of class)
Home Learning: Complete your designated portion of the note-taking guide (Economic Systems). Use online resources.
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