3.01 Economic Systems

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COURSE 6208 Exploring EntrepreneurshipSTANDARD 3.00 Understand economic systems

3.01 Compare the four economic systemsESSENTIALQUESTIONS

What are the 4 economic systems?

What are the advantages and disadvantages of each?

Which economic system provides more for its consumers?

CURRICULUM RESOURCES

EQ 3.01 o!eroint

"raphic #rgani$er or Cornell %otes &1 or &2 !riting tas's

(hin'gate Exploring Entrepreneurship item )an'

Exploring Entrepreneurship *nstructional +orum in ,oodle


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INSTRUCTIONAL ACTIVITIES

ACTIVITIES RELEVANCY TO OBJECTIVE RESOURCES

1. Popcorn Economics /isit the !e)site

httpeced!e).unomaha.edulessonspopcorn.htm toprepare for the lesson. (he!e)site details suppliesneeded and steps for theteacher to follo!. (he lesson

plan also follo!s theactiities guide4. (hestudents !ill experiencescarcity5 the allocation ofresources5 and ma'ingeconomic decisions.

t the conclusion of the

lesson5 as' the students5"Who makes the decisionsabout resources in theUnited States?"goernment 7 )usinesses4(hen as' students5 "Whattype of Economic Systemdoes the United States

have?"mixed4

(his fun actiity !ill intereststudents in the topic of economicsystems. *t !ill help studentsunderstand that people ma'echoices )ecause of scarcity.&hen resources are limited5people 7 societies must ma'edecisions on ho! to )est use

their resources. (hese decisionsare made differently in thedifferent types of economicsystems. (his actiity !ill helpthe students loo' at similaritiesand differences)et!eeneconomic systems )ased on ho!economic decisions are made.

httpeced!e).unomaha.edulessonspopcorn.htm

3.01 opcornEconomics essonlan

opped popcorn andpaper )ags asdescri)ed in the a)oelesson plan.

2. PowerPoint Presenttion (he o!eroint presentation 3.01 ;ey (erms


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3. Crosswor) P*++,e

9istri)ute the3.0%ross&ord pu$$le to thestudents.

:ae students complete thecross!ord pu$$le.

Circulate and facilitate asneeded.

(This activity may be completedas a homework assignment.)

(his actiity !ill reinforce the 'eyterms and their definitions toassist the students inunderstanding the four ma>ortypes of economic systems.

3.01 Cross!ord

3.01 Cross!ord !ey

3.01 ;ey (erms9efined

=tudents? comp$eted

3.01 ;ey (erms


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the three economic systems.

G. C.rcteristics o/ EconomicS%stems

9istri)ute the 3.0%haracteristics ofEconomic Systemscomparison chartto

students. :ae students complete the

comparison chart.

Circulate and assist asneeded.

(his actiity !ill allo! thestudents to reie! the types ofeconomic systems andCOMPARE &B'(them )y listingsimilarities and differencesin achart format. (he chart format

!ill help the students easily seethe similarities and differencesamong the types of economicsystems.

3.01 Characteristics ofEconomic =ystems

3.01 Characteristics ofEconomic =ystems

;ey

6. Comprin0 EconomicS%stems

9istri)ute the 3.0%omparing EconomicSystemsdiagram actiity tostudents.

s a culminating and reie!actiity5 hae studentscomplete the 3.0%omparing EconomicSystems diagram.

(he file may )e distri)utedelectronically for the students

(his graphic organi$er !ill giethe students another isual aid to

help them COMPARE &B'( thefour types of economic systems)y listing the advantages anddisadvantagesof each system ina isual format.

3.01 ComparingEconomic =ystems

3.01 ComparingEconomic =ystems;ey


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INSTRUCTIONAL SUPPORTMATERIALS


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POPCORNECONOMICS lessonby MarySuiter, adaptedfroma lessonfoundinKaleidascope, USA.

Publishedby the Centerfor EntrepreneurshipandEconomicEducation,UM-St. Louis.

Lesson DescriptionIn this lesson, students experience scarcity through an activity. Following the activity,students relate the concept of scarcity to situations in school and their community.

Students learn that people make choices because of scarcity.Grade LevelsGrades four through eightEconomic Concepts

=carcity Capital resources

%atural resourcesContent Standards and BenchmarksNational Standard Number: 1Productive resources are limited. herefore, people cannot have all the goods andservices they want! as a result, they must choose some things and give up others.People make choices because they cannot have everything they want.

"atural resources, such as land, are #gifts of nature!# they are present without humanintervention $apital goods %resources& are goods produced and used to make other

goods and services.ObjectivesStudents will'

9efine scarcity as the condition that exists !hen !ants exceed resources aaila)le to
http://www.umsl.edu/~econed/http://www.umsl.edu/~econed/http://www.umsl.edu/~econed/http://www.umsl.edu/~econed/http://www.umsl.edu/~econed/http://www.umsl.edu/~econed/http://www.umsl.edu/~econed/


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@. =tudents !ill as' for the popcorn in the other stapled grocery )ags. #pen the )ags and actsurprised to find crumpled ne!spaper. Explain that you thought that all of the grocery )ags!ere filled !ith popcorn.

G. pologi$e to those students !ho did not receie a snac'. Explain that eeryone thoughtthere !as plenty of popcorn for all. =uggest that5 if the first students sered had 'no!nthere !as a limited amount5 perhaps they might hae )een careful to leae enough for therest of the class.Note1=tudents are li'ely to )e ery angry at the seemingly unfair situationH ho!eer5 it isthe purpose of this lesson for them to experience scarcity.

6. 9iscuss the follo!ing.. &hat is the pro)lemA (here !asn?t enough popcorn for eeryone !ho !anted it.4or pro)lem that allsocieties facescarcity. =carcity occurs )ecause people !ant many things5 )ut resourcesaaila)le for producing the things people !ant are limited.

8. (ell students that other groups still need a snac'5 )ut there?s no popcorn left. s' student

!hat could )e done. (hose !ith popcorn could share. (eacher could pop more popcorn.(eacher could proide an alternatie snac'. (hose !ithout a snac' could go !ithout.4. Explain that !hen faced !ith scarcity5 people and societies must ma'e choices a)out

allocation. &hen people allocate5 they decide ho! something should )e used andor !hoshould get something that is aaila)le.

10.Explain that people and societies ma'e different allocation decisions. Explain that thenum)er of computers aaila)le at school is limited. Capital resources are things producedand used to produce other goods and serices.

11.oint out that the num)er of computers aaila)le is limited )ut students and teachers haeunlimited !ants for the computers. =tudents and teachers !ant to use the computers to!rite5 to research5 to learn to use soft!are5 and so on.

12.s' the students !ho decides ho! to allocate the use of computers at school. teacher5


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%ame IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Class IIIIIIIII

!"#$ 2e% Terms B,n3Understand Economics and Economic systems

Term Definition

Economics Terms

Economics

=carcity

Capital Jesources

%atural Jesources

:uman Jesources

EntrepreneurialJesources

T%pes o/ Economies

Command economy


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!"#$ 2e% Terms De/ine)Understand Economics and Economic systems

Term Definition

Economics Terms

Economics ,a'ing choices and satisfying the !ants and needs ofconsumer. Economics studies ho! indiiduals andsocieties see' to satisfy needs and !ants throughincenties5 choices5 and allocation of scarce resources(he !ord KeconomicsK is from the "ree' !ords LMLNOoi'osP5 meaning Kfamily5 household5 estate5K and RSLNOnomosP5 or Kcustom5 la!5K and hence literally meansKhousehold managementK or Kmanagement of the state.K

=carcity (he condition that exists !hen !ants exceed resourcesaaila)le to satisfy !ants.

Capital Jesources "oods produced and used to ma'e other goods and

serices.%atural Jesources T"ifts of nature that are present !ithout human

interention ex. land4

:uman Jesources (he 'no!ledge5 efforts5 and s'ills people )ring to their!or'5 also 'no!n as la)or.

Entrepreneurial Jesources (he initiatie to improe goods and serices or createne! ones.

T%pes o/ Economies

Command economy Economic system that is run )y a central goernment orauthority


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'"#$ Crosswor)


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!"#$ Crosswor) 2e%


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!"#$ C.rcteristics o/ Economic S%stems

ist characteristics for each type of economic system )y ans!ering Duestions in the left column for each type ofeconomic system.

C.rcteristics Tr)ition, Mr3et Commn) Mi4e)&ho ma'eseconomicdecisionsA

&hat is thegoernment?s rolein the economyA

&hat motiatesthe economyA

:o! areresourcesallocatedA

*s the leel ofcompetition highor lo! in theeconomyA

ist examples ofcountries !ith thistype of economy.


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!"#$ C.rcteristics o/ Economic S%stems 2EY

ist characteristics for each type of economic system )y ans!ering Duestions in the left column for each type ofeconomic system.

C.rcteristics Tr)ition, Mr3et Commn) Mi4e)&ho ma'eseconomicdecisionsA

Customs goerndecisions


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!"#$ Comprin0 Economic S%stemsNme1555555555555555555

!"#$ Comprin0 Economic S%stems Nme1 555555555555555555555555555

6,o7,Economi

cS%stems

Mr3et Econom%

dantage

9isadantage

Commn)Econom%

dantage

9isadantage

Mi4e) Econom%

dantage

9isadantage

Tr)ition,Econom%

dantage

9isadantage


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P0e '

1. %ame some similarities )et!een Command and (raditional economic systems.

2. %ame some similarities )et!een Command and ,ixed economic systems.

3. %ame some similarities )et!een ,ar'et and (raditional economic systems.

@. %ame some similarities )et!een ,ar'et and Command economic systems.

G. %ame some similarities )et!een ,ar'et and ,ixed economic systems.

6. *n addition to all these )eing "lo)al Economic =ystems5 name one ma>or similarity in all systems.


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!"#$Comprin0 Economic S%stems2e%Nme1555555555555555555

6,o7,Economi

cS%stems

Mr3et Econom%dantageH!trive to have the bestproducts"igh competition9isadantage"uge rift between thewealthy # poor

Commn) Econom%dantageHE$ualstandard of living.%overnment oversees thenecessities9isadantage&ewer choicesUnavailability of items.

Mi4e) Econom%dantageH' balance of needs met bygovernment and wants met inthe marketplace9isadantageeads to different classes insociety.iti*ens have to pay forgovernment services (ta+es)

Tr)ition, Econom%dantageH!pecific roles for people!ecurity in the sameway

9isadantageDifficult for people toimproveTechnology is not used


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!"#$Comprin0 Economic S%stems 2EYP0e '

1. %ame some similarities )et!een Command and (raditional economic systems.Choices are limited.

(ries to ta'e care of their society

2. %ame some similarities )et!een Command and ,ixed economic systems.:as a central goernment that helps meet peopleVs needs"oernment oersees national security5 social reforms and school system

3. %ame some similarities )et!een ,ar'et and (raditional economic systems.

Documents

3.01 Economic Systems