1. Pretend the class is completely bare (no desks, no computers, no boards, etc.). Take 2 minutes to list what we would need to conduct class.

2. CE.11 - The student will demonstrate knowledge of how economic decisions are made in the marketplace by a)applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption. b)comparing the differences among traditional, free market, command, and mixed economies. CE. 1 - The student will develop the social studies skills responsible citizenship requires, including the ability to b) create and explain maps, diagrams, tables, charts, graphs, and spreadsheets

3. What are the basic economic questions that all societies must answer, and how do the 4 different types of economies answer those questions? 1. Answer the 3 basic economic questions for each type of different economic system. 2. Differentiate between the different types of economic systems

6. 1 st question Research becomes important to find what products could be most profitable Based on individual wants/demand for a product

7. 2 nd Questions This question involves figuring out costs and what production method maximizes the amount of money made Will it be produced by the government? Will it be produced by private citizens?

8. Final question Will everyone have a chance to purchase the product? Will there be limitations on who can obtain the product? SAFETY must be in the forefront of the minds of the producers for mass production

11. Economic decisions based on CUSTOM and HISTORICAL PRECEDENT SAME TYPE OF WORK as their ancestors Subsistence economic philosophy NO MASS PRODUCTION Basic technologies used

13. CENTRAL OWNERSHIP of property and resources Usually by the GOVERNMENT Centrally-planned economic philosophy LACK of consumer choice Work and production used for the COMMON GOOD

15. Private ownership of property and resources People motived by PROFITS Competitive in nature CONSUMER SOVEREIGNTY MINIMAL government involvement

17. Individuals and Government WORK TOGETHER PRIVATE SECTOR = Individuals PUBLIC SECTOR = Government Most economies today are MIXED economies Government’s role is that of OVERSIGHT Government becomes involved in production when it is more beneficial for the economy than when the private sector controls production

19. Students will be broken up into groups and assigned an economy Using the guiding worksheet passed out, each group will create a poster about the type of economy they are assigned REQUIREMENTS: At the top of the poster, write the type of economy your group is assigned LIST THE 3 BASIC QUESTIONS and DRAW A PICTURE that depicts who/what answers those questions for your specific economy IN YOUR OWN WORDS, list the points that are on the worksheet passed out to you on the poster (there should be 5 for each group) After the posters are finished there will be presentations DURING THE PRESENTATIONS, the groups not presenting WILL FILL OUT THE REST OF THE WORKSHEET