1. Different Economic Systems SOL 11b Page 71 Mrs. Funny: “Do you ever wake up grouchy in the morning?” Mrs. Hilarious: “No, I usually let him just get up whenever he’s ready.”

2. SOL 11b Essential Understandings: Every country must develop an economic system to determine how to use its limited productive resources. The key factor in determining the type of economy a country has is the extent of government involvement. Essential Questions: What are the basic economic questions all societies must answer? What are the basic characteristics of traditional, free market, command, and mixed economies? How does each type of economy answer the three basic questions? Vocabulary: traditional economy, free market economy, command economy, mixed economy

4. Which fundamental political principle means that we elect public officeholders to make laws and run the government on our behalf?

5. Which early document established the current structure of the U.S. government?

6. Name the six purposes of government according to the Preamble to the U.S. Constitution.

7. Who ratifies amendments to the Virginia State Constitution?

8. What kind of society does America have because of immigration and naturalization?

9. Which First Amendment freedom is illustrated here?

10. Name two civic responsibilities.

11. Which democratic institution helps get women to register and vote?

12. What is the main benefit of Third Parties?

13. What do we call a slanted opinion?

14. Do you remember what supply and demand is? Let’s see what Brain Pop has to say about it.

15. http://www.brainpop.com/socialstudies/ economics/supplyanddemand/www.brainpop.com/socialstudies/ economics/supplyanddemand

17. https://www.youtube.com/watch?v=NE6 q3ID1vkEwww.youtube.com/watch?v=NE6 q3ID1vkE

18. Every country must develop an economic system to determine how to use its limited productive resources. The key factor in determining the type of economy is the extent of government involvement.

19. Each type of economy answers three basic questions differently.  What will be produced?  Who will produce it?  For whom will it be produced?

20. Traditional economy  Economic decisions are based on custom and historical precedent.  People often perform the same type of work as their parents and grandparents, regardless of ability or potential.

22. https://www.youtube.com/watch?v=jvm 68nEAU7owww.youtube.com/watch?v=jvm 68nEAU7o

23. Free Market  Private ownership of property/resources  Profit motive  Competition  Consumer sovereignty  Individual choice  Minimal government involvement in the economy

24. Command Economy  Central ownership (usually by government) of property/resources  Centrally-planned economy  Lack of consumer choice

25. Mixed Economy  Individuals and businesses as owners and decision makers for the private sector  Government as owner and decision maker for the public sector  Government role is greater than in a free market economy and less than in a command economy  Most economies today including the U.S. are mixed economies.

26. 17 minute video

28. On the left side of the notebook, glue the pictures that go with the various economic system. Label each picture as follows: Farmer – Traditional Lion – Free Market Caged monkey – Command Mixed – U.S.