FEBRUARY 26 TH, 2015 OBJECTIVE: TODAY, STUDENTS WILL UNDERSTAND THE DIFFERENT TYPES OF ECONOMIES THAT EXIST AND HOW THEY FUNCTION. WORD OF THE DAY: ECONOMY AGENDA: DISCUSS WORD OF THE DAY. COVER LENIN READING. VIEW POWER POINT. DISCUSS IDEAS. CONTENT STANDARD: 7 – E3.3.1 EXPLAIN AND COMPARE HOW ECONOMIC SYSTEMS (TRADITIONAL, COMMAND, AND MARKET) ANSWER FOUR BASIC QUESTIONS: WHAT SHOULD BE PRODUCED? HOW WILL IT BE PRODUCED? HOW WILL IT BE DISTRIBUTED? WHO WILL RECEIVE THE BENEFITS OF PRODUCTION?

ECONOMY: THE WAY A COUNTRY MANAGES ITS MONEY AND RESOURCES (SUCH AS WORKERS AND LAND) TO PRODUCE, BUY, AND SELL GOODS AND SERVICES. EVERY COUNTRY HAS SOME TYPE OF ECONOMY. WHY WOULD/COULD PEOPLE DISAGREE ON HOW TO RUN AN ECONOMY?

VLADIMIR LENIN WANTED REVENGE FOR HIS BROTHER BEING KILLED BROTHER TRIED TO OVERTHROW THE TSAR ELITE INTELLECTUAL STARTED FIRST COMMUNIST GOVERNMENT BOSSY, GOOFY VLADIMIR LENIN WAS NOT HIS REAL NAME WAS RUNNING FROM THE POLICE SENT TO PRISON IN SIBERIA FOR 3 YEARS BECOME CAME COMMUNIST IN EUROPE LEFT RUSSIA IN 1900 LAWYER PUBLISHED A COMMUNIST NEWSPAPER THROWN OUT OF COLLEGE FOR STARTING A RIOT LIVED IN MUNICH LED THE OCTOBER REVOLUTION SAID HE WAS NON-THREATENING FAMILY WAS ASHAMED BECAUSE BROTHER TRIED TO OVERTHROW THE TSAR

THE TYPES OF ECONOMIES: THE MANY WAYS COUNTRIES CAN FUNCTION

IN THE UNITED STATES IF YOU WANT SOMETHING, WHAT DO YOU DO? YOU BUY IT. BUT HOW DO YOU DO THAT? WHAT’S THE PROCESS?

WHAT MAKES THAT POSSIBLE? THE UNITED STATES LIVES IN A “FREE MARKET ECONOMY” LE’TS BREAK IT DOWN BY WORDS. WHAT DOES FREE MEAN? WHAT DOES MARKET MEAN? THINK SUPER MARKET… AND WHAT IS AN ECONOMY AGAIN?

WELL… IN THE UNITED STATES, THE ECONOMY IS DRIVEN BY WANTS AND NEEDS. IF YOU WANT OR NEED SOMETHING YOU GO AND BUY IT. THERE IS NO GOVERNMENT REGULATING WHAT YOU PURCHASE… TOTALLY… WHAT’S THAT MEAN?

SO…THERE ARE OTHER TYPES OF ECONOMIES… WE HAVE FREE MARKET, BUT WHAT ARE THE OTHERS? TRADITIONAL ECONOMY COMMAND ECONOMY MIXED ECONOMY BUT WHAT ARE THEY?

TRADITIONAL ECONOMY THESE ARE FOUND IN VERY TRADITIONAL AREAS THAT DO NOT HAVE VAST AMOUNTS OF TECHNOLOGY. SKILLS ARE HANDED DOWN THROUGH THE FAMILY. THIS TYPE OF ECONOMY IS BASED ON RELIGIOUS AND CULTURAL TRADITIONS. THE ELDERS MAKE MOST OF THE DECISIONS ABOUT THE SOCIETY. FUNCTION ON THE BARTER SYSTEM.

COMMAND ECONOMY ECONOMIC SYSTEM WHERE ALL DECISIONS ARE BASED ON A CENTRAL COMMAND (GOVERNMENT). GOVERNMENT DECIDES ALL ECONOMIC DECISIONS. GOVERNMENT OWNS EVERYTHING. CAN’T BUY AND SELL AS YOU PLEASE. THINK DICTATORSHIPS.

MIXED ECONOMY A MIXED ECONOMY IS A COMBINATION OF A COMMAND ECONOMY AND A FREE MARKET ECONOMY. THEY HAVE TAXES AND HELP PEOPLE WHO MAY NEED IT. THE GOVERNMENT PLAYS SOME ROLE IN THE ECONOMY, BUT DOES NOT ENTIRELY CONTROL IT. JUST CERTAIN THINGS. THIS IS ACTUALLY THE TYPE OF ECONOMY THE UNITED STATES HAS.

NOW: WE ARE GOING TO HAVE A SHORT READING ON COMMUNISM. ONCE WE HAVE FINISHED THIS READING, WE ARE GOING TO SEE IF WE CAN FIGURE OUT WHAT TYPE OF ECONOMY A COMMUNIST GOVERNMENT WOULD HAVE.