1. Bellwork Hello! BIG NEWS! I became an auntie today!
Please look in your group folders, you will need to grab a copy of the notes (white graphic organizer) and the blue letter (4th Quarter Grading policy).

2. STEP ONE
Look for the post-it note on your table. This will be your assigned economic system.
Use the provided class set documents to complete your group poster and your section of the graphic organizer. Your poster will need to include the following:
Definition
Three Pros and Cons
One real world example or analogy

3. STEP TWO
Use the other group posters around the room to complete the rest of your graphic organizer.

4. Capitalism
An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.

5. PROS Economic freedom supports political freedom
Efficiency – produce goods that are in demand, cut costs, avoid waste
Economic growth – creates a climate of innovation and economic expansion
Can get rich – no limit to profits

6. CONS
Monopoly power – private ownership enables companies to control the market; can create lower wages
Free markets can undermine regulations (ex. Pollution)
Inherited wealth and wealth inequality – poverty is a part of capitalism
Social division
Boom and bust cycles

7. Socialism
A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

8. PROS Fair – aims to distribute the wealth equally
Lower disparity – close the gap between the rich and poor
Cares for everyone
Improves standard of living

9. CONS
Unreal theory – the original form of socialism is not practiced today
Poor implementation – the state distributes tax monies instead of the people
Stops economic growth – if you can’t get rich, you don’t see large investments
Laziness

10. COMMUNISM
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

11. Class system disappears Decrease unemployment
PROS
Class system disappears
Decrease unemployment
Provides citizens with basic needs

12. Fuels poverty – little cultural, technological and social evolution
CONS
Anti-ambition
Constrains the voice of the people – no free media, state controls everything
Fuels poverty – little cultural, technological and social evolution

13. STEP THREE
Tape your completed graphic organizer into your notebook and enter it into your table of contents.
Next to your graphic organizer or on the next page, answer the following prompt:
Looking at the pros and cons of each economic system, which is your favorite? Choose one only and use three pieces of evidence to support your opinion. Please be prepared to share your response.