1. Types of Economies
ELABORATE
I’m
Communism
I’m
Communism

2. Scenario
You have been chosen as a contestants on the next season of a survival-based reality TV show. A packet arrives in the mail explaining the details of your contract. You may not bring any items with you on the journey. They have provided you with a form to complete where you need to create your “Survival Wish-List”.
Consider what your true basic necessities are to survive; these are your NEEDS. Think of that items might be useful to make the conditions more bearable; these are WANTS.

3. Your Survival Wish-list
Items I need to survive
Items I want to make life better

4. Think About It:
What items are “needs”- things we must have to survive?
What were some items that were “wants”- things that improve our quality of life?
Items I need to survive
Items I want to make life better

5. How people get what they need: food, homes, clothing, money…
Types of
Economies
How people get what they need:
food, homes, clothing, money…

6. The way a country produces, buys, and sells it’s goods and services varies around the world.
Type of Economy
Definition
Synonym
Examples

7. 1.Traditional Economy People meet their needs based on custom.
Families pass on their work to their children.
People live a simpler life.

8. Native Groups in Central and South America
Traditional Economy

9. Traditional Economy

10. Native Groups in Central and South America
Type of Economy
Definition
Synonym
Examples
Traditional
 People meet their needs based on custom.
 None
Native Groups in Central and South America

11. Free Enterprise System
Synonyms: Capitalism or Market Economy
An economy where people make their own decisions about money and own businesses with little government interference.
Free Enterprise System
The individual decides:
What to sell
How much to make
How much to charge

12. MORALITY AND ETHICS
It’s important for everyone in a free enterprise not to cheat the system, lie about profits, or overprice goods and services.

13. Free Enterprise System
U.S.A., Canada, Mexico, Haiti, Panama
Economic freedom-
“I can choose my job, what
I want to buy, and what I
want to sell.”
2. Voluntary exchange-
“I’ll sell you this, if you sell me
that. Now let’s make a deal.”

14. Free Enterprise System
U.S.A., Canada, Mexico, Haiti, Panama
3. Private property-
“I own my home and business.”
4. Profit motive-
“If I work hard, I can make as much money as I want!”

15. Free Enterprise System Native Groups in Central and South America
Type of Economy
Definition
Synonym
Examples
Free Enterprise System
A type of economy where people make their own decisions and own their own businesses.
Capitalism
Market
Economy
USA
Canada
Mexico
Haiti
Panama
Traditional
 People meet their needs based on custom.
 None
Native Groups in Central and South America

16. Synonym: Command Economy
Government controls all industry and there is little private property. People do not decide what to sell or how much to charge for it.
Communism

17. Communism Synonym: Command Economy
Cuba

18. Communism Synonym: Command Economy
North Korea

19. Command Economy Government makes all the decisions.
Type of Economy
Definition
Synonym
Examples
Traditional
 People meet their needs based on custom.
Native Groups in Central America
Free Enterprise System
A type of economy where people make their own decisions and own their own businesses.
Capitalism
USA
Canada
Mexico
Haiti
Panama
Communist
Government makes all the decisions.
There is no private property.
Command Economy
Cuba
North Korea

20. Socialism Synonym: Mixed Economy
People make most decisions for themselves, but the government has some control.

21. Socialism Synonym: Mixed Economy
Ex: Many European Countries
Free College
Free Medicine
Free Doctor’s Visits
Free Childcare

22. Socialism Synonym: Mixed Economy
“I can open my own business and the government will not interfere.”
“I get free healthcare and education, but pay very high taxes.”

23. Many European Union countries
Type of Economy
Definition
Synonym
Examples
Traditional
 People meet their needs based on custom.
Native Groups in Central America
Free Enterprise System
A type of economy where people make their own decisions and own their own businesses.
Capitalism
USA
Canada
Mexico
Haiti
Panama
Communist
Government makes all the decisions.
There is no private property.
Command Economy
Cuba
North Korea
 Socialism
Many, but not all, businesses are owned and controlled by the government.
Mixed Economy
Many European Union countries

24. Journaling
Explain which economic system you believe is the best for a country to practice. Provide and explain at least 3 reasons supporting your opinion.

25. Show what you know:
Read the description. Decide in which type of economy it would most likely be found. Free Enterprise System Communist Economy Socialist Economy Traditional Economy

26. Show what you know:
People live off the land and sell their crops in village markets for items they need.
Traditional Economy

27. Buyers and sellers make the decisions. FREE ENTERPRISE SYSTEM
Show what you know:
Buyers and sellers make the decisions.
FREE ENTERPRISE SYSTEM

28. Show what you know:
Supply and demand determines how much an item costs.
FREE ENTERPRISE SYSTEM

29. Show what you know:
The food supply is rationed, or divided, so everyone gets the same amount.
Communist Economy

30. Show what you know:
Citizens receive a free college education, but also have freedom to make their own career and business decisions.
Socialist Economy

31. Workers are free to work wherever they choose. FREE ENTERPRISE SYSTEM
Show what you know:
Workers are free to work wherever they choose.
FREE ENTERPRISE SYSTEM

32. Show what you know:
Families pass on skills, land, and animals from generation to generation.
Traditional Economy

33. Equal distribution of goods and services for everyone.
Show what you know:
Equal distribution of goods and services for everyone.
Communist Economy

34. Competition limits the abuse of economic power. FREE ENTERPRISE SYSTEM
Show what you know:
Competition limits the abuse of economic power.
FREE ENTERPRISE SYSTEM

35. There is no unemployment.
Show what you know:
There is no unemployment.
Communist Economy