1. Economic Systems What and how much should be produced?
How goods and services should be produced?
Who gets the goods and services that are produced?

2. Capitalism Laissez-faire (hands off).
Private ownership and control of property
Free enterprise
Competition
Freedom of choice
Possibility of profits
You have 2 cows
You sell 1 and buy a bull
And build a herd!!

3. Socialism
Government owns the basic means of production, determines use of resources, distributes wages, and provides social services.
Wealth and opportunity is distributed equally among citizens.
Public ownership
The government takes 1 and gives it to your neighbor
You work together and help him manage his cow

4. Communism
Property and goods are owned by the government and products are shared by all.
The government controls everything!
People are free to spend their money, but only on what the government is willing to produce.
Careers are often chosen for the people.
The government seizes both
They may provide you with milk, but it may be sour and expensive!

5. Assignment
Complete chapter 23, section assessments. Question 1-4 for each section.

6. Activity Form groups of 5 people (six groups total).
Each group will choose a bag that is labeled with a type of store and economic system. The bag will contain products.
You will then create a skit that depicts at least one aspect of your economic system using your products.
Present skits to the class!