TASK #4 What economic system best suits your needs?

TASK #4 What economic system best suits your needs?

Now that you know that scarcity forces all of us into opportunity costs (the cost of the alternative not chosen) lets take a look how these same decisions lead to different economic systems.

Directions:

Watch this video clip to learn more about the 4 major economic systems

Command

Traditional

Mixed

Market

Watch the video clip to learn about the four types of economic systems, you must be able to answer these three questions for each system

Who decides what to produce?

Who makes the decision of how to produce it?

Who decides access to the resources/goods?

https://www.youtube.com/watch?v=B43YEW2FvDs

Finally read about the 3 major economists Adam Smith, Karl Marx, and John Maynard Keynes and then match them up with the economic systems (exclude Traditional Econ in this task).

https://www.khanacademy.org/partner-content/big-history-project/acceleration/changing-economies/a/smith-marx-and-keynes

This chart should help you match up countries to economic systems

Check for understanding:

Next complete the graphic organizer to compare/contrast the economic systems and then match up the appropriate country to the proper system. (YOU WILL FIND THIS ACTIVITY IN YOUR NOTES)

Assessment

*NOW IT IS TIME TO TEST WHAT YOU HAVE LEARNED. 

Follow this link and complete the assessment

Intro to Econ: Assessment

Quizizz Code: 894752