Economic Systems
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Subject Area: Social Studies | Grade Level: 7
Lesson Length: 30 minutes
Keywords/Tags: Economic questions, traditional, command, market, economic continuum
Lesson Description: In this lesson, students will compare the 3 basic economic systems and how they answer the 3 economic questions of what to produce, how to produce, and for whom to produce

  • Other SS7E4 Analyze different economic systems.rna. Compare how traditional, command, and market economies answer the economic questionsrnof 1-what to produce, 2-how to produce, and 3-for whom to produce.rnb. Explain that countries have a mixed economic system located on a continuum between purernmarket and pure command.
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Video : The 4 Types of Economies
Instructions: Please watch the following video as many times as needed before starting to go through other lesson pages. Understanding the content of the video is very important since the lesson activities will be all about this video content.
Description: Learn about the 4 economies most commonly found in countries and how they answer the economic questions: What to produce? How to produce? For whom to produce?
Quiz : The 4 types of economies
Instructions: Please complete this quiz by choosing the correct answer for each question. You can take this quiz as many times needed.
Question #1
What are the 4 types of economies?
Question #2

What groups of people practice a traditional economy in the mode world?

Question #3

In a command economy, the govement owns all of the resources and:

Question #4

Why are market economies also called "free enterprise" economies?

Question #5

Why is Canada considered a mixed economy?

Description: This quiz will measure your understanding of the 4 main economic systems and how they answer the 3 economic questions.
Forum : 4 Types of Economies Discussion
Instructions: Upon watching the video and completing the quiz, compare and contrast the 4 types of economies. How are they similar? How are they different? Give examples of countries or regions from previous units of study for each system, as well as some strengths and weakness for each system. Using your knowledge and understanding, explain which system you feel would be the best for citizens in a country.
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Description: In this discussion, students will demonstrate their understanding of 4 types of economies and how each one answers the 3 main economic questions.