The Economic Spectrum How do different countries manage production, distribution, and trade? WG.10.B classify where specific countries fall along the economic spectrum between free enterprise and communism [SUPPORTING STANDARD] YSLETA INDEPENDENT SCHOOL DISTRICT SOCIAL STUDIES INSTRUCTIONAL TEAM

Which words are you familiar with, and which do you not yet know? Traditional Economy Command Economy Market Economy Control Beliefs and Customs Supply and Demand Communism Free Enterprise Socialism

How are goods produced and traded here? Traditional economy Determined by Survival and needs of the tribe or village Customs and beliefs passed down Self, family, fellow tribe members A system where the individuals, families, and tribes produce the goods and products that they need. The goods are usually produced through customs, beliefs, and traditions passed directly to the young. Goods are usually produced for those who will consume them, but trade occurs when special skills or surplus goods are available through direct barter. TRADITIONAL ECONOMY!

How are goods produced and traded here? COMMAND/ PLANNED ECONOMY! How are goods produced and traded here? http://www.investopedia.com/terms/c/command-economy.asp#ixzz1orAjXHqq A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale. The command economy is a key feature of any communist society. China, Cuba, North Korea and the former Soviet Union are examples of countries that have command economies.

How are goods produced and traded here? MARKET ECONOMY! How are goods produced and traded here? http://www.investopedia.com/terms/m/marketeconomy.asp#ixzz1orEJosmq An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning.

How are goods produced and traded here? MIXED ECONOMY! How are goods produced and traded here? http://www.investopedia.com/terms/m/mixed-economic-system.asp#ixzz1orJGNMvY An economic system that includes a mixture of capitalism and socialism. This type of economic system includes a combination of private economic freedom and centralized economic planning and government regulation.

What do you notice? FORMER USSR CUBA CHINA NORTH KOREA MODERN RUSSIA SWEDEN NETHERLANDS FINLAND UNITED STATES GREAT BRITAIN FRANCE MONACO http://www.web-books.com/eLibrary/NC/B0/B66/006MB66.html

Let’s see what we know… Which are you ready to answer, and which do you need a peek? Using the economic spectrum, where would Canada fall in relation to the United States? A closer to socialism B closer to free enterprise C closer to the communism D much closer to free enterprise Where would Japan likely fall on the economic spectrum? F A G B H C J D

Let’s see what we know… Which are you ready to answer, and which do you need a peek? The European Union has which type of economy? A traditional economy B command economy C market economy D limited economy Which of the following is an example of an economy where economic decisions are made based on customs and beliefs? A Han in China B Belgians in Europe C French in Canada D Aborigines of Australia

Talk to each other, and then talk to me… WG.10.B classify where specific countries fall along the economic spectrum between free enterprise and communism How do different countries manage production, distribution, and trade? Use the word wall words to answer.

Resources http://vmswebbuilders.weebly.com/ http://www.wisegeek.com/what-is-a-traditional-economy.htm http://economicsonline.co.uk/Competitive_markets/Economic_systems.html http://www.web-books.com/eLibrary/NC/B0/B66/006MB66.html