Social Goals of Economic Systems (copy in binder) LEQ 1: How do different economic systems prioritize the broad social goals differently? Vocabulary – Efficiency Stability Equity Freedom Growth Security

Broad Social Goals Economic Efficiency Economic Equity Economic Freedom Economic Growth Economic Stability

Economic Efficiency (copy & complete in binder) means not wasting scarce resources by producing goods and services people want most, and keeping the cost of production as low as possible. Drawing: Work with a partner to create a drawing in your notebook to represent the definition above

Economic Equity (copy & complete in binder) concerns about fairness in economic dealings. Providing everyone with equal economic opportunities and outcomes. Drawing: Work with a partner to create a drawing in your notebook to represent the definition above

Economic Freedom (copy & complete in binder) freedoms for consumers to decide how to spend or save their incomes, for workers to change jobs, and for people to start or close new businesses. Drawing: Work with a partner to create a drawing in your notebook to represent the definition above

Economic Growth (copy & complete in binder) increasing the production of goods and services overtime. Drawing: Work with a partner to create a drawing in your notebook to represent the definition above

Economic Stability (copy & complete in binder) refers to stable prices and full employment. Drawing: Work with a partner to create a drawing in your notebook to represent the definition above

MARKET ECONOMY SOCIAL GOALS COMMAND ECONOMY 1. Copy the Chart IN YOUR BINDER 2. Describe how the two different economic systems (Market and Command) would respond to each social goal. 3. Why would they respond that way? MARKET ECONOMY SOCIAL GOALS COMMAND ECONOMY Economic Freedom Economic Growth Economic Stability Economic Equity Economic Efficiency

Group Activity – Comparative Systems Worksheet One laptop per group Follow all group expectations Work together to complete the Comparative Systems Worksheet Use the CIA Factbook - https://www.cia.gov/library/publications/the-world- factbook/ Once completed, individually complete the review questions on the back of the worksheet. USE COMPLETE SENTENCES AND EVIDENCE TO ANSWER THE QUESTIONS

Market and Command Economies in History Athens Sparta

Types of Economic Freedoms – copy and complete in binder or on chart Examples of Freedoms Examples of Restrictions on Economic Freedoms Freedom for individuals to own and use property as they choose. Buy a house, farm, or business of your choice Required to pay property taxes and taxes on earnings or profits to pay for government services Freedom to trade with others. Owners of clothing stores may purchase clothing made in other nations and offer them for sale The government sometimes taxes or limits imports of certain products Freedom to use money however we like. Buy a car of your choice Required to obey traffic laws and have a license to drive

The Economy of Ancient Greece (copy in binder) The Greek city-states developed a system of individual land ownership and the right to buy or sell products made in these areas. Easy access to the sea permitted trade to flourish. The Greek colonies had unrestricted access to markets on the Greek mainland. The colonies traded wheat, meat, dried fish, hides, wool, timber, and basic metals. People on the Greek mainland produced finished products to trade, such as wine, pottery, perfumes, and works of art. The Greeks used coined money to make trading easier, leading to a greater expansion of trade.

Activity #1 – Comparing Economic Systems: Athens and Sparta This is an individual activity Complete all questions in COMPLETE SENTENCES with DETAILS on a separate piece of paper. Label your paper correctly. Turn in bin when finished

Economic Freedom in Ancient Athens and Sparta – COPY CHART IN BINDER or on worksheet; USE Reading to complete Economic Freedom Athens Sparta Freedom for individuals to own and use property as they choose. People were free to own land, and to buy and sell land. The state determined the pattern of land ownership. Freedom to trade with others. Internal trade was free. External grain trade was permitted under some state controls. The use of money-silver and gold-was restricted to limit or even end trading. Freedom to use money however we like. People could buy or sell the goods and services they chose, and consume what they purchased. People had little choice regarding the food they ate

Assessment – COMPLETE ON PAPER IN COMPLETE SENTENCES WITH DETAILS (turn into bin) In what ways are the economic systems of Athens and Sparta similar? Different? Suppose there are two most excellent time travelers, Bill and Ted, who visit ancient Athens and Sparta, and then jump forward to modern United States. In two paragraphs, note the major similarities and differences Bill and Ted notice between these political and economic systems, and in the standards of living in the four economies, including the range of goods and services that people consume.

Time Traveler Comic (print and turn into bin) Create a 6 box comic strip about a character that traveled back in time to ancient Athens and Sparta. Describe the character’s experiences as he travels through the different economic systems. Go to http://www.storyboardthat.com/

Create Your Own Utopian Society 100 points total Economic Freedom _____ Pts Why: Economic Growth Economic Stability Economic Equity Economic Efficiency Copy the chart on a piece of lined paper. Each group has 100 points to assign to the social goals they feel are most important to create their ideal society.

UTOPIAN SOCIETY GROUP ACTIVITY CREATE A NAME FOR YOU UTOPIAN SOCIETY DESCRIBE HOW THE FIVE SOCIAL GOALS FUNCTION IN YOUR SOCIETY DETERMINE IF YOUR UTOPIAN SOCIETY WOULD MATCH A MARKET OR COMMAND ORIENTED ECONOMY. JUSTIFY YOUR ANSWER. EXPLAIN HOW SUCCESSFUL YOUR ECONOMY WOULD BE IN MEETING THE SOCIAL GOLS AND YOUR CITIZENS NEEDS? BE SPECIFIC USE POWER POINT ON THE LAPTOP TO CREATE A PRESENTATION. EMAIL FINAL POWERPOINT BY THE END OF CLASS. BE PREPARED TO SHARE PRESENTATION WITH CLASS.