How has a market economy impacted lives in the United States throughout history?

Reading Open your text book to page 282. We will read to page 284 and discuss what we have learned.

Market Economy Businesses are owned and run by individuals or groups Free enterprise- freedom of people to own and run their own business with only limited control of the government

Traditional Economy Shows little change . Economic choices are usually based on custom or habit. Most people make their living by subsistence farming (raising just enough food) Generally in mountainous areas of Central America.

Command Economy The government of central power makes most of the economic choices. It controls both farms and factories. Often found in Cuba

Activity Students get into groups of 4 or 5 Each group will need a ball of string, a bead bowl, a pair of scissors, and a copy of a direction sheet. Each round will be 10 minutes. You follow the directions on your sheet of paper. Do not do anything different.

Wrap-up How was each activity different? Which one was a market economy? traditional economy? command economy?