Unit 1: Concepts (Economics) I

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Unit 1: Concepts (Economics) I 7th Grade Social Studies

SS7E1, SS7E5, SS7E8 The student will analyze different economic systems

SS7E1a, SS7E5a, SS7E8a Traditional Economy: Based on customs and beliefs

SS7E1a, SS7E5a, SS7E8a Command Economy: The Government answers all economic questions

SS7E1a, SS7E5a, SS7E8a Market Economy: Individual citizens (producers + consumers) (buyers + sellers) answer all economic questions

SS7E1b, SS7E5b, SS7E8b Mixed Economy: Combination of command and market economies The government and individual citizens share responsibility in making economic decisions All national governments have mixed economies in place

Continuum All countries have mixed economies that are found on a continuum between pure command and pure market: Command -------(A)----------(B) --------Market Mixed market

Command----(A)------------------(B)--------Market “A” is more of a command economy because the government makes more business decisions Command----(A)------------------(B)--------Market Mixed

Command--------(A)--------------(B)--------Market “B” is more of a market economy because individual citizens make more business decisions Command--------(A)--------------(B)--------Market Mixed