Economic Systems What and how much should be produced? How goods and services should be produced? Who gets the goods and services that are produced?

Capitalism Laissez-faire (hands off). Private ownership and control of property Free enterprise Competition Freedom of choice Possibility of profits You have 2 cows You sell 1 and buy a bull And build a herd!!

Socialism Government owns the basic means of production, determines use of resources, distributes wages, and provides social services. Wealth and opportunity is distributed equally among citizens. Public ownership The government takes 1 and gives it to your neighbor You work together and help him manage his cow

Communism Property and goods are owned by the government and products are shared by all. The government controls everything! People are free to spend their money, but only on what the government is willing to produce. Careers are often chosen for the people. The government seizes both They may provide you with milk, but it may be sour and expensive!

Assignment Complete chapter 23, section assessments. Question 1-4 for each section.

Activity Form groups of 5 people (six groups total). Each group will choose a bag that is labeled with a type of store and economic system. The bag will contain products. You will then create a skit that depicts at least one aspect of your economic system using your products. Present skits to the class!