Economic Spectrum ©2012, TESCCC Grade 6 Unit 7, Lesson 2.

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Economic Spectrum ©2012, TESCCC Grade 6 Unit 7, Lesson 2

What is economics? Is the production, distribution and consumption of goods and services. Goods: things you use or consume (food, books, cars, cell phones, etc.) these are things you can touch Services: something someone does for you; a service provided for you (haircut, someone fixes your car, someone tutors you, etc.) these are things you cannot touch ProductionDistributionConsumption Goods and Services ©2012, TESCCC

CommunismCapitalism Socialism Government Control and Ownership of All Means of Production Free Market/Free Enterprise Economy Low degree of government control with Little to No Ownership of the Means of Production Government Control of Major Means of Production (land and/or natural resources ©2012, TESCCC A Continuum of Government Control Mixed Economy Command Economy

Communism (command economy) Socialism Capitalism (Free-Market Economy; Free Enterprise How much control over the means of production (how much to produce/what to produce, to whom/how it is distributed and the overall decision making process Economic Systems ©2012, TESCCC ProductionDistributionConsumption Goods and Services

3 Economic Systems Free Enterprise: This economic system is based on private ownership of business and individual decisions on what to buy or sell. Command Economy: This economic system is based government control of businesses and decisions regarding types and locations of economic activity and production. Citizens can be assigned or strongly encouraged into various types of employment. There is little or no private ownership of businesses. Mixed Economy: This economic system forms the array between free enterprise (capitalism) and command economies (communism) with some private ownership and some government control of businesses. ©2012, TESCCC

Complete a Frayer Model for each economic system: free enterprise, command economy and mixed economy ©2012, TESCCC

Compare Economic Systems Peoples Republic of China North Korea ©2012, TESCCC

Compare Political Systems Peoples Republic of China North Korea ©2012, TESCCC

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