UNIT 3: POST- COLONIALISM LT: I WILL KNOW DIFFERENT TYPES OF ECONOMY, SO THAT I CAN…

WARM-UP Talk with your table group: What is economics?

VOCABULARY Capitalism – a market economy, where trade and industry are controlled by private owners, for profit, not by the government.

VOCABULARY Socialism – an economical theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

GOVERNMENT & ECONOMY Which system, socialism or capitalism, involves the government more?

DEMONSTRATION 1.When you get your money, do nothing. 2. Some students will get lots of money, some will get very little money. 3. Students can then compete with each other using rock, paper, scissors with the loser having to give up one bill to the winner. 4. Once a student runs out of money, they need to sit and watch. 5. The game will stop after about 10 minutes.

TURN AND TALK How did you feel at the start of the game? How did you feel when you ran out of money and had to sit down? What tactics could you have used to get back into the game? Was the game fair? What could Mr. Brekke have done to make it fair?

CAPITALISM… 1.private ownership of industry (students started with their own money) 2.freedom of competition (students played rock, paper, scissors) 3.results in unequal economic classes (some students won, most lost) 4.Sometimes leads to…class struggle (students’ complaints and the workers’ revolt through their responses about how they could have gotten back into the game, and arguments about the game’s fairness).

SOCIALISM! Mr. Brekke is the government and he is now going to redistribute the money fairly to all students.

TURN AND TALK Is this fair? Is it better or worse than capitalism?

SOCIALISM 1.government ownership of industry (teacher collected money) 2.goal is to bring economic equality (teacher redistributed money equally) 3.aims for a classless society (students now all have the same amount of money).

EXIT TICKET Which economic system is the United States? How do you know?