1.  Identify the four different economies  Analyze the difference between economies

2.  Simplest economy  No money  Bartering  Discourages innovation

3.  Central authority makes major decisions.  Economy can make drastic changes quickly  Provides for everyone's basic needs  Think China, North Korea and Cuba

4.  Competition and consumers drive economy.  Economy cannot make drastic changes  Think the United States, Europe and a majority of the world  Voluntary exchange is when consumers willing engage in transactions

5.  Is a mixed type of economy.  Government controls and runs SOME but not all basic productive resources  Government provides some basic needs CommunismCapitalism

6.  Summarize Adam Smith’s A Wealth of Nations  Identify the benefits of Division of Labor

7. Economy at work

8.  The Division of Labor: People are more productive when they specialize at something.

9.  Laissez-faire= let it be  Competition, division of labor and the invisible hand would leave your country to get richer.

10.  The Invisible Hand: The role of government should be limited and the consumer’s self interest works as an invisible hand. Voluntary Exchange is the key!

11.  Adam Smith is known as the greatest supporter of a Free Market Economy.

12.  Profiles in Economics and fill out a picture frame.

13.  Explain some of the key points in A Wealth of Nations  What is division of labor? Why is it important?