1. Today’s Warm Up
In your table groups, make a list of everything you need to survive. You have three minutes to write down everything that comes to mind. (Be ready to share!!!  )

2. Good GREEF – How will we survive?
Government – for protection
Religion – belief system
Education – to pass down skills from generation to generation
Economic System – means of trading goods and services
Family – reproduction, companionship, etc.

3. Unit 1: Basic Economic Concepts
Economic Systems
Unit 1: Basic Economic Concepts

4. What is an Economic System?
The organized way a nation answers the following questions:
What goods and services will be produced?
How will they be produced?
For whom will they be produced?

5. Why do we need economic systems?
Resources are scarce
Productive Resources: anything used to make something else
Land, Labor, Capital, Entrepreneurship
Societies must figure out who gets what and how!!

6. Welcome to the Wynn Jewelry Factory!!!
Nominate one member of your group to be the manager and send that person to collect supplies.

7. Rules of the Game 3 rounds – 7 minutes each
2 minute “training session” before each
Do not begin making jewelry until I say “start” and turn on the timer for the round.
Each round has very specific instructions… If jewelry is not made to the EXACT specifications on the instruction sheet, Quality Control will take the product and you will have to start over.
Pick up any dropped materials.
HAVE FUN!!!!!!!!! 

8. Scoreboard
Team #
Round 1
Round 2
Round 3 1 15 35 2 50

9. “We Do What We’re Told Ville”
Command Economic System
Gov’t and central planners determine what, how, and for whom to produce
Gov’t owns productive resources

10. “That’s the Way We’ve Always Done It Ville”
Traditional Economic System
Basic economic questions of what, how, and for whom to produce are answered by custom
No one has ownership of the productive resources

11. “Make as Much as We Want Ville”
Market Economic System
Consumers and Producers interact and answer the basic questions of what, how, and for whom to produce
Resources are owned by the individual

12. News Headlines Activity
Review the five major news events provided and explain how a command system would react vs. how a market system would react.
Create your own proposed solution and decide whether it’s more in line with a command system, market, system, or some combination.

13. Cafeteria Scenario
Read about the cafeteria at Hometown High School and explain how running the school cafeteria is similar to running a command economy.
Rewrite the scenario to show how the cafeteria might be run more like a private business in a market economy.
Discuss the major advantages and disadvantages of each way of running the cafeteria.

14. Bead Game Recap
Each round of the bead game represents a different economic system:
Command: “We Do What We’re Told Ville”
Market: “Make as Much as We Want Ville”
Traditional: “That’s the Way We’ve Always Done it Ville”
Using the instructions for each round, complete the provided graphic organizer. Be ready to share your answers in 10 minutes.

15. Comparing Countries
Based on your results bead game experience, which economic system do you think is best and why?