1. Agenda Calendar Debriefing of Rock, Paper, Scissors
Notes on Economic Thinkers/Systems
Play
Activity
Matching

2. Debriefing Rock, Paper, Scissors
How did you feel at the start of the game?
How did you feel when you ran out of tokens and had to quit the game? Explain.
What tactics could you have used to get back in the game? Why didn’t you turn to these tactics?
Do you think the game was fair? Why or why not?
Now that the game is over, what action could the teacher take, if any, to make the game fair? Should the teacher take an action why or why not?

3. What jobs should make the most money?
Why do some jobs make so much more than others?

4. Adam Smith Professor at Glasgow, Scotland
Wrote The Wealth of Nations-1776
Free Economy, Free Market
“Economic Liberty guaranteed economic progress”
Lassiez Faire - hands off: invisible hand and supply/demand would control the market
American and other nations have free market economies
Ideas led to capitalism

5. Karl Marx/Engels Marx-German journalist Communist Manifesto Communism
Capitalism would destroy itself
Proletariat would revolt and seize factories
Socialism is called Marxism
Warring classes the haves and the have nots
Communism- complete socialism; factors of production are owned by the people
Communism
Soviet Union/China/Cuba/North Vietnam
Command Economy

6. Thomas Malthus/Ricardo
Leads to capitalism in Europe and around the world
Poverty
Natural laws governed economic life
Principles of Political Economy and Taxation-1817
Laissez faire capitalism
Self interest and profit drive the economy
Survival of the fittest
Underclass will always be poor
Population increases faster than food production
Wars and disease were needed to keep population stable

7. John Stuart Mill Economic Philosopher in the 1800’s
Ideas should be judged by usefulness to the most people
Wished to help ordinary people
Wanted government to help redistribute wealth
Utilitarianism

8. Robert Owen British factory owner
Built houses for employees with low rent
Prohibited children under ten to work
Utopia-place of perfect living
Moved to the United States
New Harmony, Indiana
Inspired other communities

9. Conversations with Karl Marx an Adam Smith II
Read play as a class
Answer questions with a partner

10. Matching Wanted to create a place of perfect living Adam Smith
Believed that wars and disease were necessary to keep population down
Believed economic liberty, guaranteed economic progress
Believed ideas should be judged by their usefulness to the most people
5. Human society has always been divided into warring social classes
Adam Smith
B. Karl Marx
C. Thomas Malthus
D. John Stuart Mill
E. Robert Owen