1. Do Now: Political Cartoons Cartoon 2
How would you describe each scene?
Which store would you prefer to shop in and why?

2. Quiz on Wednesday! Wants Renewable Resources Needs
Nonrenewable Resources
Scarcity
Human Capital
Economics
Financial Capital
Trade-off
Physical Capital
Opportunity Cost
Entrepreneurship
Goods
4 roles of Entrepreneurship
Services
Production
Economic Systems (4)
Resources
CELL
Perpetual Resources

3. Economic Systems
Objective: Define and describe four types of economic systems.
“The production of too many useful things results in too many useless people.”  ― Karl Marx

4. Three Key Economic Questions
Every society must determine….
1. What to produce?
2. How to produce?
3. For whom to produce?
How a society answers these three questions determines their economic system……

5. Economic Systems
Economic System: the way a society decides what goods to produce, how to produce them, and for whom goods will be produced
Do you think all societies will make the same decisions?

6. Types of Economic Systems
Symbol
Key Features
Economic Goals
Traditional Economy
Command Economy
Free Enterprise Economy
Mixed Economy

7. Types of Economic Systems
Symbol
Key Features
Economic Goals
Traditional Economy
Dictated by custom and tradition
Stability
Security
Command Economy
Government imposes economic choices
Equity
Free Enterprise Economy
Individuals voluntarily exchange
Freedom
Efficiency
Mixed Economy
Blend of different systems
Depends on the society

8. Directions:
List the seven key characteristics of the American free enterprise system.
Write a sentence explaining each characteristic.
Give one example of where you have seen each characteristic in our economy.
List and define all vocabulary (bolded and underlined)

9. Economic Systems Traditional System Command System
Rely on traditions or customs to determine what occupations are available, how property is held, and what goods are produced
Command System
Government holds most property
Government decides what is produced and how things are produced
Free Enterprise (Market) System
Individuals own most property and control the use of most resources
People in their economic roles are free to make choices
Mixed Systems
Blend of traditional, command, and market systems
Most Countries in the world have mixed economies

10. Review: Economic Systems Cartoon 1 Cartoon 2
Who or what decides what consumers get in each cartoon?
Which economic system is represented in cartoon 1?
Which economic system is represented in cartoon 2?

11. Review What are the three key economic questions?
Define economic system
What kinds of economic systems are there?
What is a traditional economic system?
What is a command economic system?
What is a free enterprise economic system?
What is a mixed economic system?

12. Inequality for All