1. Economic Systems
Day 1:
SWBAT: Compare and Contrast the advantages and disadvantages of a Free Enterprise System and a Traditional economy by evaluating the main features of each system.
Day 2: SWBAT: Compare and Contrast the advantages and disadvantages of a Socialist and Communist economic system by evaluating the main features of each system.

2. Traditional Economies
SWBAT: Define Traditional Economies and determine what is produced, how it is produced and who gets it
Vocabulary: Subsistence Agriculture and Cottage Industry

3. Traditional Economy
Traditional economies are found in rural, non-developed countries
Some parts of Asia, Africa, South America and the Middle East have traditional economies
Customs govern the economic decisions that are made
Technology is not used in traditional economies (cottage industries)
Farming, hunting and gathering are done the same way as the generation before (subsistence agriculture)
Economic activities are usually centered toward the family or ethnic unit
Men and women are given different economic roles and tasks

5. Free Enterprise System
SWBAT: Define Free Market Economies and determine what is produced, how it is produced and who gets it
Vocabulary: Capitalism, Supply and Demand, Scarcity, Unlimited Wants and Needs

7. Mixed Economy
SWBAT: Define Mixed Economies and determine what is produced, how it is produced and who gets it
Vocabulary: Government Ownership

8. Command Economies
SWBAT: Define Command Economies and determine what is produced, how it is produced and who gets it
Vocabulary: Communist Economy, Socialist Economy

9. Command Style Economy

10. Command Style Economy

11. Command Style Economies
A Communist Economy is…
When all important economic decisions are made by governmental leaders.
Examples:
China, North Korea, Cuba, Former Soviet Union

13. A Socialist Economy is… Government owns all major important businesses (mining/transportation) but allows some private ownership Examples:Sweden, Israel