1. Question of the Day [Use specific examples from what you learn]
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APK: Activation of Prior Knowledge Write at least 3-5 sentences describing a time when… you had absolutely no choice[s] with regard to what you wanted/needed to buy or you had so many choices to choose from you didn’t know where to begin [you select either of these prompts].
Question of the Day [Use specific examples from what you learn]
How can governments impact consumers [people who buy] and producers [people who sell]?

2. Capitalism, Communism and Socialism
Economic Systems
Capitalism, Communism and Socialism
Michael Quinones, NBCT

3. Terms, topics and information to keep track of and take notes on
Market economy
Command Economy
Mixed economy
Capitalism
Socialism
Communism

4. Economy
The mechanism [fancy word for way or device] and practice of people exchanging items of value.
Deals with the production [making], distribution [giving out] and consumption [use or buying] of goods and services.

5. Market Economy
Producers and consumers decide what, when and how the factors of production are used.
Consumers have many different types of choices of products.
Government’s role is very limited.

6. Command Economy
The government owns nearly all factors of production such as land and capital.
Government makes all decisions on production.
Consumer has fewer choices.
Communist Dictator Fidel Castro

7. Mixed economy Most typical economy in the world.
Most businesses privately owned and most decisions left to producers.
Government regulates certain areas of business as a way to protect consumers.
Government agencies help regulate [control and make rules] companies so citizens and customers can be protected against abuse.

8. Capitalism System that prevailed in the United States for many years.
Main goals:
Free and open market.
Privately owned business.
Generate a profit.

9. Socialism System common in South America and Asia.
Factors of production owned collectively by groups of people.
Worker Unions and other organized labor groups have forced this due to abuses by the rich.
Goals: to provide equality in ownership of resources
Venezuela’s president Hugo Chavez
Peruvian rebels Tupac Amaru

10. Communism
Economic system that prevailed in the former Soviet Union and exists in a different form in present day China.
Nearly all factors of production controlled by the government.
Often corruption at the top results in suffering for country as a whole
Goals: To maintain tight government control over the economy

11. Closure Assignment: RAFT paper
Write a first person narrative essay as if you were person living and working under one of the economic systems or economies we have just learned about [capitalism, socialism, communism, market, mixed or command].
Some suggested ideas include but are not limited to:
Worker
Government official
Consumer
Producer
You might choose to complain or support the practices and results of the economies and economic systems that you choose to write about.