1. Economic Systems
Chapter 6

2. To what extent do different economic systems affect quality of life?
Guiding Question
To what extent do different economic systems affect quality of life?

3. Introduction to Economics – House Budget
Must Haves Include…
Rent/Mortgage $1000
Heat/Electricity $200
Water/Sewage $50
The rest is up to you. Don’t forget…internet, cell phone, groceries, transportation, eating out, entertainment (be specific), clothing, savings, health, hair cuts, etc.
In groups of 2 pretend that you are creating a budget for your household.
Each group will be given $ for the month
Create a list of priorities for your family and decide where the money will go to.

4. Budget Discussion Post Reflection
Did your group buy everything that you needed and wanted with the money you had?
Did you have enough money to meet your basic needs?
If you had more money, what would you have budgeted for?
How do you determine what was a priority and what was not?

5. Chapter 6 Introduction Pg 194
What you did in your groups is what governments do everyday
They must determine what they are going to provide for their society based on the money (taxes) they collect
Some governments provide extensive goods and services for their societies, and are very involved in economic decision making
Others have more of a “hands off” approach by allowing private sector (buisnesses) and consumers to make economic decisions
Governments base these decisions on the needs and wants of their society, as well as the values and belief system of the country they are running