1. 7th Grade Social Studies
Basics of Economics
7th Grade Social Studies

2. SS7E1
SS7E1:
The student will analyze different economic systems

3. SS7E1a
SS7E1a
Compare how traditional , command, and market economies answer the economic questions of
What to produce
How much to produce
For whom to produce

4. Traditional Economy Traditional Economy Based on customs and beliefs
Typically found in remote places in Asia and Africa

5. Command Economy Command Economy
Government answers all economic questions (makes all business decisions)
Government owned businesses

6. Market Economy Market Economy
Individual Citizens (buyers and sellers) (producers and consumers) answer all economic questions (makes all business decisions)
Privately – owned businesses

7. SS7E1b
SS7E1B
Explain how most countries have a mixed economy located somewhere on a continuum between pure market and pure command

8. Mixed Economy Mixed Economy
Combination of command and market economies
All nations have mixed economies
However they are all mixed in different ways

9. Economy Continuum Nigeria (NI) and South Africa (SA)
Comm NI---SA Mark.
Mixed

10. Results of Continuum Mixed Economy
Nigeria
South Africa
Mixed Economy
As compared to South Africa, the government makes more business decisions
Mixed economy
As compared to Nigeria, individual citizens make more business decisions
Results of Continuum