1. Chapter 6 To what extent do different economic
systems affect quality of life?

2. Introduction to Economic Systems
Must Haves Include…
Rent/Mortgage $850
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.
Read intro as a class on page 194.
Post Reading Activity
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.

3. Budget Discussion Post Group Work
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?

4. What you did in your groups, is what governments do everyday.
They must determine what they are going to provide for their societies 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.
In other economic systems, governments have more of a “hands off” approach to economic decision making by allowing the private sector (businesses) and consumers to make economic decisions.
Governments base these decisions on the needs and wants of their societies as well as the values and belief system of the country they are running.