1. Warm Up

2. Market economies vs command economies

3. Differences Market-Based Economies Two fundamental aspects
1) Private ownership of the means of production
2) Voluntary exchanges/contracts
These answer: what to produce?/how to produce?/ and for whom?
Commonly known as Capitalist

4. Differences Command-based economy
Government controls all factors of production
Commonly known as Communist
Planned economy
Where and how production is handled

5. Differences Draw a Venn Diagram
One side lists Market based and the other list Command Based, the middle represents a mixed economy.
List out the characteristics of each
Include:
Government’s role
Individuals role
What the markets look like
What economic values to each value
-Pie chart

6. 3rd Economy? Traditional economy
An economy based around traditions, customs, and beliefs of a culture
Rules for goods and services production based on beliefs and culture
Often rural and farm based
Often use bartering as a system for currency
Depend on agriculture, farming, fishing etc
Have elements of capitalist, communist, and socialist economies

7. Economic Freedom Reports
Part I
Look at your Banished! Activity worksheet and look at the country you picked
You need to start to determine what the economic environment looks like according to the data.
Once you have completed the explanations, we will go through this as a class.

8. Economic Freedom Reports
Part II
Using the Economic Freedom Reports from various countries organize which countries are Market or Command based.
You will then chose two countries (either two Market based, two Command Based or one of each) to compare and determine what their economic development.
Engage with this for two reasons
1. We will be talking about this
2. This is a great study tool

9. Why is Communist China doing so well?