1. Russian Revolution and Economic Views OPHS World History
4 styles of economics
Russian Revolution and Economic Views
OPHS World History

2. Main Idea
Economies vary when it comes to government involvement. The relationship between government and the economy has been debated since America’s historical beginnings.

3. Essential Question: What role should a government play in a countries economy?

4. Traditional Economy
Basic economic decisions are made according to a long established pattern of behavior that are unlikely to change. All members work together to support society rather than just their family
Example: Hunters and Gathers

5. Command Economy
The government or central authority owns or controls the factors of production and makes the basic economic decisions
Example: Communist government/ Medieval Lords/North Korea

6. Market Economy
a system where private individuals own the factors of production and are free to make their own choices about production, distribution and consumption
Example: Flea Market (US government is based on this

7. Mixed Economy
a combination (mixture ) of command, traditional and market economy
Example: China and the U.S. (CAPITALISM)

8. Map of World Economies
Red: Communist
White: Capitalist

9. Types of Economics: Video
4 Types of Economies Video (1 ½ minutes)
Capitalism vs. Communism Video (4 minutes)

10. Now its Your Turn
As an individual or partner fill out the pluses and minuses of a mixed (Capitalist) economy and a command (Communist) economy
On your own you will have to decide which one you favor and why using details to support your argument

11. Karl Marx vs. Adam Smith (day 2)

12. Karl Marx vs. Adam Smith Video
Karl Marx vs. Adam Smith Video (12 minutes)

13. Karl Marx vs. Adam Smith
Karl Marx and Adam Smith had two view different viewpoints. Using your book and the reading hand-out create a script with your partner where the two men debate their viewpoints.
Be ready to act out your debate  (article)

14. Debate Rubric
I can properly address the two different viewpoints of Karl Marx and Adam Smith
I am used at least 4 historical accurate facts/information
I have at least 12 lines to my script