Economic Systems Bead Simulation

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Simulation teaching the different types of economic systems around the world.

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Economic Systems Bead Simulation

  1. 1. TODAY STUDENTS WILL: <ul><li>Participate in “The Bead Simulation” in order to differentiate and evaluate market, command, and traditional economic systems. </li></ul>Warm Up: Fill in the blank: There are not enough _____________ to satisfy human wants so ______________ exists. Since we can’t have everything we want, we must make choices. What we give up to make an economic decision is called an ______________ _____________.
  2. 2. INTRODUCTION <ul><li>In any type of economic systems, three basic questions must be answered: </li></ul><ul><li>What will be produced? </li></ul><ul><li>How will it be produced? </li></ul><ul><li>For whom will it be produced? </li></ul>
  3. 3. “ THE BEAD SIMULATION” <ul><li>Divide class into 6 groups. </li></ul><ul><li>Once in groups  Take 1 minute to read instructions CAREFULLY! </li></ul><ul><li>Rotate each group to 3 “countries” (stations). </li></ul><ul><li>Complete Debriefing Activity. </li></ul>
  4. 4. TRADITIONAL ECONOMY “THAT’S THE WAY WE’VE ALWAYS DONE IT VILLE” <ul><li>Economic questions answered according to custom & tradition </li></ul><ul><li>Technology is rejected </li></ul><ul><li>Examples  Mbuti Pygmies of the Congo, Aborigines Australia, & Kung Bushmen of Africa </li></ul>
  5. 5. COMMAND ECONOMY “WE DO WHAT WE’RE TOLD VILLE” <ul><li>Economic questions answered according to government direction </li></ul><ul><li>Government controls all economic activity </li></ul><ul><li>Example  Communist North Korea </li></ul>
  6. 6. MARKET ECONOMY “MAKE AS MUCH AS WE WANT VILLE” <ul><li>Economic questions answered according to wishes of buyers & sellers </li></ul><ul><li>Individual choice determines progress of market </li></ul><ul><li>Example  United States </li></ul>
  7. 7. QUESTION… <ul><li>Is the United States a PURE Market Economy? </li></ul>
  8. 8. MIXED ECONOMY <ul><li>No system in the world is PURE </li></ul><ul><li>Mixed Economy  Economic system that incorporates elements of different systems (usually command and market) </li></ul><ul><li>United States Example: </li></ul><ul><ul><li>Market  Malls, restaurants, entrepreneurship </li></ul></ul><ul><ul><li>Command  Minimum wage, health care, & Social Security </li></ul></ul><ul><ul><li>Traditional  “blue laws” </li></ul></ul>

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