DO NOWIf you could have anything in the world what would itbe and why?
COMPETENCIES/ OBJECTIVES• Students will be able to discuss the role of the  decision-making process of the three major  ec...
AGENDA•   Do Now•   Review Syllabus•   What is economics?•   Economic System Notes•   Economic System Children’s Book•   A...
ECONOMIC SYSTEM NOTES
ECONOMIC SYSTEMS• How we get things is  determined by our  countries economic  system.• Economic systems  help people crea...
THE NEED FOR ECONOMIC SYSTEMS• Needs- basic things  we cannot live  without. (food,  water, shelter,  clothing)• Wants- th...
THINK…• Shelter, food, and clothing are all considered basic  needs. However, certain types of food, shelter, and  clothin...
3 BASIC ECONOMIC SYSTEMS• Traditional• Command• Market
TRADITIONAL ECONOMY• Economic decisions  are based on  tradition.• Barter system.• It is based on  agriculture, fishing,  ...
COMMAND ECONOMY• Government makes all  economic decisions.• Government owns  capital, tools, and  production equipment.• G...
MARKET ECONOMY• Economic decisions are  made by individuals.• People can start  businesses to sell any  legal products the...
MIXED ECONOMIES• Mix elements of  different economic  systems.• US has a mixed  economy because  government  regulates bus...
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Day 1

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Day 1

  1. 1. DO NOWIf you could have anything in the world what would itbe and why?
  2. 2. COMPETENCIES/ OBJECTIVES• Students will be able to discuss the role of the decision-making process of the three major economic systems.
  3. 3. AGENDA• Do Now• Review Syllabus• What is economics?• Economic System Notes• Economic System Children’s Book• Announcements (Tuesday and Thursday)
  4. 4. ECONOMIC SYSTEM NOTES
  5. 5. ECONOMIC SYSTEMS• How we get things is determined by our countries economic system.• Economic systems help people create and obtain goods and services.
  6. 6. THE NEED FOR ECONOMIC SYSTEMS• Needs- basic things we cannot live without. (food, water, shelter, clothing)• Wants- things people want to make their lives more comfortable• (write in examples)
  7. 7. THINK…• Shelter, food, and clothing are all considered basic needs. However, certain types of food, shelter, and clothing can be considered wants. How can we distinguish between the two? (answer in lined space)
  8. 8. 3 BASIC ECONOMIC SYSTEMS• Traditional• Command• Market
  9. 9. TRADITIONAL ECONOMY• Economic decisions are based on tradition.• Barter system.• It is based on agriculture, fishing, hunting, gathering or some combination.• )Write in examples.)
  10. 10. COMMAND ECONOMY• Government makes all economic decisions.• Government owns capital, tools, and production equipment.• Government answers 3 basic econ q’s.• Communist countries tend to have command economies.• Examples: North Korea and Cuba
  11. 11. MARKET ECONOMY• Economic decisions are made by individuals.• People can start businesses to sell any legal products they choose.• Government does not tell people what to produce or buy.• Based on freedom.• Opposite of command economy.• Does not exist in pure form.
  12. 12. MIXED ECONOMIES• Mix elements of different economic systems.• US has a mixed economy because government regulates business.• How does the US government regulate business? (write in examples)

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