Knowing about economics will prove to be valuable to students throughout their lives. Understanding the basics of how resources and wealth are gained, used, and lost is a foundation to build upon. As our students progress through their school careers and beyond, knowledge of economics will be critical to help them make life-decisions.
Below is a completed worksheet students filled in as they watched a Keynote presentation. I will collect these sheets as a Classwork grade, but students will need to check this with the answers they wrote. This worksheet is the major component of information students will need for the Economic Systems assessment.
ECONOMICS
There are three basic economic questions for a country...or a society...or a business:
1. What to produce?
2. How to produce it?
3. For whom is it produced?
TYPES OF ECONOMIC SYSTEMS
A. TRADITIONAL
1. ECONOMIC DECISIONS ARE DETERMINED BY CUSTOM-LIKE BARTER
2. CENTERS AROUND A FAMILY UNIT OR TRIBE - ABORIGINES OF AUSTRALIA, INUITS OF CANADA
3. BASIC NEEDS ARE MET BY HUNTING, GATHERING AND FARMING
4. LITTLE TECHNOLOGY
B. COMMAND ECONOMY - (COMMUNISM)
1. GOVERNMENT OWNS ALL PROPERTY AND CONTROLS ALL BUSINESS;
2. NO PRIVATE PROPERTY
3. GOVERNMENT MAKES ALL ECONOMIC DECISIONS (PRICES, QUANTITY, ETC.)
4. THERE IS NO COMPETITION
5. BUSINESSES ARE NOT RUN PROFIT
6. MIDDLE AGES EUROPE, CUBA
C. MARKET ECONOMY - (CAPITALISM)
1. MEANS OF PRODUCTION ARE PRIVATELY OWNED
2. SUPPLY AND DEMAND ARE MAIN FACTORS IN ECONOMIC DECISIONS
3. INDIVIDUALS CAN PRIVATELY OWN PROPERTY AND BUSINESSES
4. COMPETITION BETWEEN BUSINESSES EXISTS
5. THE PURPOSE OF CAPITALISM IS TO MAKE A PROFIT
D. MIXED - ELEMENTS OF TWO OR ALL THREE ECONOMIES -
GOVERNMENTS MAY HAVE LAWS CONCERNING PRODUCTION AND BUSINESS
1. MOST MEANS OF PRODUCTION ARE PRIVATELY OWNED
2. GOVERNMENT PLAYS AN IMPORTANT PART IN REGULATING THE ECONOMY
3. GOVERNMENT REGULATIONS PREVENT CHEATING AND ABUSE
4. UNITED STATES, CANADA, FRANCE, JAPAN, GERMANY, GREAT BRITAIN
HOW REALISTIC IS A COMMUNIST SYSTEM? Are humans too selfish for it?
SHOULD GOVERNMENT GET INVOLVED IN REGULATING A CAPITALIST SYSTEM?
Let’s look at Maine’s economy
What is our state’s number one economic money-maker? LOGGING
Why logging? Maine is 89% forested
What are other Maine industries?
Tourism
Potatoes
Lobsters
Fishing
Manufacturing
Construction
Transportation
Mining
Where does Maine get 27% of its electricity? Hydro-electric dams
Most of Maine’s energy comes from what? Petroleum
What is the smallest source shown? Coal