Chapter 2 = Economic Systems & Decisions - monroe.k12.nj.us

Responsibility, Choice and Change

Chapter 2 = Economic Systems & Decisions

Section 1: Economic Systems ? Understand different types of economic systems that govern

WHAT goods and services to produce, HOW to produce them, and FOR WHOM to produce them. Section 3: American Free Enterprise ? Understand that under capitalism the basic economic decisions of WHAT, HOW, and FOR WHOM to produce are made through the free interaction of individuals looking out for their own best interests.

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Learning goals:

? Explain why every society has an economic system to allocate goods and services.

? Explain the advantages and disadvantages of the types of economic systems.

? Explain the advantages and disadvantages of mixed economies.

? Describe the characteristics of free enterprise capitalism.

? Describe the roles government, consumers and entrepreneurs play in free enterprise capitalism.

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Content Vocabulary = section 1

? economic system ? market

? traditional

economy

economy

? market

? socialism ? communism

? command economy

? capitalism ? mixed economy

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Take a closer look at the way your high school is organized. Who makes the decisions on lesson plans? Who plans out events that take place during the year? Who makes financial decisions, and how? Are parents and voters involved in the educational system? How are you involved?

DO NOW: Create a chart in your groups that lists the rights and responsibilities of people in your school district to meet the needs of education.

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Economic Systems

? All societies use an economic system to provide for needs and wants of their people.

? Three major economic systems exist: ? Traditional ? Command ? Market ? Most economies combine elements of the three.

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