Lesson on Wednesday, August 29, 2018

Aim: How does an economic system help a society with deal with the fundamental problem of scarcity?  

Bell Ringer: YouTube video: https://www.youtube.com/watch?v=B43YEW2FvDs  

Traditional Economies: https://www.youtube.com/watch?v=rG0_uMt0lKQ   

Journal 7 – What are the advantages and disadvantages of a traditional economy? 

Objectives: 

1. Students will compare how the various economic systems (traditional, market, command, mixed) answer the questions: (1) What to produce? (2) How to produce?; and (3) For whom to produce?  

2. Students will identify and explain broad economic goals.  

3. Students will differentiate and draw conclusions about historical economic thought theorized by economists. 

Agenda:

1. Bell Ringer (10 min)

2. Complete the note-taking guide (Economic Systems) using your textbook (McGraw-Hill Economics Principles and Practices pp. 32-53), online resources, or class notes as appropriate. (rest of class) 

Home Learning: Complete your designated portion of the note-taking guide (Economic Systems). Use online resources.