The Three Economic QuestionsWhat, How, And For Whom?

The Three Economic Questions What, How, And For Whom?

Economic Systems

ESSENTIAL QUESTIONSFor what reasons did different types of economic systems evolve?Why have some economic systems flourished while others have not?By definition mixed economic systems contain characteristics of command, market, and traditional economies. How do the above characteristics impact the United States Economy?Why do different types of economic systems answer basic economic questions differently?

Create a Survival Plan based on one of the following Economic Systems-Market, Command,Traditional or Mixed. You must answer the three economic questions what to produce, how to produce and for whom to produce?Your plane has been forced to make an emergency landing do to mechanical problems. You have landed in a remote part of the world and there appears to be no hope of rescue.

What is the problem?What questions should you be asking?

Survival

TRADITIONAL ECONOMYEconomic activity passed down from generation to generation.

MarketSupply and demandInteraction of consumers and producers in the market placeIndividual choiceLimited government involvement

CommandCentral Planning CommitteeGovernment allocation of the means of productionGood of community more important than the individual

MixedCharacteristics of Command and market economies

LEARNING OBJECTIVES Students will apply their geography skills by tracing the route of the plane and approximating their location.Students will gain an understanding of the characteristics of the different types of economic systems.Students will discover a correlation between the three basic economic questions in the lesson and the type of economic system they have chosen.Students will gain an appreciation for the complexities involved in operating an economic system.Students will work cooperatively in groups to complete the project.Students will practice oral communication skills through presentation of their survival plans and class discussionCommon core standardsStudents Who are College and Career Ready in Reading, Writing, Speaking, Listening, & Language They demonstrate independence. They build strong content knowledge. They respond to the varying demands of audience, task, purpose, and discipline. They comprehend as well as critique. They value evidence. They use technology and digital media strategically and capably.they come to understand other perspectives and cultures.

Common CoreOH: Literacy in History/Social Studies, Science, & Technical Subjects 6-12 OH: Grades 11-12 Reading: History/Social StudiesKey Ideas and Details 1. Read closely to determine what the text says explicitly and to make logical inferences from it; cite specific textual evidence when writing or speaking to support conclusions drawn from the text.IPMRH.11-12.1. Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained from specific details to an understanding of the text as a whole.2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas.IPMRH.11-12.2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships among the key details and ideas.3. Analyze how and why individuals, events, or ideas develop and interact over the course of a text.IPMRH.11-12.3. Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence, acknowledging where the text leaves matters uncertain.

THE END