economy an economic system in which both the government and individuals play ... Decide if the person is living in a traditional, command, or market e...
Vocabulary Preview: Match each definition to each vocabulary word.
Word
Definition
economy
an economic system in which both the government and individuals play important roles about what to produce
command economy
an economic system in which individuals and businesses make most decisions about what to produce
free market economy
an economy where all decisions on what to produce are made by the government
mixed economy
a system for producing and consuming goods
YOU BE THE JUDGE…. 1. You will watch the clip on a country and the read information provided on the country card. 2. In your group, decide where the country should be placed on the economic spectrum. The more similar it is to a “command” economy, the further left you should place it. The more similar it is to a “market” economy, the further right you should place it.
HEAR THE DIFFERENCES…. Traditional Economy
● ●
People hunt/farm/trade for things they need. Most people do the same work that their families have been doing for many generations.
Market Economy
● ● ●
There is competition and people can choose their jobs. There is competition based on supply and demand. Profits can be made.
Command Economy
●
People’s jobs and how much they make are chosen by the government. ● The government tells factories/farms how much to make. (quotas)
Directions: Read the quotes below. Decide if the person is living in a traditional, command, or market economy. Write your answer on the blank lines. 1. “We made a profit on those pens last year.” _______________ 2. “I’d like to invest in Apple. It looks like a well-run business.”
_______________
3. “Our factory did not meet its government quota last month so our manager was replaced.”
________________
4. “I spend hours each day weaving the cloth we use for clothing.”
_______________
5. “We have been on the waiting list for a TV for two years.”
_______________
6. “When I grow older I will use a spear to hunt for food just like my dad and my grandpa do.”
_______________
7. “The farm I work on will complete the government five-year-plan for production this winter.”
_______________
8. “I’m going to ask my boss for a raise because I was the top car salesman.”
_______________
9. “I love Tasha’s new jeans! I am going to buy a pair just like them”
_______________
10. “I can’t decide what I want for my birthday. I may have to go to the mall or look online for ideas.”
