The 4 Main Economic Systems

The 4 Main Economic Systems

What's Economics All About?

Source: Windsor HS

Open Ended

What do you think of when someone says the word, "economic systems"?

Note this: Big 3 Questions, and 4 Main Economic Systems

Quick Note: To "produce" is to make something

Open Ended

What are 5 items in your house that have been produced, shipped, and sold at a store?

Poll

What have you already heard about these 4 economic systems?

• Some stuff, but not much

• Absolutely nothing at all!

• I actually learned some of this in grade school

• I've studied all 4 in great detail

Multiple Choice

OK. New word: Barter. So, if you and your friends are bartering, then what are you exchanging instead of money?

• Goods/Stuff

• Passwords

• Identities

• Digital Currency

Open Ended

Why might someone WANT to live in a traditional economic system?

Open Ended

Why might someone NOT want to live in a traditional economic system?

Thinking Question:

Q.Are you more into keeping customs and traditions? Or do you like to explore different ways of doing things?

Open Ended

What do you think would be GOOD about ALL major decisions concerning food, jobs, and prices being made by a central government?

Open Ended

What do you think would be BAD about ALL major decisions about food, jobs, and prices being made by a central government?

So, private citizens don't really have much say in how jobs are created, goods are produced, and how trade rules and prices are set.

Poll

I would prefer to live in a society where...

• There is absolutely no risk or struggle for a job, but there is no freedom to think, speak, or act for myself

• There is plenty of freedom to think, speak, and act for myself, but getting and keeping a job comes with risk and struggle

Poll

As a shoe store customer, what do you prefer?

• A society where everyone buys the same brand at the same price.

• A society where different brands compete and offer discount prices to attract customers.

Open Ended

Would do you think would be BAD if there were no rules and regulations for businesses?

Open Ended

What do you think would be BAD if there were LOTS of rules and regulations for businesses?

Open Ended

In a formal paragraph, tell me which economic system you believe is the best. Consider your needs and wants. All systems had their advantages and disadvantages - which one do you support?