AP Economic Systems

Open Ended

In Econ, we’ll make a lot of models (graphs). And we know that there’s a lot of factors that will affect a scenario.

• What will probably happen to you on May 30?

• What could happen that would prevent it?

• Ceteris paribus, what will happen to you on May 30?

Multiple Choice

Another name for Market Economy?

• Capitalism

• Communism

• Socialism

• Traditionalism

Draw

Draw a visual that represents Capitalism to you

Multiple Choice

Another name for command economies are?

• Communism

• Capitalism

• Socialism

• Traditionalism

Drag and Drop

A ​

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economy was designed by ​

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and focuses on freedom of choice and efficiency. Production factors are owned by ​

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and businesses, with prices created through ​

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(buyers and sellers compromising). There is also

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of goods. Profits give an incentive to work and innovate.

Drag these tiles and drop them in the correct blank above

Market

Adam Smith

individuals

supply and demand

variety

Command

Karl Marx

the government

no variety

no competition

Open Ended

Why does no perfect example of an economic system exist? (Answer in 3-4 sentences)

Open Ended

Describe Adam Smith's idea of the Invisible Hand. (Answer in 3-4 sentences)

​Actual image of a neighborhood in Brazil

Open Ended

What would the affect of wealth inequality be on a economy and society?

Match

Match the following

• Communist Manifesto

• Wealth of Nations

• Inherent Inequality

• History of Oppression & inefficient

Karl marx

Adam Smith

Market (Capitalism)

Command (communism)

• Karl marx

• Adam Smith

• Market (Capitalism)

• Command (communism)

Open Ended

What do you believe it would take to have a true representation of a market or command economy?

Poll

Which Economic System do you favor?

• Command

• Capitalism

• Mixed

• Socialism

Open Ended

Research one of the other two economic systems (Socialism or Traditional) and list 4-5 facts about them and 2-3 country examples.