5 Economic Systems

Open Ended

What do you think daily life would look like in a traditional economy where goods are made and traded based on customs and traditions?

Open Ended

How do you think it would feel to have the government decide your job, how much you earn, and what goods are available to you?

Open Ended

What do you think would happen if some people became extremely wealthy while others struggled to meet their basic needs?

Match

Match the economic system with the correct description.

• Traditional

• Command

• Market

• Mixed

People trade without money

Government decides all aspects

People decide what to make and buy

Create Businesses/ Government control

• People trade without money

• Government decides all aspects

• People decide what to make and buy

• Create Businesses/ Government control

Open Ended

If your family had to live under one economic system for a year, which one would you choose and why? What would be the hardest part of that experience?