This activity is the perfect tool you need to guide your students toward a deeper comprehension of what economic systems are and how they differ!
This activity includes:
1) This "Economic Systems" Activity includes 4 parts. It begins with a colorful graphic organizer that asks your students to define economic systems, to identify the most common systems around the world, and to name the economists who advocated these systems. Next, students will apply what they've learned to discuss in their own words the fundamentals of the free-market, centrally-planned, and mixed economic systems. Finally, students will discuss the differences between each system, how each answers the essential economic questions of "what", "how", and "for whom", and then how the market can fail through allocative and productive inefficiency.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs or this activity can be used as a jigsaw in order to facilitate a class wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
This activity can also be found in a bundle paired with a PowerPoint, Keynote and PDF version of a fully customizable lecture found here:
Economic Systems Bundle
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Introduction to Economics Unit Activity Bundle
Best of all, this activity aligns to our "Topic 1.3 - Economic Systems" video lecture, which can be found here:
Topic 1.3 - Economic Systems
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You Will Love Economics on YouTube
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