Unpacked Content
Knowledge
Students know:
- The characteristics of each basic type of economic system.
- The three basic economic choices.
- How each the three basic economic choices are made in the different types of economic systems.
Skills
Students are able to:
- Identify examples of different types of economic systems.
Understanding
Students understand that:
- There are specific roles for consumers, businesses and government in each type of economic system.
- Each type of system responds to and incorporates change.
- The type of economic system impacts economic growth.
Vocabulary
- Adam Smith
- invisible hand
- laissez faire economics
- command economy
- market economy (free enterprise or capitalism)
- traditional economy
- mixed economy
- consumer sovereignty
- voluntary exchange
