SS10.E.3

Social Studies (2010) Grade(s): 12 - Economics

SS10.E.3
Describe different economic systems used to allocate scarce goods and services.

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

Aligned Learning Resources

The Crash of 1929 - Biography: Tom McCormick

Flying Cheap: The Crash of Continental Flight 3407

Design by Adaptive Theme