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
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