Thursday, September 1st - Wednesday, September 7th, 2011

Economic Systems


Students shall be able to

  1. identify the three economic questions,

  2. analyze the societal values that determine how a country answers the questions,

  3. explain the characteristics of traditional, command, and market economies,

  4. analyze the circular flow model,

  5. understand how a free market regulates economic activity,

  6. identify the advantages of a free market economy,

  7. compare the mixed economies of various countries along a continuum between centrally planned and free market systems,

  8. define (a) authoritarian, (b) capitalism, (c) command economy, (d) communism, (e) efficiency, (f) free enterprise, (g) factor market, (h) product market, (i) invisible hand, (j) laissez-faire, (k) market economy, (l) privatization, and (m) specialization.


  1. Discuss the three economic questions and the three models of economic systems.

  2. Complete a crossword puzzle from chapter two in the Prentice Hall text.

Assignment: Participate in the discussion. Complete the crossword puzzle from chapter two in the text (Word or PDF).


Monitor and adjust to check understanding. Check answers when notebooks are collected.

TEKS involved: 1A, 1B, 3B, 4A, 4B, 5A, 6A, 10A, 10B, 16A, 19A, 20A, 20B, 21A, 21B, 22A, 22B, 23A, 23B, 23F, 24A, 24D, 25A, 25B