FEBRUARY 26TH, 2015

• OBJECTIVE: TODAY, STUDENTS WILL UNDERSTAND THE DIFFERENT TYPES OF ECONOMIES THAT EXIST AND HOW THEY FUNCTION.

• WORD OF THE DAY: ECONOMY

• AGENDA: DISCUSS WORD OF THE DAY. COVER LENIN READING. VIEW POWER POINT. DISCUSS IDEAS.

• CONTENT STANDARD: 7 – E3.3.1 EXPLAIN AND COMPARE HOW ECONOMIC SYSTEMS (TRADITIONAL, COMMAND, AND MARKET) ANSWER FOUR BASIC QUESTIONS: WHAT SHOULD BE PRODUCED? HOW WILL IT BE PRODUCED? HOW WILL IT BE DISTRIBUTED? WHO WILL RECEIVE THE BENEFITS OF PRODUCTION?

ECONOMY:

• THE WAY A COUNTRY MANAGES ITS MONEY AND RESOURCES (SUCH AS WORKERS AND LAND) TO PRODUCE, BUY, AND SELL GOODS AND SERVICES.

• EVERY COUNTRY HAS SOME TYPE OF ECONOMY.

• WHY WOULD/COULD PEOPLE DISAGREE ON HOW TO RUN AN ECONOMY?

VLADIMIR LENIN• WANTED REVENGE FOR HIS BROTHER

BEING KILLED

• BROTHER TRIED TO OVERTHROW THE TSAR

• ELITE INTELLECTUAL

• STARTED FIRST COMMUNIST GOVERNMENT

• BOSSY, GOOFY

• VLADIMIR LENIN WAS NOT HIS REAL NAME

• WAS RUNNING FROM THE POLICE

• SENT TO PRISON IN SIBERIA FOR 3 YEARS

• BECOME CAME COMMUNIST IN EUROPE

• LEFT RUSSIA IN 1900

• LAWYER

• PUBLISHED A COMMUNIST NEWSPAPER

• THROWN OUT OF COLLEGE FOR STARTING A RIOT

• LIVED IN MUNICH

• LED THE OCTOBER REVOLUTION

• SAID HE WAS NON-THREATENING

• FAMILY WAS ASHAMED BECAUSE BROTHER TRIED TO OVERTHROW THE TSAR

THE TYPES OF ECONOMIES:

THE MANY WAYS COUNTRIES CAN FUNCTION

IN THE UNITED STATES

• IF YOU WANT SOMETHING, WHAT DO YOU DO?

• YOU BUY IT.

• BUT HOW DO YOU DO THAT?

• WHAT’S THE PROCESS?

WHAT MAKES THAT POSSIBLE?• THE UNITED STATES LIVES IN A

“FREE MARKET ECONOMY”

• LE’TS BREAK IT DOWN BY WORDS.

• WHAT DOES FREE MEAN?

• WHAT DOES MARKET MEAN?

• THINK SUPER MARKET…

• AND WHAT IS AN ECONOMY AGAIN?

WELL…

• IN THE UNITED STATES, THE ECONOMY IS DRIVEN BY WANTS AND NEEDS.

• IF YOU WANT OR NEED SOMETHING YOU GO AND BUY IT.

• THERE IS NO GOVERNMENT REGULATING WHAT YOU PURCHASE…

• TOTALLY…

• WHAT’S THAT MEAN?

SO…THERE ARE OTHER TYPES OF ECONOMIES…

• WE HAVE FREE MARKET, BUT WHAT ARE THE OTHERS?

• TRADITIONAL ECONOMY

• COMMAND ECONOMY

• MIXED ECONOMY

• BUT WHAT ARE THEY?

TRADITIONAL ECONOMY

• THESE ARE FOUND IN VERY TRADITIONAL AREAS THAT DO NOT HAVE VAST AMOUNTS OF TECHNOLOGY.

• SKILLS ARE HANDED DOWN THROUGH THE FAMILY.

• THIS TYPE OF ECONOMY IS BASED ON RELIGIOUS AND CULTURAL TRADITIONS.

• THE ELDERS MAKE MOST OF THE DECISIONS ABOUT THE SOCIETY.

• FUNCTION ON THE BARTER SYSTEM.

COMMAND ECONOMY

• ECONOMIC SYSTEM WHERE ALL DECISIONS ARE BASED ON A CENTRAL COMMAND (GOVERNMENT).

• GOVERNMENT DECIDES ALL ECONOMIC DECISIONS.

• GOVERNMENT OWNS EVERYTHING.

• CAN’T BUY AND SELL AS YOU PLEASE.

• THINK DICTATORSHIPS.

MIXED ECONOMY

• A MIXED ECONOMY IS A COMBINATION OF A COMMAND ECONOMY AND A FREE MARKET ECONOMY.

• THEY HAVE TAXES AND HELP PEOPLE WHO MAY NEED IT.

• THE GOVERNMENT PLAYS SOME ROLE IN THE ECONOMY, BUT DOES NOT ENTIRELY CONTROL IT.

• JUST CERTAIN THINGS.

• THIS IS ACTUALLY THE TYPE OF ECONOMY THE UNITED STATES HAS.

NOW:

• WE ARE GOING TO HAVE A SHORT READING ON COMMUNISM.

• ONCE WE HAVE FINISHED THIS READING, WE ARE GOING TO SEE IF WE CAN FIGURE OUT WHAT TYPE OF ECONOMY A COMMUNIST GOVERNMENT WOULD HAVE.