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Guided Notes & Worksheet

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What to produce? What item will be created

How to produce? The methods used to create the item

For whom to produce? Group of customers that will buy the product

Discussion: Why are these questions important for every economy?

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Traditional Economy: Based on customs & traditions, barter system

Command Economy: Government makes all decisions

Market Economy: Consumers and businesses drive decisions

Mixed Economy: Combination of market and command systems

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Traditional Economy: Indigenous tribes, rural villages

Command Economy: North Korea, former Soviet Union

Market Economy: United States, Australia

Discussion: Can a country be purely one system?

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Which economic system do you think is the most fair? Why?

What are some advantages and disadvantages of a market economy?

Why do many countries have a mixed economy?

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Which economic system do you think is the most fair? Why?

A mixed economy is the fairest because it combines freedom and government support. People can start businesses and choose what to buy, but the government also makes sure important services like schools and hospitals are available for everyone.

What are some advantages and disadvantages of a market economy?

Advantages:

✅ People have lots of choices for products and services.
✅ Businesses compete, leading to better products.
✅ More jobs because businesses grow.

Disadvantages:

❌ Not everyone is treated equally—some people make a lot of money while others struggle.
❌ Businesses focus on making money, not always what’s best for people (like protecting the environment).
❌ The economy can go up and down, which can cause job losses.

Why do many countries have a mixed economy?

A mixed economy gives the best of both worlds. The government helps by making rules to keep things fair and supporting important services like schools and roads. At the same time, businesses and people can still make their own choices. This helps keep the economy strong and fair for everyone.

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If you could start a business today, what would you sell and how would you decide what to produce?

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Coca-Cola’s Economic Impact | Entrepreneurship

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Coca-Cola’s Economic Impact | Entrepreneurship

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1. What are some key resources that Coca-Cola uses in its production process?

2. How does Coca-Cola’s supply chain demonstrate the concept of “how to produce” in an economy?

3. If you were an entrepreneur, what lessons could you learn from Coca-Cola’s economic impact?

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Coca-Cola’s Economic Impact | Entrepreneurship | PBS LearningMedia

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Coca Cola is one of Atlanta’s largest employers, but it also employs over 700,000 people around the world. The company is charitable and has donated millions of dollars to higher education institutions in Georgia, and has played a critical role in many communities across the globe.

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1. What are some key resources that Coca-Cola uses in its production process?

Water, sugar, supply chains, marketing

2. How does Coca-Cola’s supply chain demonstrate the concept of “how to produce” in an economy?

Factories, global logistics, franchise system

3. If you were an entrepreneur, what lessons could you learn from Coca-Cola’s economic impact?

Branding, efficiency, innovation

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Write one new thing you learned about economic systems today.

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Instructions:

Give a short summary of the scenario(s)

Identify which economic system (Traditional, Command, Market, or Mixed) best fits each scenario.

Explain your reasoning in the space provided.

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You live in a small village where people farm, hunt, and trade goods with their neighbors. Your family has been growing crops the same way for generations, and you exchange food and handmade tools with others in the village.

Economic System:

Why?

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You live in a small village where people farm, hunt, and trade goods with their neighbors. Your family has been growing crops the same way for generations, and you exchange food and handmade tools with others in the village.

Economic System: Traditional Economy

Why? Economic decisions are based on customs and traditions, with little use of modern technology.

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In your country, the government owns all the factories and businesses. The government decides what products should be made and how they should be distributed. People are assigned jobs, and goods are given out based on what the government believes people need.

Economic System:

Why?

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In your country, the government owns all the factories and businesses. The government decides what products should be made and how they should be distributed. People are assigned jobs, and goods are given out based on what the government believes people need.

Economic System: Command Economy

Why? The government controls all economic decisions, including jobs and production.

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You live in a country where private businesses compete to sell goods and services. People can choose what to buy and sell based on what is in demand. Prices change depending on how many people want a product, and companies decide what to produce based on consumer preferences.

Economic System:

Why?

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You live in a country where private businesses compete to sell goods and services. People can choose what to buy and sell based on what is in demand. Prices change depending on how many people want a product, and companies decide what to produce based on consumer preferences.

Economic System: Market Economy

Why? Economic decisions are made by private businesses and consumers without government control.

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In your country, private businesses operate freely, but the government sets rules to protect workers and consumers. Some industries, like healthcare and education, are run by the government, while most businesses are privately owned and controlled by supply and demand.

Economic System:

Why?

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In your country, private businesses operate freely, but the government sets rules to protect workers and consumers. Some industries, like healthcare and education, are run by the government, while most businesses are privately owned and controlled by supply and demand.

Economic System: Mixed Economy

Why? It combines market freedom with government regulation to protect workers and consumers.

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You are part of a community where people rely on fishing, herding, and handmade crafts. The same methods have been used for generations, and people only produce what they need to survive. There is little use of modern technology.

Economic System:

Why?

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You are part of a community where people rely on fishing, herding, and handmade crafts. The same methods have been used for generations, and people only produce what they need to survive. There is little use of modern technology.

Economic System: Traditional Economy

Why? Economic activities are based on tradition and survival needs, with little modern influence.

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In your country, the government controls what is produced and sets all prices. Citizens cannot start their own businesses, and the government assigns everyone a job. The government owns all land and resources and makes all economic decisions.

Economic System:

Why?

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In your country, the government controls what is produced and sets all prices. Citizens cannot start their own businesses, and the government assigns everyone a job. The government owns all land and resources and makes all economic decisions.

Economic System: Command Economy

Why? The government makes all economic decisions and owns resources.

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You and your friends decide to start a business selling handmade jewelry. You set your own prices and compete with other local businesses. Customers decide what they want to buy based on quality and price, and you can change your products based on what is most popular.

Economic System:

Why?

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You and your friends decide to start a business selling handmade jewelry. You set your own prices and compete with other local businesses. Customers decide what they want to buy based on quality and price, and you can change your products based on what is most popular.

Economic System: Market Economy

Why? Businesses operate independently, with supply and demand guiding decisions.

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Your country allows businesses to operate freely, but the government provides funding for education and healthcare. Some industries, like transportation, have both private and government-run companies. There are regulations to ensure fair wages and product safety.

Economic System:

Why?

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Your country allows businesses to operate freely, but the government provides funding for education and healthcare. Some industries, like transportation, have both private and government-run companies. There are regulations to ensure fair wages and product safety.

Economic System: Mixed Economy

Why? The economy blends market-driven businesses with government involvement in key sectors like healthcare.

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Which economic system do you think works best? Why?