Economic Systems: Guided Notes & Worksheet by Mrs. Harrison https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21 en-us 2025-02-24 23:11:50 UTC 2025-02-25 00:00:27 UTC hello@padlet.com Understanding Economic Systems devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341007547 Guided Notes & Worksheet

]]> 2025-02-24 23:14:15 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341007547 The Three Economic Questions devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341009422

  • 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?

    ]]>     2025-02-24 23:17:08 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341009422     Economic Systems Overview devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341010049

  • 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

    ]]>     2025-02-24 23:18:12 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341010049     Economic Systems Chart devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341010889 2025-02-24 23:19:24 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341010889 Real-World Examples devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341011468

  • 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?

    ]]>     2025-02-24 23:20:10 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341011468     Critical Thinking Questions devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341013317

  • 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?

    ]]>     2025-02-24 23:22:49 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341013317     Critical Thinking Questions devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341013360

  • 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.

    ]]>     2025-02-24 23:22:54 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341013360     Coca-Cola’s Economic Impact | Entrepreneurship devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341018547

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


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

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

    ]]>     2025-02-24 23:30:56 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341018547     Coca-Cola’s Economic Impact devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341019174

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

    Water, sugar, supply chains, marketing


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

    Factories, global logistics, franchise system


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

    Branding, efficiency, innovation

    • ]]>     2025-02-24 23:31:55 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341019174     Exit Ticket devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341020466 Write one new thing you learned about economic systems today.

    ]]>     2025-02-24 23:34:02 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341020466     Scenario 1 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341023759 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?

    ]]>     2025-02-24 23:38:10 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341023759     Economic Scenario Cards devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341026460 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.

    ]]>     2025-02-24 23:41:58 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341026460     Scenario 1 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341027005 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.

    ]]>     2025-02-24 23:42:35 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341027005     Scenario 2 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341027657 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?

    ]]>     2025-02-24 23:43:24 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341027657     Scenario 2 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341029351 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.

    ]]>     2025-02-24 23:45:26 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341029351     Scenario 3 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341029732 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?

    ]]>     2025-02-24 23:46:03 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341029732     Scenario 3 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341030992 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.

    ]]>     2025-02-24 23:47:54 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341030992     Scenario 4 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341031182 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?

    ]]>     2025-02-24 23:48:12 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341031182     Scenario 4 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341032362 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.

    ]]>     2025-02-24 23:49:20 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341032362     Scenario 5 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341032649 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?

    ]]>     2025-02-24 23:49:45 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341032649     Scenario 5 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341033178 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.

    ]]>     2025-02-24 23:50:38 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341033178     Scenario 6 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341033527 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?

    ]]>     2025-02-24 23:51:00 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341033527     Scenario 6 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341034501 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.

    ]]>     2025-02-24 23:52:37 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341034501     Scenario 7 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341034740 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?

    ]]>     2025-02-24 23:52:59 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341034740     Scenario 7 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341035180 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.

    ]]>     2025-02-24 23:53:46 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341035180     Scenario 8 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341035555 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?

    ]]>     2025-02-24 23:54:23 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341035555     Scenario 8 devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341036075 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.

    ]]>     2025-02-24 23:55:02 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341036075     Think-Pair-Share devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341037436 If you could start a business today, what would you sell and how would you decide what to produce?

    ]]>     2025-02-24 23:56:34 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341037436     Compare & Contrast Chart devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341040819 2025-02-25 00:00:26 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341040819 Exit Ticket devinharrison1 https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341041223 Which economic system do you think works best? Why?

    ]]>     2025-02-25 00:01:03 UTC https://padlet.com/dharrison6thgradess/66pynkt6xypbgf21/wish/3341041223