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Unit 1: Ch. 2 Economic Systems
by Lorrie Cook, South Dakota
Name ____________________ Due Date _____________________
70 - 77 = D 78 - 85 = C 86 - 92 = B 93+ = A
Lesson 1: Describe how the three basic economic questions are answered in traditional, command, and market economies~Explain the roles of self-interest and incentives in a market economy~Describe the types of mixed economies that exist today.
Lesson 2: Describe the main features of free enterprise in the United States~Name the two markets of the circular flow model~Explain how the circular flow model reflects exchange.
Lesson 3: Describe how nations decide how to use scarce resources~List and define the major goals of the U.S. economy~Explain why economic goals sometimes conflict.
C Layer: no more than 85 points
Daily Work: (20 points)
Either number one or number two is required; if you do both the extra points will count toward your supplemental work.
1. Listen to the lecture and take notes each day (5 points each day)
2-1 Traditional, Command, Market & Mixed
2-2a Free Enterprise
2-2b Economic Actors
2-3 U.S. Economic Goals, System Goals & Trade-Offs
2. Read a lesson from the chapter. Answer one question chosen at random in oral defense, or write out the answers to the assigned questions (5 points each lesson).
Read: p.23-28 p.29-35 p.33-35 p.36-40
Answer: #2-6 #2&5 #3,4&6 #2-6
Vocabulary (Required): (20 points)
Note: Supplementary C-layer activities may not be substituted for Vocabulary points, but vocabulary evaluations may be repeated under teacher guidelines until the maximum points are achieved.
3. Study vocabulary from the unit. Create any study aids needed to learn the words such as flash
cards or a notebook. Demonstrate your understanding of the words through orally defending 10
words, by taking a written test on 10 words, or by writing a short in-class paper using all of the
vocabulary words, up to 20, in context.
Supplemental C-layer Assignments: (40 points)
You must orally defend what you have learned from each of the following assignments:
Note: Activities worth 5 points should take about 15 minutes.
4. (Up to 20 pts) Bookwork in #2 completed in addition to lecture - _____ points
5. 4(Up to 10 pts) Choose 1 or 2 worksheets at 5 points each - _____ points
Mathematics Challenge Consumer
5. (5 points) Select a job. Create a diagram showing how the job selected benefits society and the incentives the job provides.
6. (10 points) Create a diagram or model that shows the flow of goods and services between government, businesses, and households. Describe in writing the path that a group of goods of your choosing would follow through the model.
7. (5 points) Use magazines or newspapers to create a collage illustrating the five main features of the free-enterprise system in the United States. Write a caption that explains how the collage represents the features of a free-enterprise system.
8. (10 points) Select a card provided by the teacher that will assign to you one of the six U.S. economic goals. Find a newspaper or magazine article that illustrates or represents your assigned goal. Summarize the article in writing and explain how it relates to the goal.
9. (10 points) Create a chart comparing traditional, command, and market economic systems.
Give examples, other than those found in your book, of each economy. Support your work.
B Layer: Choose one - 7 points (You must earn a minimum of 5 points to get credit and follow the requirements of the B level rubric on the board. Remember, each person involved will need to write a paragraph summarizing the activity explaining what you have learned and how you could apply it to real life.)
10. Choose to be a supporter of either a traditional or a command economy. Decide how your school would be run based on the economic system that you support. Create a table illustrating how the school will answer the three basic economic questions.
11. (May be researched with a group, but speeches must be written individually) Imagine that Adam Smith is running for president of the United States, and that you are his speechwriter. Write a speech justifying Smith's laissez-fair approach to economics. Research Smith's theories (see Holt site) and apply them to current economic trends. Make your speech persuasive, contemporary, and speak to the needs and wants of the U.S. people. (You may present the speech to the teacher, group, or class)
12. Group activity: Select a card provided by the teacher that will assign to you one of the five features of free enterprise. Create and perform a skit that showcases the group's feature. Each member of the group must participate in the skit. Perform the skit for the class or the teacher.
13. Individual, Partner or group activity: Imagine that you are economic advisers preparing to
address a group of newly elected U.S. legislators. As economic advisers, it is your job to explain
to all new legislators the importance of each of the six economic goals of the United States, and
how and why these goals can conflict. Create at least one chart or poster for your presentation.
A Layer: Choose One - 8 points (You must earn a minimum of 5 points to get credit and follow the requirements of the A-layer rubric found on Mrs. Cook's web site: lc020.k12.sd.us)
15. Research the author Ayn Rand's philosophy of objectivism. Which economic system does Ayn Rand's philosophy most resemble? Do you agree with her philosophy?
16. Research a time in the history of the United States when government regulation of the economy has come into conflict with individual freedom. Do you agree with the way the conflict was resolved?
17. Does the U.S. free-enterprise system favor the consumers or producers?
18. Choose a period of time in U.S. history and compare and contrast the economic goals and
priorities of the period with those of today. Which period was most successful in achieving these