Types of Economic Systems 🌎

🎯 Learning Targets

• Explain how the three basic economic questions are answered in traditional, command, and market economies
• Describe the roles of self-interest and incentives in a market economy
• Summarize the types of mixed economies that exist today

⏰ What We Did

• Collected last Wednesday's Lesson 9 Lesson Review
• Watched and took instructional notes on Lesson 11, Part 1: Types of Economic Systems
• Used the Lesson 11, Part 1 instructional notes to describe how the three basic economic questions are answered in each of the pure economic models
• Defined the three mixed economic systems and provided examples of current nations for each
• Used an example of owning two cows to describe each economic system, both pure and mixed

⚙️ Resources

• Lesson 11 Instructional Notes
• Lesson 11, Part 1: Types of Economic Systems
• The Tale of Two Cows (Cardsort)
• Examining Mixed Economies (A-21)

💻 Homework

• Watch and take notes on Lesson 11, Part 2: Economic Development, before class on Friday