Economic Systems

Learning Objectives (students will):

1.  Identify three questions that all economic systems must answer.

2. Analyze what a society values by how a country answers the three economic questions and identify the major economic goals.

3. Describe and compare command, market, and traditional economies. 

4. Explain why markets exist and why centrally planned economies evolved.

5. Identify the advantages and disadvantages of free market and command economies.

6. Explain the rise of mixed economic systems (class case-study is Estonia).

Vocabulary Terms

Click on these Study Stack to access the unit vocabulary words:

Ch. 2 Sections 1-2

Ch. 2 Sections 3-4

Class Readings, Handouts & Assigments

Economic Systems Chapter
Adobe Acrobat Document 5.9 MB
3 Economic Questions Graphic Organizer.p
Adobe Acrobat Document 39.2 KB
Goals Notes Organizer
Economic Goals.docx
Microsoft Word Document 45.6 KB
Economic Systems Worksheet NOTES.doc
Microsoft Word Document 45.0 KB
Systems Section 1 Teacher Notes
Teacher Notes.pdf
Adobe Acrobat Document 756.0 KB
Economic Ideologies Steps for Marx.docx
Microsoft Word Document 98.1 KB
Marx's Communism.ppt
Microsoft Power Point Presentation 696.0 KB

Online Practice Questions

Economic Transitions: Freedom's Sound

The Power to Choose Estonia Article.doc
Microsoft Word Document 34.5 KB

According to the Heritage Foundation economic freedom "is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please, with that freedom both protected by the state and unconstrained by the state. In economically free societies, governments allow labor, capital and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself." Source: Heritage 2012 Freedom Index: FAQs


1) Go to  Hertiage Rankings and answer the following questions:

- What is the most economically free place in the world?

- What is the U.S. rank?

- Where does Estonia fall in the rankings?

- What is a country that you recognize in the mostly unfree category?

- What is a country in the repressed category?

- How are these rankings determined? What things are considered?

2) Go to the link or site:

Heritage Freedom Index: Graph the Data

Graph three nations and discuss the results on edmodo

GDP - What is Gross Domestic Product?

You will first estimate the total value of the goods in this classroom.

You will understand the definition of GDP and what economists use it for.

We will analyze changes in GDP using the Gapminder World website:

Gapminder World

Comparative Economic Systems Assignment

Comp Econ Systems WOrksheet Student Copy
Microsoft Word Document 108.7 KB