Economic Systems Compared
Grade 11th Grade · Social Studies · 45 min· Compare And Contrast Free Enterprise, Socialist, And Communist Economies In Various Contemporary Societies, Including The Benefits Of The U.s. Free Enterprise System; And
What's Included
Learning Objective
I can compare and contrast the economic systems of free enterprise, socialism, and communism.
Warm-Up Video
CrashCourse · 10:18
Economic Systems and Macroeconomics: Crash Course Economics #3
Guided Notes
3 key concepts
- 1
In a planned economy, the government controls the factors of production, whereas in a free market economy, individuals own the factors of production.
- 2
The circular flow model demonstrates how households and businesses exchange goods and services and resources, with the government also participating through purchases, taxes, and transfer payments.
- 3
Modern economies are generally mixed economies, incorporating elements of both free markets and government intervention, with the optimal balance depending on personal values and societal goals.
Practice Questions
7 questions · Multiple choice & Short answer
Exit Ticket
Quick comprehension check
“Briefly compare and contrast free enterprise and communism, focusing on who controls the factors of production and how economic decisions are made.”
Complete Lesson Package
Get all 3 ready-to-use resources:
