Free Enterprise versus Socialist Economies
Grade 6th Grade · Social Studies · 45 min
What's Included
Learning Objective
I can compare free enterprise, socialist, and communist economies in different countries.
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 shows how households, businesses, and the government interact in a modern economy through the exchange of products, resources, and money.
- 3
Most modern economies are mixed economies that combine elements of both free markets and government intervention, falling on a spectrum between command and free market systems.
Practice Questions
7 questions · Multiple choice & Short answer
Exit Ticket
Quick comprehension check
“Name one thing that the government does in a mixed economy like the United States to regulate businesses.”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
