Download Economic Systems Comparison Project

Name:____________________________ Period:_________ Due 2/22/16
Option 1:
Economic systems poster
Objective: Create a colorful poster detailing the following economic
systems and key vocabulary. You may be as creative as you wish. You
may use the computer or just poster board and colored pencils. This may
be a good opportunity to use piktochart.com. A PowerPoint or a Word
Brochure are technology based ideas.
Expectations:
1. Describe the three main economic systems.
-Traditional
-Command
-Market
2. Describe a mixed market and create an economic continuum
3. Define the four factors of production and give a description/illustration
for then (natural resources, capital goods, human capital, and
entrepreneurs)
4. List and define the 3 types of trade barriers. Include a colorful
illustration or a meaningful symbol that shows each trade barrier (tariff,
quota, and embargo)
5. Define GDP. Explain why GDP is important in determining a country’s
wealth.
Option Two:
Economics Island Nation Activity
Objective: Help a newly appointed government of an island create their
economic model. Develop the economic system in any way you want based on
the systems discussed in class (traditional, market, command). The system
ultimately needs to answer the three basic economic questions: WHAT to
produce, HOW to produce, and FOR WHOM to produce?
What to include:
1. Name and size of Island
2. Factors of Production: describe the land, labor (how many people), human
capital (who has/can have or use human capital), capital goods, and
resources.
3. Economic Questions Expended: What? How? For Whom? Who owns the
land and the physical capital? Who or What decides how the resources will
be distributed? Who/What determines prices: the government or private
market competition? Are they certain goods or services that have more or
less government involvement?
4. Production Possibilities Frontier: List at least 2 specific products or services
your economy will specialize in. Will you have to trade to make goods, or
will your economy be self-sufficient.
5. Where on the economic spectrum does your system fall?
5 = 100% Command Economy
4 = mostly controlled by the government
3 = Government control is strong but shared by the market
2 = Producers and Consumers have most of the power but still some
government involvement
1 = 100% Market Economy
6. Answer the following questions when determining where your economy lies
on the economic continuum.
a. How is income distributed? ---Is there a minimum wage? Are there taxes, and
if so how is it decided how much each person pays? Is there government set
pay for each job or does free market competition determine pay?
b. What are the private property rights, if any? Can an individual own
land? Can an individual have private wealth that can be passed on to others?
c. Does the government provide education or is it the free market or even a
mixture of both? How is education paid for? Explain your reasoning
d. Is it possible for someone to obtain a better job or profession? How is it
done, if possible?
e. Does the government provide social benefits? i.e: homeless, senior citizens,
disabled, food stamps, welfare, health care, etc...How are these services paid
for?