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Chapter 5 Section 1
Jigsaw Activity
1. What is Economics? p. 127-128
 Goods
 Services
 Needs
 Wants
 Define Economics (in your own words)
 Macroeconomics versus Microeconomics
2. The Need for Economic Systems & Economic Resources
p. 128
 Define Economic Systems (in your own words)
 Resources of individual consumers
 Resources of societies
3. Scarcity & Opportunity Costs; Three Basic Questions p.
 Scarcity
 Opportunity Cost
 3 economic questions
4. Types of Economic Systems (p. 128) & Traditional
Economy p. 129
 Define Traditional Economy
 Explain features of a traditional economy
 Examples of traditional economies in today’s world
Chapter 5 Section 1
Jigsaw Activity
5. Types of Economic Systems (p. 128) & Command
Economy p. 130
 Define Command Economy
 Controlled economy
 Explain features of a command economy
 Examples of command economies in today’s world
6. Types of Economic Systems (p. 128) & Market Economy
p. 130
 Define Market Economy
 Capitalist system
 Explain features of a market economy
 Examples of market economies in today’s world
7. Types of Economic Systems (p. 128) & Mixed Economy p.
 Define Mixed Economy
 Explain features of a mixed economy (you will need to
read about Command and Market economies to
understand a Mixed economy)
 Examples of mixed economies in today’s world
8. The U.S. Economic System p. 131
 Economic GOALS of the U.S.
 Characteristics of the U.S. economy