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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. 128-129 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. 130-131 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