As we study the economy of Latin America countries, this is our first standard: SS6E1 The student will analyze different economic systems. The goal of this standard is to acquaint students with the three major types of economic systems. The second element helps students understand how every country’s economy is a blend of command and market economies. Students are then asked to compare specific economies within the region under study. a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. Students should understand the basic characteristics of each of the three types of economic systems in relation to how they answer the 3 questions of economics. Focus should be on the command and market economies. This should not be a major lesson in economics. Students should understand in the broad sense how each economy functions to answer (1) what to produce, (2) how to produce, and (3) for whom to produce. b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command. Since no country has a pure command or pure market economic system, most economies combine aspects of both of these pure economic systems albeit to different degrees. Students should understand how real economies fall somewhere between the two extremes. This is not an in-depth study of economic principles. This should be combined with element "a" in instruction. c. Compare and contrast the basic types of economic systems found in Canada, Cuba, and Brazil. Using the information learned in elements "a" and "b" students should compare how the economies in each listed country answer the basic questions of economics from element "a." They should also be able to explain from their answers the basic questions of economics and approximately where on the continuum between pure market and pure command each economy falls. They should also be able to explain why the country is in that position on the continuum. This is the PPT we started today. The questions at the end are excellent to review.
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April 2015
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