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DIRECTIONS: Use this page to complete pages 23 & 24 in your notebooks and your Economic Flyer Assignment.
Capitalism / Market Economy
As you follow the directions in this section, complete the capitalism section on page 23 .
A- REVIEW
1- Go to the Investopedia website- link is here
2- Read these 2 sections in the website: What Is Capitalism? and Understanding Capitalism
3- Watch the video that is on this page too.
B- IS PURE CAPITALISM POSSIBLE IN THE WORLD TODAY?
Read-
Pure capitalism that you just reviewed doesn't exist in the world today. If it did, then there would be no regulation or supervision of economic activity or government provide services. For example, the FDA (Federal Drug Administration) ensures that you can be reasonable sure that your food or medicine will not harm you, which most would agree is a good thing. In addition in a pure capitalism economy, schools would all be private and cost money. Currently, there are many government organizations that regulate businesses and put restrictions on economic activity for the good of society. These restrictions come in many forms, such as minimum wage laws, tariffs, taxes, license restrictions, prohibited products or contracts, and anti-trust legislation. Current capitalist economies range in their levels of government intervention. The U.S. and the U.K. have a relatively pure type of capitalism with a minimum of federal regulation in financial and labor markets. The less government regulation, the more capitalist the economy is.
C- DEEPER LOOK AT CAPITALISM
Read & watch the video-
The biggest advantages of capitalism are FREEDOM, CHOICES, and INCENTIVE. These promote risk-taking, hard-work and entrepreneurship (new businesses).
The biggest disadvantages of capitalism is unequal wealth distribution. Watch this video for an explanation of uneven wealth distribution. Please note that unequal wealth distribution can happen in socialism too, however not to this extreme.
As you follow the directions in this section, complete the capitalism section on page 23 .
A- REVIEW
1- Go to the Investopedia website- link is here
2- Read these 2 sections in the website: What Is Capitalism? and Understanding Capitalism
3- Watch the video that is on this page too.
B- IS PURE CAPITALISM POSSIBLE IN THE WORLD TODAY?
Read-
Pure capitalism that you just reviewed doesn't exist in the world today. If it did, then there would be no regulation or supervision of economic activity or government provide services. For example, the FDA (Federal Drug Administration) ensures that you can be reasonable sure that your food or medicine will not harm you, which most would agree is a good thing. In addition in a pure capitalism economy, schools would all be private and cost money. Currently, there are many government organizations that regulate businesses and put restrictions on economic activity for the good of society. These restrictions come in many forms, such as minimum wage laws, tariffs, taxes, license restrictions, prohibited products or contracts, and anti-trust legislation. Current capitalist economies range in their levels of government intervention. The U.S. and the U.K. have a relatively pure type of capitalism with a minimum of federal regulation in financial and labor markets. The less government regulation, the more capitalist the economy is.
C- DEEPER LOOK AT CAPITALISM
Read & watch the video-
The biggest advantages of capitalism are FREEDOM, CHOICES, and INCENTIVE. These promote risk-taking, hard-work and entrepreneurship (new businesses).
The biggest disadvantages of capitalism is unequal wealth distribution. Watch this video for an explanation of uneven wealth distribution. Please note that unequal wealth distribution can happen in socialism too, however not to this extreme.
Communism / Command Economy
As you follow the directions in this section, complete the communism section on page 23 .
A- REVIEW
Read-
In communism, all property and economic resources are owned and controlled by the state (rather than individual citizens). Government controls all aspects of the economy. Individuals hold no personal property or assets. The ability to earn more than other workers is almost nonexistent.
B- HAS PURE COMMUNISM HAPPENED ON A LARGE SCALE?
Read-
Though the term "communism" can refer to specific political parties, at its core, communism is an ideology of economic equality through the elimination of private property.
The beliefs of communism, most famously expressed by Karl Marx, center on the idea that inequality and suffering result from capitalism. Under capitalism, private business people and corporations own all the factories, equipment and other resources called "the means of production." These owners, according to communism, can then exploit workers, who are forced to sell their labor for wages. According to the ideals of communism, the working class must rise up against the capitalist owners and institute a new society with no private property, no economic classes and no profits. Central to communism is that everyone will happily sacrifice for the good of the society. Unfortunately this utopia of equality has never happened on a large scale, because leaders using force to control the people and the system becomes corrupt.
As you follow the directions in this section, complete the communism section on page 23 .
A- REVIEW
Read-
In communism, all property and economic resources are owned and controlled by the state (rather than individual citizens). Government controls all aspects of the economy. Individuals hold no personal property or assets. The ability to earn more than other workers is almost nonexistent.
B- HAS PURE COMMUNISM HAPPENED ON A LARGE SCALE?
Read-
Though the term "communism" can refer to specific political parties, at its core, communism is an ideology of economic equality through the elimination of private property.
The beliefs of communism, most famously expressed by Karl Marx, center on the idea that inequality and suffering result from capitalism. Under capitalism, private business people and corporations own all the factories, equipment and other resources called "the means of production." These owners, according to communism, can then exploit workers, who are forced to sell their labor for wages. According to the ideals of communism, the working class must rise up against the capitalist owners and institute a new society with no private property, no economic classes and no profits. Central to communism is that everyone will happily sacrifice for the good of the society. Unfortunately this utopia of equality has never happened on a large scale, because leaders using force to control the people and the system becomes corrupt.
Socialism / Mixed Economy
As you follow the directions in this section, complete the socialism section on page 23 .
A- REVIEW
Read-
Socialism is a mix between the 2 other economic systems. Key industries are controlled by a democratically elected government and individuals also own personal property and businesses. Universally-used services, such as housing, utilities, mass transit, and health care are controlled by the government, while consumer goods are distributed by a capitalistic free market. Socialism is based on the idea that the people will be compensated based on the level of their individual contribution to the economy. Effort and innovation are thus rewarded under socialism. It is possible for some people to earn more than others, however it is not as extreme as in capitalism. People can own private property, but there is typically many government regulations that control the business, such as when it can be open or how it can advertise.
Norway, Sweden, and Denmark are examples of socialism. The democratically chosen governments of all three countries provide free health care, education, and lifetime retirement income. As a result, however, their citizens pay some of the world’s highest taxes.
B- THE TERM SOCIALISM CAN BE CONFUSING
Read-
Sometimes socialism and communism are used interchangeably, but these economic theories are not the same. If you were to research these terms, many videos and websites don't specify the differences and treat them as the same thing. It is important that you understand the difference.
Communism and socialism both grew out of grass-roots opposition to the exploitation of workers by wealthy businesses during the Industrial Revolution. Both assume that all or some of the goods and services will be produced by government-controlled institutions rather than all by privately-owned businesses (as in capitalism). However, communism promotes government control of all economic activities and socialism is only government control of the key industries. Another difference is that socialism typical have democratic governments, whereas communism normally has an authoritarian government.
As you follow the directions in this section, complete the socialism section on page 23 .
A- REVIEW
Read-
Socialism is a mix between the 2 other economic systems. Key industries are controlled by a democratically elected government and individuals also own personal property and businesses. Universally-used services, such as housing, utilities, mass transit, and health care are controlled by the government, while consumer goods are distributed by a capitalistic free market. Socialism is based on the idea that the people will be compensated based on the level of their individual contribution to the economy. Effort and innovation are thus rewarded under socialism. It is possible for some people to earn more than others, however it is not as extreme as in capitalism. People can own private property, but there is typically many government regulations that control the business, such as when it can be open or how it can advertise.
Norway, Sweden, and Denmark are examples of socialism. The democratically chosen governments of all three countries provide free health care, education, and lifetime retirement income. As a result, however, their citizens pay some of the world’s highest taxes.
B- THE TERM SOCIALISM CAN BE CONFUSING
Read-
Sometimes socialism and communism are used interchangeably, but these economic theories are not the same. If you were to research these terms, many videos and websites don't specify the differences and treat them as the same thing. It is important that you understand the difference.
Communism and socialism both grew out of grass-roots opposition to the exploitation of workers by wealthy businesses during the Industrial Revolution. Both assume that all or some of the goods and services will be produced by government-controlled institutions rather than all by privately-owned businesses (as in capitalism). However, communism promotes government control of all economic activities and socialism is only government control of the key industries. Another difference is that socialism typical have democratic governments, whereas communism normally has an authoritarian government.
Spectrum of Government Control
As you follow the directions in this section, complete the same section on page 23 .
Now that you have learned more about the economies, where would you place each economy on the spectrum and why?
As you follow the directions in this section, complete the same section on page 23 .
Now that you have learned more about the economies, where would you place each economy on the spectrum and why?
Sales Pitch Assignment
Welcome to the economic systems sales pitch competition! You and a partner have been given the task of trying to convince the government of the new country, Grizzland, which economic system it should adopt as it looks towards a brighter future. You and your partner will create an engaging sales pitch that will convince government officials to adopt the economic system that you endorse. Other competitors will also making their case in an attempt to win over the judging panel, so bring your best there can only be one winner!
Your objective is to create an informative and engaging flyer using Google docs. The requirements are listed below.
Welcome to the economic systems sales pitch competition! You and a partner have been given the task of trying to convince the government of the new country, Grizzland, which economic system it should adopt as it looks towards a brighter future. You and your partner will create an engaging sales pitch that will convince government officials to adopt the economic system that you endorse. Other competitors will also making their case in an attempt to win over the judging panel, so bring your best there can only be one winner!
Your objective is to create an informative and engaging flyer using Google docs. The requirements are listed below.
- Catchy slogan for your selected economic system
- Highlight the benefits of the using your selected economic system
- Describe the problems of using the other two economic systems that you have not chosen.
- One page document with at least one image
- Share document with [email protected]
Dream Team Assignment- page 24
On page 24 of your notebook, write 1-2 paragraphs (at least 10 sentences total) about what you think the dream government and economic system pairing would be. Explain why and defend yourself thoroughly.
Remember: here are your options.
Economies: Governments:
Traditional Democratic Republic Total. Dictatorship
Communism Direct Democracy Absolute Monarchy
Capitalism Constitutional Monarchy Theocracy
Socialism Dictatorship Oligarchy
On page 24 of your notebook, write 1-2 paragraphs (at least 10 sentences total) about what you think the dream government and economic system pairing would be. Explain why and defend yourself thoroughly.
Remember: here are your options.
Economies: Governments:
Traditional Democratic Republic Total. Dictatorship
Communism Direct Democracy Absolute Monarchy
Capitalism Constitutional Monarchy Theocracy
Socialism Dictatorship Oligarchy