Title: Market Economies

Write down the Essential Question.

Objective (3.3.c)

SWBAT describe the characteristics of a Market Economy and evaluate its advantages and disadvantages.

DOL (how?) 100% of students will: List and describe 3 main characteristics of a Market Economy. Given 5 statements, explain if they are advantages or disadvantages, and provide a justification statement for why.

EQ: What are the advantages and disadvantages of living in a Market Economy?

As we explore Market Economies today, watch out for the following terms:

Market

Consumers

Entrepreneurs

Government

Competition

Property

Objective (3.3.c)

SWBAT describe the characteristics of a Market Economy and evaluate its advantages and disadvantages.

DOL (how?) 100% of students will: List and describe 3 main characteristics of a Market Economy. Given 5 statements, explain if they are advantages or disadvantages, and provide a justification statement for why.

EQ: What are the advantages and disadvantages of living in a Market Economy?

Scarcity

Resources / Factors of Production

3 Economic Questions

Economic Products (Goods and Services)

Economic Systems

Traditional Command Market

Objective (3.3.c)

SWBAT describe the characteristics of a Market Economy and evaluate its advantages and disadvantages.

DOL (how?) 100% of students will: List and describe 3 main characteristics of a Market Economy. Given 5 statements, explain if they are advantages or disadvantages, and provide a justification statement for why.

EQ: What are the advantages and disadvantages of living in a Market Economy?

Here are the main features (characteristics) of a Market Economy.

Objective (3.3.c)

SWBAT describe the characteristics of a Market Economy and evaluate its advantages and disadvantages.

DOL (how?) 100% of students will: List and describe 3 main characteristics of a Market Economy. Given 5 statements, explain if they are advantages or disadvantages, and provide a justification statement for why.

EQ: What are the advantages and disadvantages of living in a Market Economy?

Advantages and Disadvantages .

Strengths (Advantages) Weaknesses (Disadvantages)

- Competition increases efficiency - Innovation leads to better products - Large variety of consumer choices - Many freedoms (open business and compete for profit) - Private ownership allowed

- Exploitation of workers - Potential high

unemployment - Social and economic

inequality - Market failure may have

large impact on society - Freedoms may lead to

exploitation of labor / resources

Objective (3.3.c)

SWBAT describe the characteristics of a Market Economy and evaluate its advantages and disadvantages.

DOL (how?) 100% of students will: List and describe 3 main characteristics of a Market Economy. Given 5 statements, explain if they are advantages or disadvantages, and provide a justification statement for why.

EQ: What are the advantages and disadvantages of living in a Market Economy?