Lesson 8: Economic Systems

Why is it important for entrepreneurs to understand the various economic systems that exist throughout the world?

economic systems, command economy, market economy, traditional economy, mixed economy

HS.CTE.2C - 2C. Apply a solution using evidence and reasoning

POG:
I am a LEARNER: Master fundamental skills in core subject areas
I am a THINKER: Critical thinking, independent thinking

Evidence-based reading and writing sections that require analyzing arguments and identifying logical flaws.
SAT Math sections that require logical reasoning and the ability to solve complex problems.

Purpose: students will learn about different types of economic systems (e.g., capitalism, socialism, mixed economies) and their key characteristics. Students will learn how to calculate profit and analyze and make decision on

DOK 1:define market, traditional, mixed economy
DOK2:how much money do you need to cover all expenses in a Make Academic Connections question

Real world connection: economic systems can evolve over time and can vary greatly even within the same category. For instance, capitalism in the United States differs from capitalism in other countries.

Students may believe that business strategies are universal and will work the same way in every economic system.

Modeling, one on one instruction, Google classroom or Moodle. Online instructional tools, videos, real world application of information, textbook, online or paper assignments, Spanish version available for ELL students

Guided Notes, worksheet, skill development exercise, application of lesson reflection, exit ticket. Math: Make Academic Connection Questions

Entrepreneurship, 6th edition, online/paper edition. Online working papers (MindTap), class notes, Do Now, Exit Tickets, case studies, Make Academic Connections: Math, . Complete a research project that analyzes the role of failure in developing an entrepreneurship mindset.