How do people make decisions in a world where wants are unlimited but resources are not? How do individuals and governments utilize scarce resources (human, natural, and capital) in different economic systems? Introduce your learners to the concept of economics with this lesson plan, and then guide them through a collaborative role-playing activity that will give them a better understanding of how, while all societies face the same economic questions, governments answer these questions differently through unique and varied economic systems.

Concepts

scarcity, market economies, resources, needs vs. wants, economic systems, command economy, human resources, natural resources, capital resources

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Additional Tags

market economy, mixed economy, scarcity, social studies

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Instructional Ideas

• Plan the lesson following instruction on the free enterprise system

Classroom Considerations

• It takes one block period to complete

Pros

• Includes handouts and descriptions of traditional, command, market, and mixed economies
• Provides a detailed and clear procedure for the instructor

Cons

• None

Common Core

SL.9-10.1.a