
Warm Up:
When you hear the term “Economics” what do you think of?

Objective:
In this lesson, you will compare several aspects of the economies of the United States
(representing a market-oriented economy), North Korea (representing a command economy), and
Chad (representing a developing economy).
By the end of class you will complete the Comparison Chart of the three Countries and
Economies and answer the corresponding questions about the different types of economies.

Agenda:
1.
Warm Up
2.
Economic Systems Notes
3.
Comparing Economic Systems: Go to the CIA WORLD FACTBOOK website to find the information
needed to complete the chart.
4.
Comparative Systems Questions.
Homework: NONE
Market Economies
A market economy is characterized by:

Free Competition

private ownership of production; not controlled by the
government

Supply and demand are responsible for the price and
amount
EXAMPLES: The United States, Hong Kong, and Germany are
considered market economies.
Command Economy
A command economy is characterized by:

government (or central) control ownership of the means
of production – publicly owned

central authority setting prices of goods and services and
for most amount produced
EXAMPLES: North Korea and Cuba are command, or more
specifically communist, economies.
Developing Economies
A developing economy is:

one which is not yet industrialized, but is developing

Trying to turn poor country into a prosperous one

Trying to improve factors like health, education,
conditions and markets
EXAMPLES: Chad and Bangladesh are considered developing
nations/economies.
OPEC- Organization of Petroleum
Exporting Countries

International organization headquartered in Austria

Its purpose is to "coordinate and unify the petroleum
policies" of its members and to "ensure the stabilization
of oil markets in order to secure an efficient, economic
and regular supply of petroleum to consumers, a steady
income to producers, and a fair return on capital for
those investing in the petroleum industry”

In 2014 OPEC comprised twelve
members: Algeria, Angola,
Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi
Arabia, the United Arab Emirates and Venezuela
WTO: World Trade Organization
International organization which
regulates international trade.
 The WTO deals with regulation of
trade between participating countries
by providing a rules for negotiating fair
trade agreements and settling disputes
(arguments)

Warm Up:
How does North Korea’s command economy and isolation from most of the world affect its
citizens? Use your economic chart to help you answer this question.
Objective:
Students will learn about specific economic terms and how they help measure economic systems
and will review the different types of economic and government systems discussed in
previous lessons.
By the end of the class students will have completed most of the government and economies 48
question study guide to prepare them for a test next class.
Agenda:
1.
Warm Up
2.
Review Economic Systems Chart/Questions (collect)
3.
Study Guide for Test – READ PAGES 73-82 and answer the corresponding questions.
Homework: COMPLETE ANY MAKE UP WORK FOR THIS UNIT (DUE FRIDAY), COMPLETE STUDY
GUIDE, TEST FRIDAY
Warm Up:
Why do countries trade? What are the advantages and disadvantages to trade?
Objective: Students will test their knowledge on different government and
economic systems through multiple choice, short answer and extended
response questions.
Agenda:
1.
Warm Up
2.
Collect all Gov’t, Econ and Study Guide work
3.
Test
Homework: NONE.