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Webnotes - MarketEconomy
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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?
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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?
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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?
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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?
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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?