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Economic systems writing prompt

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10 views3 pages

Economic systems writing prompt

Uploaded by

kevin.le05411
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Make a copy of this into your drive (Econ folder). We have learned about the three types of economies.

Using your
notes, describe each type of economic system. Then, summarize the systems found in Kenya, Nigeria, and South Africa.

Include information about the following: Definition and explanation of each type of economic system. Types of systems
in Kenya, Nigeria, and South Africa: (Example/Rubric on next page):

There are three main types of economic systems called traditional, command , market economy. These economies make
up most of the economies in the world and are important in allowing consumers to buy and sell goods, but first we will
look at the traditional economy which is an economic system in which the traditions of the region governs what, how,
and who makes goods and services and also when you have a traditional economy you barter instead of using money
which is when you exchange a product for another product. Another thing a traditional economy does is subsistence
farming, which is when the people only farm the bare minimum with nothing extra. On the other hand when you have a
command economy the government controls everything in the economy and it dictates who,what,and how to make
goods and services. However if the government mis-predicts citizens' needs then there will be shortages . Also another
economy is the market which is when the people choose who,what, and how to make goods and services which is based
on supply and demand. Some examples of these economies are Kenya, Nigeria, and South Africa which all have the same
economy, its market. In conclusion there are three types of economies: traditional, command, and market economies
with each having different ways of doing how, who, and what to make for goods and services.
Writing Rubric: Economic Systems

Name:

SS6E7 – Analyze different economic systems.

a. Compare how traditional, command, and market economics answer the


economic questions of 1 – what to produce, 2 – how to produce, and 3 – for
whom to produce.
Requirements 2 1 0

Definition of each Accurately defines Somewhat accurately Does NOT accurately


type of economy. each type of defines each type of define each type of
economy. economy. economy.

Explanation of to Accurately explains Somewhat accurately Does not accurately


traditional economy. traditional economy. explains traditional explain traditional
economy. economy.

Explanation of Accurately explains Somewhat accurately Does not accurately


command economy. command economy.. explains command explain command
economy. economy.

Explanation of how Accurately explains Somewhat accurately Does not accurately


market economy. market economy. explains market explain market
economy. economy.
__________ out of 8 = Grade: ______________

Benchmark Example: Capital Goods/Human Capital


Human Capital and Capital Goods are important for all economies to be
productive. Human capital is when a country invests money in education, training,
and skills for its citizens. Capital goods are when a country invests money in new
machinery, technology, buildings, and bridges. Countries determine how much
money to spend on both human capital and capital goods. It is important for
countries to spend money on each because countries that spend money on each
have higher GDP’s than those countries who do not spend. There is a need for
human capital and capital goods because it helps the citizens have higher paying/
skilled jobs which help countries have a higher GDP as well.

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