Bellwork: Get out your Bead Game Reflection. Complete EQ4 Learning Targets:LT5 (next slide) Governments Quiz Complete Guided Notes on Economic Systems Assignment: Complete EQ5 Review for Wednesdays test. Absent Students: Complete Bead Game reflection (in folder),read over yesterdays Village description (blue paper in world History Notes folder) LT5. I can describe how the market and command economies answer the following questions: a. Who gets private property? Why? b. what freedoms should people have to create and run businesses? c. Is competition good or bad? Why? d. Who should make the primary decisions about buying? Why? 1. All economies must answer these three basic economic questions: 1. 1.What to produce? 2. 2.How will they be produced? 3. 3.For whom will they be produced? 2. We classify economic systems according to how they answer these questions. 3. There are three major types of economies A. Command B. Traditional C. Market a. A traditional economy is shaped largely by tradition and/or religion. b. Tribal elders answer all 3 basic economic questions to make all decisions Bellwork: On a post-it note list the three governments that are autocracies, and three governments that are democracies, make sure you separate the two. Learning Target: LT6. I can predict why a mixed economy might be the best solution to answering the basic economic questions. Go over Governments Quiz Finish Guided notes on Economies Assignment: Complete EQ 5 and 6 Test over Investigating History, governments and economies will be on Wednesday Absent Students: Pick up a copy of the guided notes from the folder, complete what you missed using the slides online. You will need to take the governments quiz at the beginning of the period, please see me right away and let me know you need to take it. a. All resources and private property are government owned b. The government answers all three of the basic economic questions a. Market economies allow the people to buy and sell goods and services without rules b. The choices of individual people decide the answers to the 3 basic economic questions Is the United States a PURE Market Economy? Does it operate without any type of government intervention? LT6. I can predict why a mixed economy might be the best solution to answering the basic economic questions.