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Chp.

23: Economic Systems Review Guide


Test: Thu, March 8th (25 min)

Key Terms:
Factors of Production Capitalist Entrepreneur
Free Enterprise System Market Economy Supply and Demand
Monopoly Laissez-faire Socialism
Welfare State Proletariat Bourgeoisie
Command Economy Mixed Market Economy Communism
Collectivization Privatization Karl Marx
Freidrich Engel the Communist Manifesto Das Kapital

Key Ideas:
$ Strengths and Weakness of Capitalism, Socialism, Communism
€ Four main components of communist ideology
¥ Key Characteristics of Capitalism, Socialism, Communism

Morrison’s Standards and Benchmarks: (2014)


4. Economics
b. I can compare and contrast a free market, command, and mixed market economy.
6. Skills
b. I can recognize bias in political debate/discussion.
c. I can clearly communicate a political belief based on accurate facts.
Enduring Understanding: The amount of government regulation determines the type of economic system.
Essential questions:
What is fair? What is equal?
To what extent should governments participate in the economy?
Guiding Content Questions:
What are the strengths and weakness of Socialism, Communism, and Capitalism?

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