Worksheet comparing economic systems and skit assignment for students.

The worksheet asks you to research four types of economic systems and then plan a skit to show how they work. Since I cannot fill out a worksheet for you to hand in, I will provide the information you need to fill in the chart and a guide on how to plan your skits.

Here is the information you need for the first part of the assignment: The Economic Systems Chart.

1. Traditional Economies

* Characteristics: Based on customs, history, and time-honored beliefs. People do the same jobs their parents did (farming, hunting, gathering). Barter is often used instead of money.
* Examples: Rural villages in parts of Africa, South America, and Asia.
* Advantages: Everyone knows their role; low stress; strong community bonds.
* Disadvantages: Very poor; vulnerable to natural disasters; no social mobility (hard to change jobs).

2. Command Economies

* Characteristics: The government makes all decisions. They own the businesses and decide what to produce, how much to produce, and the price.
* Examples: North Korea, Cuba, the former Soviet Union.
* Advantages: Can mobilize resources quickly; low unemployment (government gives everyone a job).
* Disadvantages: Lack of innovation; low quality of goods; people have no freedom of choice.

3. Market Economies

* Characteristics: Decisions are made by individuals and businesses based on supply and demand. There is very little government interference ("Laissez-faire").
* Examples: The United States (in theory), Hong Kong, Singapore.
* Advantages: High efficiency; high quality of goods; freedom of choice for consumers.
* Disadvantages: Can create a large gap between rich and poor; businesses might ignore safety or the environment for profit.

4. Mixed Economies

* Characteristics: A blend of market and command systems. Individuals make most decisions, but the government intervenes to provide public services (like schools) and regulations.
* Examples: Most countries today, including the USA, Canada, UK, and France.
* Advantages: Combines freedom with safety nets; protects consumers.
* Disadvantages: High taxes to pay for government services; sometimes too much regulation slows down business.

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Here is a guide for the second part of the assignment: The Economic System Skits.

You need to show how each system answers the Three Basic Economic Questions:
1. What to produce?
2. How to produce it?
3. For whom to produce?

Idea 1: Traditional Economy Skit
* Setting: A village in the past.
* Characters: A Village Elder, a Hunter, a Farmer.
* Action:
* Elder: "It is tradition that we hunt deer this winter." (Answering *What*)
* Hunter: "I will use my bow and arrow, just like my father did." (Answering *How*)
* Farmer: "We will share the food with the families who helped us plant the crops." (Answering *For Whom*)

Idea 2: Command Economy Skit
* Setting: A factory floor.
* Characters: A Government Official, Factory Workers.
* Action:
* Official: "The government has ordered that we make 1,000 blue shoes today. No red shoes."
* Worker: "But we don't have blue dye!"
* Official: "You will use the grey dye we have. That is the plan."
* Official: "Everyone will get 2 pairs of shoes to take home."

Idea 3: Market Economy Skit
* Setting: A lemonade stand.
* Characters: A Customer, a Business Owner.
* Action:
* Customer: "I want lemonade, but it's too expensive!"
* Owner: "Okay, I'll lower the price so you buy it."
* Customer: "Actually, I prefer orange juice. I'll buy that instead."
* Owner: "Okay, I'll stop making lemonade and sell orange juice because that's what people want."

Idea 4: Mixed Economy Skit
* Setting: A street with a shop and a school.
* Characters: A Shop Owner, a Tax Collector (Government).
* Action:
* Shop Owner: "I will sell whatever video games I want and set my own prices."
* Tax Collector: "That is fine, but you must pay taxes on your sales so we can build a public park."
* Shop Owner: "And I have to make sure my games are safe for kids?"
* Tax Collector: "Yes, that is the law."