How Whom Essay

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What, How and For Whom to Produce? by Timothy Melaragni -4th grade Holly Academy (Holly ,Michigan) LESSON DESCRIPTION Students produce badges as rewards for the best economists in the class. Through this production activity, they learn how command and market economies answer the basic economic questions: What to produce? How to produce? For whom to produce? AGE LEVEL 10-12 years old CONCEPTS • Productive resources • Command economy • Market economy • Basic economic questions CONTENT STANDARDS Students will understand that different methods can be used to allocate goods and services. People, acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services. BENCHMARKS There are essential differences between a market economy, in which allocations result from individuals making decisions as buyers and sellers, and a command economy, in which resources are allocated according to a central authority. People in all economies must answer three basic questions: What goods and services will be produced? How will these goods and services be produced? Who will consume them? OBJECTIVES • Define an economic system as a way people organize the production, distribution, and consumption of goods and services. • State and explain the three basic economic questions every economic system must answer: What to produce? How to produce? For whom to produce? • Describe the basic characteristics of market and command economies. TIME REQUIRED One class period MATERIALS • copy of Activities 1, 2, and 3 for each group • 2 sheets of white paper, 1 sheet of colored paper, pencil, magazine with colorful pictures, glue, 2 napkins, 2 paper plates, 5 safety pins, scissors, 10 straight pins, and a blue, black, and red marker for each group • transparency of Visual 1
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