7th Grade Social Studies: Eastern Hemisphere

2: Economic System (E)

How does a type of ECONOMY impact a country's development?

Economic System

The economic system focuses on money, trading (imports and exports), trading partners, barriers to trade, types of employment and anything else that pertains to the economy.

Learning Targets

I can describe the four main types of economies and the roles individuals play in answering the basic economic questions
- Four types of economies: Market, command, mixed, and traditional economies
- Basic economic questions: what goods and services are produced?; how will the goods and services be produced?; who will consume the goods and services?
I can define main terms related to the economic system including goods and services, imports and exports, and GDP as well as GDP related terms.
I can define and explain the components of supply and demand including the factors that influence the relationship, price, and the equilibrium of price and quantity

ISN #___:Economic System

ISN: Economic System

Part One - Getting the Terms Down

Using cia.gov/worldfactbook let's take a look at the terms related to the economic system:

Gross Domestic Product (GDP)

1. Gross domestic product (GDP) Official exchange rate

2. GDP per capita

3. GDP by composition, by sector

Here is an example: which country would you like to be? Why?

Employment terms

1. Child labor

2. Labor force (by occupation)

3. Unemployment rate

Trade terms

Imports
Exports
Look at the poster How would you define "balance of trade"?

Part Two: Types of Economic Systems

= What are the four types of economies?

LIST the four types and then a brief description (1-2 sentences)
Market -
Command -
Mixed -
Traditional -

Enrichment Options

Explore trade agreements the US has been or is currently a member of so you can determine the pros and cons of joining such trade agreements (US gov website, NAFTA, GATT/WTO, TPP). You can also explore other trade agreements that exist and how these trade agreements impact the countries involved and that part of the world (ASEAN, EU). Just remember to cite your sources.

Create a pro/con list for each type of economy. For instance, you would list one pro AND one con of the traditional economy. Then for command, market, and mixed economies. At the end you should have 8 things listed total.

This summer there was focus on the G20 meeting. Who are the members of the G20 and how do they get to be a member? How is the G8 different?

Unit 4 will delve into the Economic System more as we discover levels of development, how people live around the world based on their economic situation and then how globalization plays a role.

The ultimate resource in economic development is people. It is people, not capital or raw materials that develop an economy. Peter F. Drucker

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