Lesson 4_ Free Market, Planned, and Modern Economies.pptx -...

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Lesson 4: Free Market, Planned, and Modern Economies Unit 1: Introduction to Economics
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1. The government determines what is produced and consumed. Centrally planned economy Individuals and the government both play a role in not answering basic economic questions. Modern economy Individual producers and consumers answer questions of production and consumption. Free market economy
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Goals Explain why markets exist; Analyze a circular flow model of a free market economy Understand the self-regulating nature of the marketplace; Identify the advantages of a free market economy Describe how a centrally planned economy is organized Analyze the centrally planned economy of the former Soviet Union; Identify the problems of a centrally planned economy Explain the rise of mixed economies of various nations along a continuum between centrally planned and free market systems Understand the role of free enterprise in the economy of the United States
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Explain why market exist Analyze
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