Lesson #11:

During this class students will be introduced to the defining concepts which establish the foundation of economics. At the conclusion of the class students will come to appreciate how the universal problem limited resources and unlimited wants creates the problem of scarcity. Students will see how sacarcity then forces all societies to answer three fundamental economic questions:

1. What to produce?
2. How to produce?
3. For whom to produce?

1. Free Enterprise (Capitalist),
2. Centrally Planned (Command, Communist), and
3. Mixed (Modified Free Enterprise).

Instructional Method and Evaluation:

Within a socratic lecture students will come to understand how all three economic systems are based upon a similar foundation. The handout entitled Economics: A Problem of Scarcity illustrates how free enterprise, communism, and mixed systems all share the common root of scarcity. Scarcity forces all societies to answer some fundamental questions. It is in the answers to these questions that a society will come to define itself as belonging to one system or another.

Student's will then use a Political Self-Analysis in order to examine their own opinions, attitudes, and beliefs and place these perspectives within the context of the political spectrum. Emphasis will be placed on the fact that no political system or beliefs are considered good, bad, right or wrong. After all, each system has the same goal of solving the same fundamental problems.

In groups of approximately four students, the class will create several board games which illustrate the advantages and the disadvantages of the three different economic systems. Groups can use the following Board Game Stencil to assist them in producing their game. The game will then be evaluated for accuracy when it is transfered on to an overhead and played by the class.

Resources:

Text Reference:
• Chapter #2, pages 34 - 53

Handouts:
• Board Game Stencil

• Paper Dice

• Virtual Dice

Relevant web sites: