"Economic Systems"Introduction
Not all economic systems are alike. Ours is a market economy
based on private property and free enterprise, but there are
other ways to organize economic activity. One of the best
guides to other economies, including Russia and the former
republics that now make up the Commonwealth of Independent
States, comes from the United States Central Intelligence
Agency (CIA). The CIA's World Factbook 2004 contains
a variety of information ranging from politics to economics. Lesson Description
Students will use information from the World Factbook 2004
Web site to find out more about economic systems around the
world by examining a country of their choice. Concepts to Explain
Students should be familiar with the following terms:
capitalism: market economy in which the factors of
production are privately owned
communism: economic and political system in which factors
of production are collectively owned and directed by the state;
theoretically classless society in which everyone works for
the common good Instructional Objectives
- Students will describe the climate and natural resources,
government, and economy of a selected country.
- Students will list the life expectancy, literacy rate,
and infant mortality rate of a selected country.
Student Web Activity Answers
The answers to questions 1-4 will vary depending on the country selected.
For example, if the student selected the country of Bermuda,
the climate is subtropical with low hills and a large coastline.
Natural resources include limestone and a pleasant climate
for tourism. Bermuda's government is a dependent territory
of the United Kingdom. The capital city is Hamilton. The legal
system is based on English law. The economy of Bermuda has
one of the highest per capita incomes in the world. The business
of financial services for international firms as well as a
strong tourist industry contributes to the high per capita
income. Agricultural products include bananas, vegetables,
citrus, flowers and dairy products. The main industries are tourism, international business, and light manufacturing. Bermuda has a literacy rate of 98 percent for the total population, a life expectancy of 77.6 years, and an infant mortality rate of 8.79 deaths/1,000 live births. Extending the Lesson
Encourage students to research further information about their
selected countries. Have students share this information with
class members. Conduct an international culture fair with
students representing their respective countries.
Have students examine exchange rates for selected countries.
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