Arlington ISD Social Studies Department Created: March 8, 2019 LE are basic economic problems faced by every society The study of how people 30+184 limited resources In the modern world we commonly use their needs and wands while dealing with Sound a favour ONOMICS? wants Socialism: that a person Shw have to survive THE you could reasonable argue is a need? you would like but do not need to Sumive nt of resources to meet unlimited wants and needs. Pavon 10 er an Infinate resource, therefore: Everything is Sconce! Stupm als and needs, but limited resources create families out how to use their scarce businesses garment, etc. to resources spcctve your own feeling of what is needed of resources not using your resources to their enough money for college, but I have to buy a pair of $200. : any time - yet I watch 6 hours of television a day! ncrease in demand A sudden rush to use resources can atch Kids nd other new tech 's Szechuan Sauce We've learned that all economies What to produce? How to produce? For whom to produce? Communist, Socialist or Free Enterprise? must answer the following three questions: The way in which these questions are answered determines a nation's economic system. However, in today's modern world, we know that most economies are mixed and have at least some characteristics of, both, Command and Market systems. We will now look at some versions of these economic systems and some key people and their philosophies that have had an impact upon them. Use the "Communist, Socialist or Free Enterprise?" readings to complete the "Communist, Socialist or Free Enterprise?" chart and then answer the following questions. 1. How does communism and socialism differ from free enterprise? Discuss 2-3 differences for each. Communism: 4. Why is the free enterprise system so appealing? 2. If you were starting your own country, what are some key characteristics of communism that would be appealing to you? What aspects would you consider using in your own country? 3. If you were starting your own country, what are some key characteristics of socialism that would be appealing to you? What aspects would you consider using in your own country? FACED NORTH THE