Year 8 Business and Economics
  • Economics/Markets
    • Week One - Markets >
      • Lesson 1 - Economics and business concepts
      • Lesson 2 - Markets
    • Week Two >
      • Lesson 3 - Markets Case Study
      • Lesson 4 - circular flow model
    • Week 3 - Economic Systems >
      • Lesson 5 - The four Economic Systems
      • Lesson 6 - The Command Economic System
    • Week 4 - Government involvement in the Market >
      • Lesson 9 - Government and the Economy
      • Lesson 10 - Taxation
      • Lesson 11 - Assignment and Government Spending
    • Week 5 - The Future of work >
      • Lesson 13 - Influences on the way people work - Technology and artificial intelligence
      • Lesson 14- Influences on the way people work - Outsourcing
    • Week 6 - Working conditions >
      • Lesson 16- Working conditions and child labour
    • Week 7 - Types of Industries >
      • Lesson 23- Types of Industries - The manufacture Process (Primary, Secondary, Tertiary)
    • Week 8 - Consumers and Producers >
      • Lesson 24- Legal and social responsibilities of businesses
      • Lesson 25- Socially responsible businesses - The Body Shop
      • Lesson 26- Consumer law in Australia
  • glossary
  • New Page

Lesson 5 - The Four Economic Systems

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​Aim:
To understand and explore the four economic systems
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Today's task:

Watch the you tube clip 'Economics - Economic Systems' here
​Answer the questions on the worksheet provided

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economic_systems_overview.docx
File Size: 171 kb
File Type: docx
Download File

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Investigate the market system in more detail. What are the pros and cons of living in this system?
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What type of economy would you like to live in? Why?
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  • Economics/Markets
    • Week One - Markets >
      • Lesson 1 - Economics and business concepts
      • Lesson 2 - Markets
    • Week Two >
      • Lesson 3 - Markets Case Study
      • Lesson 4 - circular flow model
    • Week 3 - Economic Systems >
      • Lesson 5 - The four Economic Systems
      • Lesson 6 - The Command Economic System
    • Week 4 - Government involvement in the Market >
      • Lesson 9 - Government and the Economy
      • Lesson 10 - Taxation
      • Lesson 11 - Assignment and Government Spending
    • Week 5 - The Future of work >
      • Lesson 13 - Influences on the way people work - Technology and artificial intelligence
      • Lesson 14- Influences on the way people work - Outsourcing
    • Week 6 - Working conditions >
      • Lesson 16- Working conditions and child labour
    • Week 7 - Types of Industries >
      • Lesson 23- Types of Industries - The manufacture Process (Primary, Secondary, Tertiary)
    • Week 8 - Consumers and Producers >
      • Lesson 24- Legal and social responsibilities of businesses
      • Lesson 25- Socially responsible businesses - The Body Shop
      • Lesson 26- Consumer law in Australia
  • glossary
  • New Page