2.2 Visionaries of Economics Notes
Presentation
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Social Studies
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12th Grade
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Practice Problem
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Easy
TIMOTHY BALASA
Used 1+ times
FREE Resource
5 Slides • 7 Questions
1
2
Match
Match the economic systems to its characteristics or meaning.
Command economy
Mixed economy
Traditional economy
Free Market
Centrally owned by the government
Public and private sectors
Customs, family, and historical basis
Private sector, profit, and minimal gov.
Centrally owned by the government
Public and private sectors
Customs, family, and historical basis
Private sector, profit, and minimal gov.
3
4
Multiple Choice
Why is it important to study the ideas of visionaries in economics?
Because their ideas shape economic policies and societies
Because economics is only about numbers
Because visionaries are always correct
Because economics does not change over time
5
6
Multiple Select
Which of the following statements about Adam Smith's beliefs is/are correct?
He believed free enterprise is the most ethical economic system.
He argued that self-interest leads to benefiting others.
He thought people must serve others to serve themselves.
He supported government planning of the economy.
7
8
Fill in the Blanks
According to Karl Marx, the value of produced goods comes from
Type answer...
9
Open Ended
Compare and contrast the views of Adam Smith and Karl Marx on self-interest and its impact on society.
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11
Open Ended
After learning about Adam Smith, Karl Marx, and Friedrich Hayek, do you have any questions or would you like to know more about any of their economic visions?
12
Match
EXIT TICKET: Match the following
an economic problem of humans having limited resources while
also having unlimited needs and wants
a social science
that studies how people, acting individually and in groups, decide to use
scarce resources to satisfy their wants.
Behind each choice, there is an alternative choice that could have
been made. The value of that second-best option.
rewards or penalties that influence an individual to make or avoid a specific choice.
Scarcity
Economics
Opportunity Cost
Incentives
Scarcity
Economics
Opportunity Cost
Incentives
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