Economic Systems Scenario Worksheet w/ Teacher Guide

Great way to check for comprehension when teaching economic systems. This worksheet can be given as a homework assignment, comprehension check, differentiated assignment, or taught as a whole class.

Students first have to define the four economic systems (traditional, market, command, and mixed economy). I like to have students do this on their own and then as a class check to make sure that everyone has the correct definition on their paper before they work on the scenarios. Teachers can also choose to have students do this independently if they believe that their students do not need that extra support. Next, students will read four detailed scenarios about each economic system. Students are asked to define the correct economic system, explain how they know that is the correct economy, and then highlight or underline keywords or phrases that let them know which economic system was used. These three steps will ensure that students comprehend the economic systems and help the teacher to know what misunderstanding students still have.

The last page of this worksheet is a teacher guide that provides possible tiered essential questions, definitions of the economic systems, three additional scenarios to help the students get started, and an answer key with reasoning for the scenarios.

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