Activity 2-1
A Day in the Life

· Gain an understanding of the values and assumptions of different economic systems

• Student Handouts:
• Subsistence Economy
• Capitalist Economy
• Socialist Economy
• Buddhist Economics
• A Day in the Life . . .

Time

Two class periods plus homework

Evaluation

Students understanding of different economic systems should be reflected in the essay resulting from the "A Day in the Life" assignment and from oral participation in groups.

Vocabulary

1. subsistence competition
2. barter monopoly
3. surplus

Suggested Procedure

1. Divide students into five groups of 6 (based on class size of 30)

2. Assign each group one of the economies about which to read and answer the discussion questions. Give every member of the group the appropriate handout.

3. Then, create 6 groups of five, making sure that each group has one member representing each of the five economies.

4. Ask each of the five students to give a mini report (2-3 minutes) to the other four on the economic system with which they have become familiar. All students must end up with notes on each of the economies. In the report, students can include the characteristics and goals of each economic system.

5. Have a class discussion debriefing the 4 economic systems.

· What are the goals of each?

· What are the key differences between the systems?

· Is there a superior system?

6. Assign the "A Day in the Life . . ." assignment for homework

Alternative Procedure:

Have all the students read all the handouts and do the assignment individually.

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