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→Key Idea #
*Question Corner
*Question Corner
==Key Idea #==
==Key Idea 3 - Different Economic Systems ==
What are the key ideas to be covered
What are the key ideas to be covered
===Learning objectives===
===Learning objectives===
To understand about the different types of economic systems
To be able to identify pros and cons of each type of system
===Notes for teachers===
===Notes for teachers===
===Activity No # ===
What are some economic systems?
Free Market economy: this is a system where there is minimum to no interference from the government and economic decisions are made by buyers and sellers. This was popular in most parts of Europe and North America in the nineteenth century.
Command economy: in such an economy, the government plays a prominent role, and there is centralized control of the economy by the government. The most popular example used to the erstwhile Soviet Union, before it gave way to a market economy around 1990. China is a modern day example of a command economy.
Mixed economy: Today, there are few economies that are strictly one or the other but most are different combinations of both. Markets direct day-to-day economic life (as shown in the previous section) and the government acts a regulator and also collects taxes to provide basic services such as education and healthcare.
Most economies have elements of market as well as centralized control/planning, hence are mixed economies. [https://mikerivageseul.wordpress.com/2013/06/12/critical-thinking-mixed-economies-are-all-we-have/ Read a blog on this]
===Activity No 1 - Debate on which economic system is better ===
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{| style="height:10px; float:right; align:center;"
|<div style="width:150px;border:none; border-radius:10px;box-shadow: 5px 5px 5px #888888; background:#f5f5f5; vertical-align:top; text-align:center; padding:5px;">
|<div style="width:150px;border:none; border-radius:10px;box-shadow: 5px 5px 5px #888888; background:#f5f5f5; vertical-align:top; text-align:center; padding:5px;">
*Materials/ Resources needed
*Materials/ Resources needed
*Prerequisites/Instructions, if any
*Prerequisites/Instructions, if any
Division into two sides (market vs. command); students should be prepared with their research and arguments
*Multimedia resources
*Multimedia resources
*Relevant local connections - people, places and materials
*Relevant local connections - people, places and materials
*What questions can you ask
*What questions can you ask
*Assessments - incorporating elements of CCE
*Assessments - incorporating elements of CCE
Successful understanding of the pros and cons of each type of economic system
*Question Corner
*Question Corner
India has adopted the mixed economy model. How well has it worked for her development and growth? Identify the market and command elements in India's economy
===Activity No # ===
===Activity No # ===
{| style="height:10px; float:right; align:center;"
{| style="height:10px; float:right; align:center;"