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Day 4 – 8/28/2015 – Socialism & Free Enterprise

Revenue

Day 4 – 8/28/2015 – Socialism & Free Enterprise

Vocabulary Word: Revenue (Income)

revenue

Essential Question:

Why does free enterprise do better than other economies?

Agenda:

  1. Opening
  2. Socialism
  3. Free Enterprise
  4. Write
  5. Closing

For the opening we created our own definitions of Revenue and Income based on the above drawing on the white board.

Catching Goldfish

We continued our goldfish economy simulation today by doing mock socialism economies and free enterprise economies.

Socialism: All groups received a different number of resources (goldfish). Each group counted their total and wrote the number on the white board. Each student calculated a class total and divided that by the number of students so that we all received the same number.

Students wrote a complete sentence describing how socialism works based on this game.

Free Enterprise: All groups received a different number for resources (goldfish). Each person in the group could take as many as they like. They could also go around to other groups and take as many as they like as well.

Students wrote a complete sentence describing how Free Enterprise works based on this game.

The Writing Activity

Using the 4 different economic systems discussed today and yesterday, students had to answer the following questions in complete sentences for a grade.

  • Which economic system do you think is best? Why?
  • Which economic system is the worst? Why?
  • Which economic system is used in the United States today?

Closing: Answer the Essential Questoin

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