Western Civilization

Mr. DeLaet

In American Government, we have started learning about different types of economic systems and how certain governments conduct their economic policies.

 

In our latest class activity, students learned about market economies. A market economy is an economic system in which economic decisions are guided by the changes in prices that occur as individual buyers and sellers interact in the marketplace.

 

To illustrate this concept, students were grouped into three businesses and were tasked with creating a similar “product.” Much like how Ford, Chevy, and Toyota all make cars but compete with one another and consumers buy whichever car they like the best or think they will get the most out of. One by one, students came up to the board and had to draw various “products” and me (the consumer) chose the best one to “buy” for myself. The best “product” won just like in real life!