Lesson 4B Factors of Production and Their Relationship to Efficiency, Growth, and Sustainability
Learning Goals: By the end of this lesson you will be able to
- Compare different national economies with regard to their ability to produce and share wealth.
- Respect individual economic freedom, and promote the common goods.
- Distinguish between production and productivity.
economic system
The laws, institutions, and common practices that help a country determine how to use its resources to satisfy as many of its people’s needs and wants as possible.barter
The trading of goods and services without the use of a monetary system; such transactions are common in traditional economies.command economy
An economic system in which production decisions are made by government-appointed central planners.market economy
An economic system in which production decisions are made by the actions of buyers and sellers in the marketplace.private enterprise
A term applied to the private ownership of productive resources, a characteristic of market economies.mixed economy
An economic system, such as Canada’s, that contains elements of market, command, and traditional systems.Productivity
A firm’s ability to maximize output from the resources available, usually measured as the firm’s output per worker.In a group each member will write about a type economy.
After that with the group consensus decide which economic system your group thinks is best.
Students to complete this after you've finished all activities/tasks in today's lesson.