Lesson 1.6- Factors of Production and Their Relationship to Efficiency, Growth, and Sustainability

  • Lesson 1.6- 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.


    Success criteria
    You will be able to demonstrate an understanding of different economic systems (i.e., market, mixed, traditional, command) and answer the three fundamental economic questions about production (i.e., what, how, and for whom to produce)




    • Lesson Glossary

      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. 

    • Discussion Forum - Economy

      Group Activity: Exploring Economic Systems

      1. Individual Research: Each group member will research and write a brief summary about one type of economic system (traditional, command, market, or mixed). Ensure you highlight:

        • Key features of the system.
        • Strengths and weaknesses.
        • Examples of countries or regions where it is practiced.

      2. Group Discussion: Share your findings with your group members. Engage in a discussion to compare the advantages and disadvantages of each system.

      3. Group Consensus: As a group, critically evaluate the systems and decide which economic system your group believes is the most effective overall. Consider factors like efficiency, equity, adaptability, and sustainability in your decision.

      4. Presentation: Prepare a short presentation to explain your group’s choice, supported by the reasoning and evidence from your discussion. Be ready to answer questions from your peers.



    • Lesson Exit Card Questionnaire

      Students to complete this after you've finished all activities/tasks in today's lesson.