What are the 4 Major Economic Systems

What are the 4 Major Economic Systems?

Depending on what country a business is located in will have an impact of external factors like government involvement in peoples business. This lesson will introduce the four major economic systems and what makes them each different.

Learning Objectives:

Identify the 4 Major Economic Systems

Identify and discuss the advantages and disadvantages of each system

Discuss the opportunities and challenges of doing business in domestic and global environments

Describe and discuss a type of business that could work in each system

Discussion Questions:

1) What are the 4 major economic systems? Identify and discuss the advantages and disadvantages of each system.

2) How do different economic systems impact doing business in domestic and global environments?

Small Group Activity:

Discuss and brainstorm a business idea that your group believes would work in each economic system.

Present your idea to the class and make a case for why it would work.

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