Lesson Plan - The Market
- I. Specialization and Exchange
- - advantages of specialization of labor
- - necessity of exchange
- - systems of exchange
- - force
- - tradition (feudal societies)
- - planned economies
- - market forces (laissez-faire economies; capitalism)
- - mixed economies
- II. Definition of Terms
- - the market
- - geographic markets
- - goods/services markets
- - resource (factor) markets
- - an economy
- - regional economies
- - national economies
- - multi-national economies
- III. Actors in the Market
- - households
- - firms
- - government
- - characteristics of each; assumptions about their behavior
- - interrelationships
- - circular flow model of an economy