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Foundations of Economic Systems: Capitalism, Socialism, and Communism

5th Grade · Social Studies · US-UT-SS

6 lessons

Goal

Introduce the fundamental economic questions and compare how capitalism, command economies, and socialism organize ownership and allocate resources.

6 lessons
0 of 6 done
  1. Understanding Scarcity and the Three Economic QuestionsUp next
  2. Free Market Capitalism: Private Property and ProfitYou are here
  3. Individualism and Consumer Sovereignty in Market EconomiesNot started yet
  4. Command Economies: Central Planning and State ControlNot started yet
  5. Socialism: Public Ownership and Social Safety NetsNot started yet
  6. Comparing Capitalism, Socialism, and Communism as Economic ModelsNot started yet
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Learning standards covered

us-ut6.4.2Utah Social Studies Standards · 5th Grade

Summarize the main differences between economic systems across the world (including communism, free market capitalism, individualism, socialism). Discuss the relationship between these systems and the concepts of freedom, equality, and fairness.