Read the textbook excerpt below about systems of economy. Then, complete the activities that follow. There are pros (positives) and cons (negatives) about each economic system. Think about what could be positive and negative about each system and record at least one example for each in the table below.

Pros (Positives)

Cons (Negatives) Market Economy

Command Economy

Traditional Economy

Now that you’ve listed some of the pros and cons of the systems of economy, imagine that you are creating your own country! Which economic system would you put in place?

Thoroughly explain the system of economy and why you would choose it for your country. Your response should be a full paragraph (6-8 sentences).

Next, read the textbook excerpt below about tariffs:

Would you put tariffs on foreign products being sold in your imaginary country? Explain why or why not and explain who would benefit from your choice and why. Your response should be a full paragraph (6-8 sentences).