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Lesson 1 (from Chapter 1, The Power of the Market)

Objective

Chapter 1, The Power of the Market.The emphasis of this chapter is on how different economies function. Friedman discusses both the former Soviet economy and ends the chapter with a discussion of Hong Kong. At the time the book was written, these two economies were polar extremes. The Soviet economy was a command economy and Hong Kong was the freest or most capitalistic of all economies. The United States was in between. The objective of this lesson is to examine the differences between these economies.

Lesson

1. This book focuses on the price system and it is important for students to understand what the price system is. Have each student write an in class paragraph defining the price system.

2. The different economic structures of the economies are an important part of this chapter and it is important that the student understand these differences. Have the students find...

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