Indiana Social Studies GE.2.1

Social StudiesGrades 9–12Global Economic Systems

The Standard

Describe the various economic systems such as a free market, a command economy, or a mixed economy.

2026 Indiana Academic Standards: K-12 Social Studies

Teacher's field guide

What Students Need to Do: Students explain who makes decisions about what to produce, how much to charge, and who gets goods in different economic systems. They compare the roles of businesses, consumers, and government.
What Mastery Looks Like: A student can classify a short example as a free market, command, or mixed economy and point to the decision maker as evidence. They can explain why most real economies have both market choices and government rules.
Common Misconceptions: Students may think a mixed economy means government and businesses each make exactly half the decisions. They may also assume a free market has no rules, or that people in a command economy make no choices at all.
How to Assess It: Exit ticket: Businesses set food prices, but the government sets water rates. Which type of economy does this best describe, and who makes each decision?

Lesson moves

Give groups paper tokens and product cards, then have them allocate goods once by customer bids and once by a government plan.
Ask students to write: Who should decide the price of bread during a shortage, and what might happen after that decision?
Play a card sort with examples of pricing and production decisions, then have students defend each market, command, or mixed label.
Compare prices in a local grocery ad with your town's public bus fares, and identify who sets each price.

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