Unit 1 → Subtopic 1.2

Researching on Economic Systems

Economic systems define how societies organize production, allocate resources, and distribute goods and services. Whether a country follows a market economy, a command economy, a mixed economy, or a traditional economy, each system comes with unique advantages and challenges. Understanding these systems requires evaluating multiple perspectives, historical contexts, and real-world applications. This project will task students with researching different economic systems using a variety of sources, analyzing the credibility, biases, and accuracy of the information they gather.

Students will begin by selecting two or more sources that discuss economic systems. These sources could include academic papers, government reports, news articles, or opinion pieces from economists. The goal is to critically examine how different sources present economic models, looking for potential biases or ideological influences in their discussions. For instance, one source might present capitalism as the most efficient system, while another might emphasize its flaws and the benefits of government intervention. By comparing sources, students will develop a deeper understanding of how economic theories are interpreted and debated in different contexts.

The final output of this project will be a structured comparative analysis, where students assess the strengths and limitations of their chosen sources. They should discuss how economic systems are portrayed, whether the arguments are backed by data, and whether there are any noticeable biases in how the systems are framed. This project will enhance students' ability to critically engage with economic information, helping them recognize the importance of evaluating sources rather than accepting information at face value.

By the end of this exercise, students will not only have a clearer grasp of economic systems but also improve their research and analytical skills. This project will encourage them to question narratives, seek multiple perspectives, and apply critical thinking when studying economic policies and ideologies.

Recommended Procedure:

  1. Select Sources on Economic Systems – Identify at least two different sources that discuss economic systems. These could include textbooks, news articles, economic research papers, or government reports.

  2. Assess Source Credibility and Bias – Examine the background of each source. Consider who wrote it, their perspective, and whether the information comes from a neutral, academic, or politically influenced viewpoint.

  3. Compare How the Sources Present Economic Systems – Analyze whether the sources focus on strengths, weaknesses, or ideological arguments. Identify differences in tone, focus, and supporting evidence.

  4. Evaluate Data and Arguments Used in Each Source – Check if the sources rely on factual data, case studies, or opinion-based discussions. Determine whether they use logical reasoning and provide valid economic examples.

  5. Write a Comparative Analysis – Summarize findings in a structured report that highlights key similarities, differences, and potential biases. Conclude with a reflection on the importance of source evaluation in economic discussions.

Suggested Sources:

  1. Overview of Economic Systems:

    2. Research and Source Evaluation Guides:

    • Purdue OWL: How to Evaluate Sources – https://owl.purdue.edu

    • Harvard University Library: Identifying Bias in Economic Research – https://library.harvard.edu

    3. Comparing Different Economic Perspectives:

    4. Fact-Checking and Bias Analysis:

Grading Rubric:

Total Points: __ /20

Congratulations, You Have Finished the Project!