General Information
Title: Basic Principles
Subject Area: Social
Studies/Economics
SOL
7.6 - Virginia Standards of Learning
The
Students will explain the structure and operation of the United States economy
as compared with other economies, with emphasis on:
- the basic concepts of free market, as
described by Adam Smith, and of communism, as described by Karl Marx;
- the concepts of supply and demand, scarcity,
choices, trade-offs, private ownership, incentives, consumer sovereignty,
markets, and competition;
- private and public financial institutions
- the economic impact of consumption, saving
and investment, and borrowing by individuals, firms and governments; and
- the differences between free market,
centrally planned, and mixed economies.
Grade
Level: 8
Lesson Topic: Economic Systems
Descriptive
Overview: In this lesson, students will be exposed to four
types of world economies. They will also learn the historical background that
led to the formation of those economies, specifically command and mixed
economies.
Advantages of Medium:
Excellent source for visual learners.
Lesson Specifics
Lesson
Objectives/Goals:
The student will:
- Describe and compare the economic systems
predominate in the world today.
- Compare and contrast traditional, command and
market economies.
- Explain how mixed economies are a combination
of other economic
Assumed
Skills or Prerequisite Skills: Students should be familiar with unit vocabulary.
Learning
Environment:
- One Computer: Students should rotate in
groups to the computer during the class period to watch the video clips of
the economies
- Computer Lab: Students can individually view
notes and video clips on the web.
Instructional Set
Teachers
should introduce the theories of Adam
Smith and Karl Marx.
Students will be asked to compare and contrast their theories.
Gaining
Attention: Not applicable
Orienting
the Lesson: Not applicable
Stimulating
Recall of Prerequisites: Not applicable
Key
Questions: Not applicable
- Describe
the founders of basic economic systems and their contribution to history
- Adam Smith
and Karl
Marx are known framers of economic principals.
- Students should complete the note
organizer on Marx and Smith as the teacher describes the works of Marx
and Smith.
- Discuss the important facts that the students
should have written on the note organizer and their answers to the
questions that follow.
- Describe the foundation that Smith and Marx
provided for present economic thought.
- Introduce the types of world economies listed
below:
- If further information is needed, students
can refer to Encarta.
- Students should take notes to help them with
activities that follow in the next activity.
Terminology/Vocabulary:
Market Economy
Traditional Economy
Mixed Economy
Command Economy
Free Enterprise
Practice: Students will complete
organizer on Marx and Smith.
Assessment: Debate on Day 2
Enhancements
- Andersonville Prison lesson plan
- Students could further study the theories of
early economists.
Extensions
Not
applicable