General Information
Title: Create A Nation
Activity
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: Describing
the features of economic systems.
Descriptive Overview:
Students will use the knowledge they know of the world economies to create
a nation that organizes itself using the characteristics of the four economic
systems.
Advantages of Medium:
Students are able to use their creativity as well as their knowledge of
the world economies to create a nation of their own!
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 systems.
Assumed Skills or Prerequisite
Skills: Students should be aware of the characteristics of the different
world economies.
Learning Environment:
Create A Nation sheet
Instructional Set
Ask students, "Why do so many
types of economies exist? Why not have one world economy?"
Gaining Attention: Not
applicable
Orienting the Lesson:
Not applicable
Stimulating Recall of Prerequisites:
Not applicable
Key Questions: Not applicable
Teaching Strategies
-
Print out and/or copy a Create
a Nation worksheet for each group.
-
Divide students into groups of
four.
-
Assign tasks to each of the students:
timekeeper, presenter, writer, referee
-
Ask students to brainstorm ideas
about the characteristics that make profitable economies.
-
When everyone in the group has
come to a consensus, students should fill out the worksheet Create
a Nation
-
Teachers will check the progress
of each group.
-
After completing the worksheet,
the presenter of each group will share the characteristics of the nation
with the entire class.
-
After the presentations, teachers
should make connections of the created economies and the economies that
the class has studied.
Terminology/Vocabulary:
Command
Economy
Market
Economy
Mixed
Economy
Traditional
Economy
Practice: Not applicable
Assessment: Not applicable
Enhancements
Research and discuss the following
question:
"How is the economy of the
United States (a country) similar to the economy of Europe (a continent)?
Remember, in 2002, all electronic financial transactions will be in the
"EuroDollar" which will eventually become the standard currency of all
European countries. This will eliminate the individual currency of each
country.
Extensions
Not applicable