General Information

Title: Impact of Economic Events

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: The impact of consumption, savings and investment, and borrowing on individuals, firms, and government.

Descriptive Overview: Using major economic events, students will describe the impact on firms, individuals and the government. Examples will include major disasters, strikes and a recall of merchandise.

Advantages of Medium: Apply prior knowledge of economic concepts and internet research to draw conclusions.

Lesson Specifics

Lesson Objectives/Goals: The student will:

• analyze the impact of economic events on individuals, firms and the government.
• apply given information to draw conclusions.
• use Internet resources to research the effects of economic events.

Assumed Skills or Prerequisite Skills: Students should be familiar with unit vocabulary and basic economic principals including: supply and demand, government borrowing and spending, and business ownership.

Learning Environment: Students should be assigned to cooperative groups. Each member should have a job to maximize time on task. One Computer: Students should rotate in groups to the computer during the class period to research topics. Computer Lab: Students can individually research topics

Instructional Set

The teachers should present the Want-Satisfaction-Chain using a computer or overhead if necessary.

Gaining Attention: Not applicable

Orienting the Lesson: Not applicable

Stimulating Recall of Prerequisites: Not applicable

Key Questions: Not applicable

Teaching Strategies

1. Review procedures for groups and describe activity listed below
2. Distribute one scenario to each group.

   
   Hurricane Suzanne
   Stoller Recall!
   Valuemart
   Norristown
   Truck Drivers
   Moore Base

3. Allow students to read the materials and to brainstorm possible consequences of the economic event.
4. Ask students to categorize their thoughts on the consequences of the scenarios.
5. Distribute one worksheet to each group.
6. Allot a specific amount of time for the completion of the worksheet.
7. Collect worksheets.
8. Circulate scenarios through each group allowing the same time frame.
9. Repeat the above directions until each group has analyzed each event.
10. After groups have evaluated each scenario, the teacher will discuss the conclusions of the students.
11. Worksheets may be grouped by topics and posted for review to aid the class discussion.

Terminology/Vocabulary:
Not applicable

Practice: Not applicable

Assessment: Teachers will evaluate student performance through the use of a rubric.

Enhancements

• Create a class record of student conclusions. Encourage students to be innovative when they draw conclusions.
• Students could create scenarios that would have an impact on your local economy. (Drought, Flood, Closing of a plant, etc.)

Extensions

Not applicable