General Information

Title: Private and Public Institutions

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: Private and Public Financial Institutions

Descriptive Overview: Students will exhibit their knowledge of financial institutions by comparing and contrasting the services offered by each institution. Students will be given an overview of each type of financial institution, to complete this assessment.

Advantages of Medium: Students will receive automatic feedback on evaluation items. Students will gain valuable knowledge by visiting the web sites of various banks, and comparing offered services.

Lesson Specifics

Lesson Objectives/Goals: The student will:

• identify the role of private and public institutions.
• specify the advantages and disadvantages of different financial institutions.
• determine the financial services offered by local financial institutions.

Assumed Skills or Prerequisite Skills: Students must be familiar with the unit vocabulary

Learning Environment:

• One computer - teachers must download a worksheet for this lesson. Also a transparency of notes should be made to use on an overhead projector.
• computer lab setting- no materials will be needed

Instructional Set

Students will discuss their experience with a bank or financial institution. Students should brainstorm ideas of the services that each institution provides.

Gaining Attention: Not applicable

Orienting the Lesson: Not applicable

Stimulating Recall of Prerequisites: Not applicable

Key Questions:

1. What is a bank?
2. What are the differences in commercial banks and credit unions?
3. What are the advantages/disadvantages of using a savings and loan as opposed to a commercial bank?

Teaching Strategies

1. Review the history of banking
2. Describe the functions of a bank and a bank account.
3. Introduce and discuss different types of financial institutions: Commercial Banks, Savings and Loan Associations, Savings Banks and Credit Unions.
4. Determine the services that each institution provides by completing the chart on financial institutions.
5. Discuss possible answers. Have students call institutions from home to inquire about services if necessary
6. Review chart orally and discuss differences in banking activities.
7. Complete matching activity to review the financial institutions.

Terminology/Vocabulary:

Bank
Commercial Bank
Savings and Loan Association
Savings Bank
Credit Union

Practice: Complete chart comparing services offered at each type of bank

Assessment: matching questions

Enhancements

• Guest speakers could include various banking professionals.
• Students could visit a bank and get an overview of services and daily operations.
• Examine the banking systems of other countries:

  
  Japan
  Thailand
  Russia

• Overview of Financial Institutions

Extensions

Not applicable