Lesson Plan
Course Title: Principles of Business, Marketing, and Finance
Session Title: The World of the Market Economy
Performance Objective:
The student differentiates between the types of economic systems with emphasis on the private enterprise
system and the United States economy.
Specific Objectives:
(3)(C) Summarize the characteristics of the private enterprise system.
Preparation
TEKS Correlations:
This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may
result in the elimination of one or more of the TEKS listed.
Interdisciplinary Correlations:
English:
§110.42. English I (c) The student is expected to:
(8)(B) read in such varied sources as diaries, journals, textbooks, maps, newspapers, letters, speeches,
memoranda, electronic texts, and other media;
(6)(A) expand vocabulary through wide reading, listening, and discussing; and,
(4)(F) compile written ideas and representations into reports, summaries, or other formats and draw
conclusions.
Economics:
§118.2. Economics (c) The student is expected to:
(10)(A) Explain the characteristics and give examples of traditional, command, and market economic systems.
(21)(A) Analyze the societal values that determine how a country answers the basic economic questions.
Instructor/Trainer
References:
1. Brown, Betty J., & Clow, John E. (2003). Introduction to Business: Fifth Edition. New York: Glencoe/MacGraw Hill.
Instructional Aids:
1. Optional – Overhead, SmartBoard, Internet, ELMO (if available and where applicable)
Materials Needed:
1. Textbook
2. Internet
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Learner Preparation:
Learners will review vocabulary terms the night before and read textbook the night before.
Lesson Plan
Vocabulary:
Market Economy [Capitalism or Private Enterprise]
An economic system in which decisions are made in the marketplace according to the laws of supply and
demand. Resources are privately owned. Consumers’ buying decisions determine products/services offered
in the marketplace. Government control of the marketplace is minimal.
Demand
The amount or quantity of goods and services that consumers are willing to buy at various prices.
Supply
The amount of goods and services that producers will provide at various prices.
Equilibrium Price
Equilibrium is the price at which the amount supplied and the amount demanded meet.
Profit Motive
The desire to make more money.
Brown, Betty J., & Clow, John E. (2003). Introduction to Business: Fifth Edition. New York: Glencoe/MacGraw Hill.
Introduction (LSI Quadrant I):
You are in need of a club fundraiser. You decide to sell candy and contact several vendors. You can obtain
the candy, but you are unsure of the best pricing. You ask potential customers if they are willing to buy at…
50 cents? A definite yes for all customers.
75 cents? Still yes for all customers.
$1? Still yes for all customers.
As the surveyed price increased over $1, fewer students still desired to purchase the candy. None of the
students were willing to pay more than $2.
What does that information tell you? It inferred that demand decreases based on higher price. It also
communicated that customers’ (consumers) purchasing decisions influenced pricing.
Welcome to the world of the market economy.
Outline
Outline (LSI Quadrant II):
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2
Instructors can use the PowerPoint presentation, slides, handouts, and note pages to support and reinforce the
following outline.
MI
Outline
Notes to Instructor
I. Application – Guided Practice
I.
Application – Guided Practice
A. Students complete an
A. Direct students to an EconEdLink online
activity that allows them to
lesson Economics in the Headlines
begin to understand
1. Print and distribute assignment from
supplying and demand.
student website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=student
II. Application – Independent
See Multiple
Intelligences
(MI) key
below.
Practice
A. Students complete an
activity that allows them to
display their understanding
of supply and demand.
2. Print and distribute copy of newspaper
article found at
http://collectdolls.about.com/cs/madamealexander/a/madamehappymeal.htm
3. Print and distribute worksheet PDF
page 1 (see same website)
4. Print and retain the information from
the teacher’s website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=teacher
5. Class collaboratively completes
worksheet.
6. Discuss the evaluative questions listed
on the teacher’s website (see
answers).
II. Application – Independent Practice
A. Direct students to an EconEdLink online
lesson Economics in the Headlines
1. Retain the assignment from student
website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=student
2.
Print and distribute copy of
newspaper article found at
http://money.cnn.com/2002/04/08/news/international/iraq/index.htm
3.
Print and distribute worksheet PDF
page 2 (see assignment website)
4.
Print and retain the information from
the teacher’s website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=teacher
5.
Student completes worksheet.
6.
Discuss the evaluative questions
listed on the teacher’s website (see
answers).
Copyright © Texas Education Agency, 2011. All rights reserved.
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Summary
I. Summary Review Questions
A. Students will answer
review questions
Evaluation
I. Evaluation
A. Students complete an
activity that allows the
instructor to evaluate the
students’ understanding of
supply and demand.
I. Summary Review Questions
A. Ask review questions found on pages 5 and
6 (see Summary)
I.
Evaluation
A. Direct students to an EconEdLink online
lesson Economics in the Headlines
1. Retain the assignment from student
website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=student
2.
Direct the students to find a
newspaper article involving supply and
demand (see suggested websites on
the end of the assignment referenced
above).
3.
Print and distribute Evaluation Activity
worksheet PDF page 3 (see
assignment website).
4.
Review the information from the
teacher’s website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=teacher
Extension/Enrichment
I. Extension/Enrichment
A. Students explore other
website activities based on
similar content.
I.
5.
Students complete and submit the
worksheets.
6.
Class discusses Assessment Activity
evaluative questions.
Extension/Enrichment
A. Allow students to explore other websites’
activities based on similar content such as
the one listed on page 6.
Copy and paste Multiple Intelligences Graphic in appropriate place in left column.
Copyright © Texas Education Agency, 2011. All rights reserved.
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Verbal
Linguistic
Logical
Mathematical
Visual
Spatial
Musical
Rhythmic
Bodily
Kinesthetic
IntraPersonal
InterPersonal
Naturalist
Existentialist
Application
Guided Practice (LSI Quadrant III):
Direct students to an EconEdLink online lesson Economics in the Headlines
1. Print and distribute assignment from student website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=student
2. Print and distribute copy of newspaper article found at
http://collectdolls.about.com/cs/madamealexander/a/madamehappymeal.htm
3. Print and distribute worksheet PDF page 1 (see same website)
4. Print and retain the information from the teacher’s website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=teacher
5. Class collaboratively completes worksheet.
6. Discuss the evaluative questions listed on the teacher’s website (see answers).
Independent Practice (LSI Quadrant III):
Direct students to an EconEdLink online lesson Economics in the Headlines
1. Retain the assignment from student website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=student
2. Print and distribute copy of newspaper article found at
http://money.cnn.com/2002/04/08/news/international/iraq/index.htm
3. Print and distribute worksheet PDF page 2 (see assignment website)
4. Print and retain the information from the teacher’s website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=teacher
5. Student completes worksheet.
6. Discuss the evaluative questions listed on the teacher’s website (see answers).
Summary
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Review (LSI Quadrants I and IV):
•
•
Question: Explain in your own words what is a market economy?
Answer: Varies.
•
•
Question: What are two characteristics of a market economy?
Answer: Minimal government intervention. Prices driven by market decisions. Supply and demand
are affected by consumer spending. Profit motive is the driving force behind business
decisions.
•
•
Question: Why is the equilibrium price important?
Answer: The equilibrium price represents the intersection of the supply and demand curves.
•
•
Question: If current gas prices are $2.25 and the supply of gas is high, what would be the effect of
increasing the price of gas to $3?
Answer: Demand will slow down.
•
•
Question: What terms are synonymous with market economy?
Answer: Capitalism and private enterprise
Evaluation
Informal Assessment (LSI Quadrant III):
Evaluate answers to independent practice.
 Address issues raised in independent practice.
Formal Assessment (LSI Quadrant III, IV):
Direct students to an EconEdLink online lesson Economics in the Headlines
1. Retain the assignment from student website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=student
2. Direct the students to find a newspaper article involving supply and demand (see suggested websites
on the end of the assignment referenced above).
3. Print and distribute Evaluation Activity worksheet PDF page 3 (see assignment website).
4. Review the information from the teacher’s website:
http://www.econedlink.org/lessons/index.php?lesson=317&page=teacher
5. Students complete and submit the worksheets.
6. Class discusses Assessment Activity evaluative questions.
Extension/Enrichment (LSI Quadrant IV):
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Allow students to explore other websites activities based on similar content such as:
http://www.eric.ed.gov/ERICWebPortal/custom/portlets/recordDetails/detailmini.jsp?_nfpb=true&_&ERICExtSearch_SearchValue_0=ED459101&ERICExtSearch_SearchType_0=no&accno=ED459101
UNT in partnership with TEA, Copyright © 2009. All rights reserved.
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Copyright © Texas Education Agency, 2011. All rights reserved.
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