Lesson Plan
Course Title: Principles of Business, Marketing, and Finance
Session Title: The Story Behind Economic Decisions
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:
4 (3) (E) Investigate potential causes of economic decisions such as supply and demand or consumer dollar
votes.
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:
(21)(A) Analyze the societal values that determine how a country answers the basic economic questions.
Instructor/Trainer
References:
1. O’Sullivan, Arthur, & Sheffrin, Steven M. (2007). Economics: Principles in Action. Boston: Pearson Prentice
Hall.
2. Graphic Organizers. Retrieved from Houghton Mifflin Harcourt Company Web site:
http://www.eduplace.com/graphicorganizer/
3. Rubistar. (2000 – 2008). Retrieved from ALTEC of University of Kansas Web site:
http://rubistar.4teachers.org/index.php
Instructional Aids:
1. Optional – Overhead, SmartBoard, Internet, ELMO (if available and where applicable)
Materials Needed:
1. Textbook
2. Internet
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Teacher Preparation:
Instructors should review content from textbook, PowerPoint, and rubric in order to guide students through the
research project.
Learner Preparation:
Learners will read textbook before class:

From the Economics: Principles in Action textbook, students scan units sections from which the
vocabulary was documented.
Lesson Plan
Vocabulary:
Economics
The study of how people seek to satisfy their needs and wants by making choices.
Scarcity
Limited quantities of resources to meet unlimited wants.
Shortage
Occurs when producers will not or cannot offer goods or services at the current prices.
Factors of Production
Resources that are used to make all goods and services. These resources are land, labor, physical capital
(includes buildings, equipment, and tools), and human capital.
Standard of Living
Level of economic prosperity.
Product Market
The market in which households purchase the goods and services that firms produce.
Demand
The desire to own something and the ability to pay for it.
Law of Demand
Consumers buy more of a good when its price decreases and less when its price increases.
Supply
The amount of goods available.
Law of Supply
Tendency of suppliers to offer more of a good at a higher price.
Unemployed
People who are either temporarily without work or are not working but have looked for jobs within the last 4
weeks.
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Labor Force
All nonmilitary people who are employed or unemployed.
Unemployment Rate
The percentage of the nation’s labor force that is unemployed.
Basic Principles of Free Enterprise
Competition
The struggle among producers for the dollars of consumers. The rivalry among sellers to attract customers while
lowering costs.
Profit Motive
The force that encourages people and organizations to improve their material well-being.
Open Opportunity
The concept that everyone can compete in the marketplace.
Legal Equality
The concept of giving everyone the same legal rights.
Free Contract
The concept that people may decide what agreements they want to enter into.
Voluntary Exchange
The rivalry among sellers to attract customers while lowering costs.
O’Sullivan, Arthur and Sheffrin, Steven M. (2007). Economics: Principles in Action. Boston: Pearson Prentice
Hall.
Introduction (LSI Quadrant I):
Last week, a new grocery store chain opened a location about a 3-minute drive away from your home. You may
ask yourself:

Why did it choose that location and your city/town?

What motivated the company to open a store now?
The planning of this move took time. It required land, labor, capital (money), equipment, products and services in
the design and building phases; and, it will take additional resources in the implementation phase. The ultimate
goals include providing quality products and services to customers while earning profit and increasing market
share.
Understanding the decision-making process or potential causes for the economic decisions (i.e., location, profit
motive, or market share) takes research. It takes understanding the economic questions and delving into data.
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This is the purpose of today’s lesson:
Investigate the story behind economic decisions.
Outline
Outline (LSI Quadrant II):
Instructors can use the PowerPoint presentation, slides, handouts, and note pages to support and reinforce the
following outline.
MI
I.
See Multiple
Intelligences
(MI) key
below.
Outline
Application – Guided Practice
A. Students consider examples of
economic decisions.
B. Students discuss potential causes
of economic decisions.
C. Students investigate one of the
potential causes of economic
decisions.
I.
II. Application – Independent Practice
A. Class repeats the guided practice
activity using a different economic
decision.
B. Students discuss potential causes of
economic decisions in collaborative
groups.
C. Each group presents investigative
strategies for one of the potential
causes of economic decisions.
II.
Notes to Instructor
Application – Guided Practice
A. Instructor leads class in a
discussion of economic decision
examples.
1. Display PowerPoint, page 2
2. Append list with students’
input
B. Determine potential causes of
an economic decision.
1. Display PowerPoint, page 3
2. Append list with students’
input
C. Select a potential cause and
conduct research.
1. Discuss resources and their
availability
a. Display PowerPoint,
page 4
2. Model resource picture
a. Display PowerPoint,
page 5
Application – Independent Practice
A. Instructor leads class in a
discussion of a new economic
decision example.
B. Determine potential causes of an
economic decision.
1. Complete PowerPoint, page
8 with class
2. Use ELMO or SmartBoard. if
possible.
C. Select a potential cause and
conduct research.
1. Discuss resources and their
availability
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a.
Display PowerPoint,
page 4
b. Complete within
collaborative group
c. Retain for evaluation
activity
2. Model resource picture
a. Display PowerPoint,
page 9
b. Complete within
collaborative group
c. Retain for evaluation
activity
3. Introduce successful
research strategies.
a. Display PowerPoint,
page 6
b. See note for
interpretation
4. Suggest additional useful
information
a. Display PowerPoint,
page 7
b. Append list with
students’ input
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 by
creating a research paper.
I. Summary Review Questions
A. Ask review questions found on
pages 5 (see Summary)
I. Evaluation
A. Students complete an activity that
allows the instructor to evaluate
the students’ understanding by
creating a research paper.
1. Distribute Research Report
rubric and Report
Instructions.
2. Direct students to use
PowerPoint pages 8 and 9
prepared during the
independent activity to
complete the research paper.
3. Students will write a 3 to 5
page research paper on the
potential cause documented
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4.
Extension/Enrichment
I. Extension/Enrichment
A. Students explore other website
activities based on similar content.
I.
Directions for the research
paper are in the Excel
document - - Report
Instructions.
Extension/Enrichment
A. Direct students to a lesson plan
that focuses on dollar votes’ effect
on different economies:
http://teachers.net/lessons/posts/3876.html
Copy and paste Multiple Intelligences Graphic in appropriate place in left column.
Verbal
Linguistic
Logical
Mathematical
Visual
Spatial
Musical
Rhythmic
Bodily
Kinesthetic
IntraPersonal
InterPersonal
Naturalist
Existentialist
Application
Guided Practice (LSI Quadrant III):
A. Instructor leads class in a discussion of economic decision examples.
1. Display PowerPoint, page 2
2. Append list with students’ input
B. Determine potential causes of an economic decision.
1. Display PowerPoint, page 3
2. Append list with students’ input
C. Select a potential cause and conduct research.
1. Discuss resources and their availability
a. Display PowerPoint, page 4
2. Model resource picture
a. Display PowerPoint, page 5
Independent Practice (LSI Quadrant III):
A. Instructor leads class in a discussion of a new economic decision example.
B. Determine potential causes of an economic decision.
1. Complete PowerPoint, page 8 with class
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2. Use ELMO or SmartBoard. if possible.
C. Select a potential cause and conduct research.
1. Discuss resources and their availability
a. Display PowerPoint, page 4
b. Complete within collaborative group
c. Retain for evaluation activity
2. Model resource picture
a. Display PowerPoint, page 9
b. Complete within collaborative group
c. Retain for evaluation activity
3. Introduce successful research strategies.
a. Display PowerPoint, page 6
b. See note for interpretation
4. Suggest additional useful information
a. Display PowerPoint, page 7
b. Append list with students’ input
Summary
Review (LSI Quadrants I and IV):
•
•
Question: Name and describe four potential causes of economic decisions?
Answer: Answers will vary. See vocabulary terms for suggested answers.
•
•
Question: What research tools are most effective for you and why?
Answer: Answers will vary.
•
•
•
Question: Briefly describe economic decisions that have recently impacted your community.
Answer: Answers will vary. Examples may include new gas station; property tax increase; new
housing community.
•
•
Question: Suggest research writing methods that will assist the class in this writing endeavor.
Answer: Answers will vary.
•
Question: Describe an unsuccessful economic decision that impacted either your community, state, or
the nation.
Answer: Answers will vary.
•
Evaluation
Informal Assessment (LSI Quadrant III):
Evaluate answers to independent practice.
 Address issues raised in independent practice.
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Formal Assessment (LSI Quadrant III, IV):
A. Students complete an activity that allows the instructor to evaluate the students’ understanding by
creating a research paper.
1. Distribute Research Report rubric and Report Instructions.
2. Direct students to use PowerPoint pages 8 and 9 prepared during the independent activity to
complete the research paper.
3. Students will write a 3 to 5 page research paper on the potential cause documented on
PowerPoint pages 8 and 9.
4. Directions for the research paper are in the Excel document - - Report Instructions.
Extension/Enrichment (LSI Quadrant IV):
A. Direct students to a lesson plan that focuses on dollar votes’ effect on different economies:
http://teachers.net/lessons/posts/3876.html
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Research Report Teacher Name: ________________________________________
Student Name: ________________________________________
CATEGORY
Graphic Organizer
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9
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Graphic organizer or Graphic organizer or Graphic organizer or Graphic organizer or outline has been outline has been outline has been started outline has not been completed and completed and shows and includes some attempted.
shows clear, logical clear, logical topics and subtopics.
relationships relationships between all topics between most topics and subtopics.
and subtopics.
Organization
Information is very organized with well‐
constructed paragraphs and subheadings.
Information is organized with well‐
constructed paragraphs.
Information is The information organized, but appears to be paragraphs are not well‐ disorganized.
constructed.
Amount of Information
All topics are addressed and all questions answered with at least 2 sentences about each.
Information clearly relates to the main topic. It includes several supporting details and/or examples.
No grammatical, spelling or punctuation errors.
All topics are addressed and most questions answered with at least 2 sentences about each.
Information clearly relates to the main topic. It provides 1‐2 supporting details and/or examples.
All topics are One or more topics addressed, and most were not addressed.
questions answered with 1 sentence about each.
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Quality of Information
Mechanics
CATEGORY
Information clearly Information has little relates to the main or nothing to do with topic. No details and/or the main topic.
examples are given.
Many grammatical, A few grammatical Almost no grammatical, spelling spelling, or punctuation spelling, or punctuation errors.
or punctuation errors errors.
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Internet Use
Successfully uses suggested internet links to find information and navigates within these sites easily without assistance.
Usually able to use suggested internet links to find information and navigates within these sites easily without assistance.
Occasionally able to use Needs assistance or suggested internet links supervision to use to find information and suggested internet navigates within these links and/or to sites easily without navigate within assistance.
these sites.
Diagrams and Illustrations
Diagrams and illustrations are neat, accurate and add to the reader's understanding of the topic.
Diagrams and illustrations are accurate and add to the reader's understanding of the topic.
Diagrams and illustrations are neat and accurate and sometimes add to the reader's understanding of the topic.
Sources
All sources (information and graphics) are accurately documented in the desired format.
Notes
All sources (information and graphics) are accurately documented, but a few are not in the desired format.
Notes are recorded Notes are recorded and organized in an legibly and are extremely neat and somewhat organized.
orderly fashion.
Diagrams and illustrations are not accurate OR do not add to the reader's understanding of the topic.
All sources (information Some sources are and graphics) are not accurately accurately documented, documented.
but many are not in the desired format.
Notes are recorded.
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Notes are recorded only with peer/teacher assistance and reminders.
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Timeline Presentation Rubric
Teacher Name: ________________________________________
Student Name: ________________________________________
CATEGORY
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Group Timeline
Group independently develops a reasonable, complete timeline describing when different parts of the work (e.g.,planning, research, first draft, final draft) will be done. All students in group can independently describe the high points of the timeline.
Group independently develops a timeline describing when most parts of the work will be done. All students in group can independently describe the high points of the timeline.
Group independently develops a timeline describing when most parts of the work will be done. Most students can independently describe the high points of the timeline.
Group needs adult help to develop a timeline AND/OR several students in the group cannot independently describe the high points of the timeline.
Preparation
The student had notes about all the events and dates s/he wished to include on the timeline before beginning to design the timeline.
The student had notes about The student had notes about almost all the events and dates most (~75%) of the events and s/he wished to include on the dates s/he wished to include timeline before beginning to on the timeline before beginning to design the design the timeline.
timeline.
Delegation of Responsibility
Each student in the group can Each student in the group can Each student in the group can, One or more students in the with minimal prompting from group cannot clearly explain clearly explain what clearly explain what what information they are information is needed by the information s/he is responsible peers, clearly explain what information s/he is responsible responsible for locating.
group, what information s/he is for locating.
for locating.
responsible for locating, and when the information is needed.
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The student had not prepared adequate notes before beginning to design the timeline.
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CATEGORY
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Quality of Sources
Ideas/Research Questions
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Researchers independently Researchers independently locate at least 2 reliable locate at least 2 reliable, interesting information sources information sources for EACH of their ideas or questions.
for EACH of their ideas or questions.
Researchers, with some adult help, locate at least 2 reliable information sources for EACH of their ideas or questions.
Researchers, with extensive adult help, locate at least 2 reliable information sources for EACH of their ideas or questions.
Researchers independently identify at least 4 reasonable, insightful, creative ideas/questions to pursue when doing the research.
Researchers independently identify at least 4 reasonable ideas/questions to pursue when doing the research.
Researchers identify, with some adult help, at least 4 reasonable ideas/questions to pursue when doing the research.
Researchers identify, with considerable adult help, 4 reasonable ideas/questions to pursue when doing the research.
Time Use
Classroom time was used to work on the project. Conversations were not disruptive and focused on the work.
Classroom time was used to work on the project the majority of the time. Conversations were not disruptive and focused on the work.
Student did not use classroom Classroom time was used to time to work on the project work on the project the and/or was highly disruptive.
majority of the time, but conversations often were disruptive or did not focus on the work.
Presentation (Learning of Content)
The students can accurately The students can accurately describe 75% (or more) of the describe 50% of the events on events on the timeline without the timeline without refering refering to it and can quickly to it and can quickly determine determine which of two events which of two events occurred first.
occurred first.
The students can describe any The students cannot use the timeline effectively to describe event on the timeline if allowed to refer to it and can events nor to compare events.
determine which of two events occurred first.
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