Global Economics
Marketing Dynamics
Marketing
Lesson Plan
Performance Objective
After completing this lesson, students will be able to compare and contrast how economies answer the basic
economic questions. They will be able to explain why most economies are mixed and what the relationship is
between government and business.
Specific Objective
• The student will compare and contrast how economies answer basic economic questions
• The student will explain why most economies are mixed.
• The student will determine the relationship between government and business.
Terms
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Economy – the way a nation makes economic choices with using its resources
Factors of Production – needed to produce goods and services. Land, labor, capital
Scarcity – limited resources available to satisfy unlimited needs and wants
Command Economy – one person or central ruling party makes all decisions on how the countries
resources will be used
Market Economy – ability to own property, start businesses, make unlimited profit with no
government intervention
Mixed Economy – same qualities as market economy, but with government intervention in safety and
security matters
Capitalism – an economic system in which all or most of the means of production are privately owned
and operated, and the investment of capital and the production, distribution and prices of
commodities (goods and services) are determined mainly in a free market, rather than by the state
Socialism – an economic system in which the state owns and operates the means of production
Communism – community ownership of property, with the end goal being complete social equality via
economic equality
Gross Domestic Product (GDP) – a measure of the goods and services produced using the labor and
property located in this country
Gross National Product – everything produced by U.S. citizens here or abroad
Business cycle – the recurring cycle of an economy slowing down and then expanding
Time
When taught as written, this lesson should take approximately two to three days to teach.
Preparation
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TEKS Correlations:
This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result
in the elimination of any or all of the TEKS listed.
130.347 (c) Knowledge and Skills
(14) The student knows that a nation’s economic system is determined by what is produced, how it is
produced, and how it is distributed. The student is expected to:
(A) compare and contrast how economies answer basic economic questions;
(B) explain why most economies are mixed; and
(C) determine the relationship between government and business.
Interdisciplinary Correlations:
English
110.31 (b) Knowledge and Skills
(21) Research/Gathering Sources. Students determine, locate, and explore the full range of relevant
sources addressing a research question and systematically record the information they gather
(B) organize information gathered from multiple sources to create a variety of graphics and
forms (e.g., notes, learning logs); and
(22) Research/Synthesizing Information. Students clarify research questions and evaluate and
synthesize collected information. Students are expected to:
(B) evaluate the relevance of information to the topic and determine the reliability, validity, and
accuracy of sources (including Internet sources) by examining their authority and
objectivity; and
(23) Research/Organizing and Presenting Ideas. Students organize and present their ideas and
information according to the purpose of the research and their audience. Students are expected to
synthesize the research into a written or an oral presentation that:
(C) use graphics and illustrations to help explain concepts where appropriate;
(D) use a variety of evaluative tools (e.g., self-made rubrics, peer reviews, teacher and expert
evaluations) to examine the quality of the research; and
Occupational Correlation (O*Net - http://www.onetonline.org/)
Job Title: Marketing Managers
O*Net Number: 11-2021.00
Reported Job Titles: Advertising and Promotions Managers, Sales Managers, Wholesale and Retail Buyers,
Except Farm Products, Public Relations Specialists, Demonstrators and Product Promoters
Tasks: Use sales forecasting or strategic planning to ensure the sale and profitability of products, lines, or
services, analyzing business developments and monitoring market trends. Coordinate or participate in
promotional activities or trade shows, working with developers, advertisers, or production managers, to
market products or services. Consult with buying personnel to gain advice regarding the types of products or
services expected to be in demand.
Soft Skills: Active Listening, Reading Comprehension, Critical Thinking, Speaking, Coordinating, Active
Learning.
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Accommodations for Learning Differences
It is important that lessons accommodate the needs of every learner. These lessons may be modified to
accommodate your students with learning differences by referring to the files found on the Special
Populations page of this website (cte.unt.edu).
Preparation
• Teacher will review the terms in the outline, digital presentation slides and handouts to become
familiar with lesson.
• Teacher should locate and evaluate various resources and websites before the lesson.
• Teacher will have assignments and website information ready to distribute to students.
Instructional Aids
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Display for digital presentation, websites for assignments and class discussion
The Global Economies Crossword sheet
Materials Needed
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Printer paper
Assignment ready to distribute to students
Global Economies Crossword sheet
Internet for students to research business risks
Introduction
Learner Preparation
Different nation’s answer the basic economic questions in different ways. Some nations allow their citizens to
decide what will be produced and businesses are free to succeed or fail. Other nations have one central figure
or a small group of people who control all resources that heavily control every aspect of their citizen’s lives.
Still other nations try to redistribute the wealth so everyone is the same. These different forms of economics
and government play a large role in the lives of their citizens.
Lesson Introduction
SHOW: Show students a picture of North Korea at night. You may use
http://www.globalsecurity.org/military/world/dprk/dprk-dark.htm or google “North Korea at Night”.
ASK: Ask students if they know why North Korea is so dark compared to other countries?
SAY: Explain that North Korea is a communist government. The government controls all of the resources and
the people of North Korea are given very little freedom.
ASK: Ask students if they know how much a gallon of gasoline sold for 10 years ago?
SAY: Explain that the cost of gasoline as increased over time, just like the cost of bread and clothes. This
affects how much people are able to purchase.
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ASK: Ask if they know what phase of the business cycle we are currently experiencing?
SAY: Explain that the business cycle changes over time. Even though we may be in a recession or recovery at
this moment it will change again.
ASK: Ask students how they think economists know how the economy is doing?
SAY: Explain that there are certain indicators that economists look at to determine the health of economy and
business cycle phase.
Outline
MI
Outline
I. What is an Economy?
A. An economy, or economic system
is the way a nation makes economic
choices with using its resources
B. Resources
1. Factors of Production
C. Scarcity
II. Basic Economic Questions
A. What goods and services should be
produced?
B. How should the goods and services
be produced?
C. For whom should the goods and
services be produced?
D. How Does an Economy Work?
E. What Makes an Economy
Successful?
III. Types of Economies
A. Market Economy
B. Command Economy
C. Mixed Economy
IV. Economic Systems
A. Capitalist Model
B. Socialist Model
C. Communist
Instructor Notes
Use digital presentation and
current events as aid.
The factors of production are the
basis for all business.
Scarcity exists due to unlimited
wants and needs from the market.
Governments, people and
businesses must decide how to use
the limited resources to fulfill
those wants and needs.
Use digital presentation and
current events as aid. The basic
economic questions must be
answered by each nation. How
they choose to answer them
determines their type of economy
and economic system.
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V. Economic Measures
A. Productivity
B. Gross Domestic Product
C. Gross National Product
D. Standard of Living
E. Inflation Rate
F. Consumer Price Index
G. Unemployment
H. Business Cycle
There are several ways that an
economy is measured. Businesses
can increase productivity by
installing newer technology or find
ways to improve processes to be
more efficient.
Multiple Intelligences Guide
Existentialist
Interpersonal
Intrapersonal
Kinesthetic/
Bodily
Logical/
Mathematical
Musical/Rhythmic
Naturalist
Verbal/Linguistic
Visual/Spatial
Application
Guided Practice
Using newspapers, magazines and news websites have a discussion on current events. Ask students to bring
to class at least two current events that are related to the economy. These could include the latest
unemployment numbers, housing starts, government debt, the stock market, etc. Ask the students to explain
how these current events affect the economy and in turn have a direct effect on them.
Independent Practice
Global Economics Crossword
Students will complete the Global Economics Crossword individually and turn in to the teacher. The
crossword puzzle contains all of the vocabulary words for this lesson. The crossword will be graded by the
Global Economics Crossword Solutions included with this lesson.
Review
Question: How is the market price determined?
Question: What are some ways that marketing adds value?
Question: Which marketing utility or utilities would be involved in selling coffee at a gas station in the
mornings?
Question: How does scarcity affect price?
Question Why is worker productivity important to the economy?
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Question: How is the standard of living determined?
Question: What are the four phases of the business cycle?
Question: How are the factors of production used in business?
Question: How does the unemployment rate affect the health of the economy?
Question: How is the GDP used to measure the wealth of a nation?
Evaluation
Informal Assessment
Instructor should observe the work ethic of individuals involved in class discussions and the independent practice
activity.
Formal Assessment
The crossword will be graded by the Global Economics Crossword Solutions included with this lesson.
Enrichment
Extension
Global Economy Terms
Students will select a term from the lesson and provide the following information:
Definition
Graphic Representation
Three interesting facts using the term.
Possible web sites:
www.economicindicators.gov
http://www.gpoaccess.gov/indicators/index.html
http://www.whitehouse.gov/fsbr/esbr.html
http://www.census.gov/cgi-bin/briefroom/BriefRm
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6
Global Economics
Marketing Dynamics
Marketing
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7
Global Economics
Marketing Dynamics
Marketing
Copyright © Texas Education Agency, 2014. All rights reserved.
8