Economic Factors
Practicum in Marketing Dynamics
Marketing
Lesson Plan
Performance Objective
Students know an economy processes through a business cycle and is measured by a combination of
economic indicators
Specific Objective
 Research and report on the current economic climate with regard to gross domestic product,
unemployment, standard of living, and other economic indicators
 Depict why the gross domestic product is an accurate indicator of the economic health of a
nation
 Describe the impact that a business cycle has on an economy
 Explain how businesses react to economic changes
 Clarify the impact of government on business activities to make informed economic decisions
Terms
 Gross domestic product – measure of the goods and services produced using labor and property
located in the United States
 Standard of living - the degree of wealth and material comfort available to a person or
community
 Consumer price index - an index of the variation in prices paid by typical consumers for retail
goods and other items.
 Unemployment Rate - the percentage of the work force that is unemployed at any given date
 Prosperity – point in the business cycle when the economy flourishes
 Recession - period of economic slowdown that lasts for six months
 Depression – a period of prolonged recession
 Recovery – increase in overall economic activity
 Productivity – an economic measure of output per unit of input (labor productivity – output per
worker)
 Inflation - a general increase in prices and fall in the purchasing value of money
 Business cycle – recurring slow down and growth of an economy
 Producer Price Index - measures the average change in selling prices received by domestic
producers of goods and services over time
Time
When taught as written, this lesson should take four days to teach.
1
Copyright © Texas Education Agency, 2015. All rights reserved.
Preparation
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.
§130.348. Practicum in Marketing Dynamics
(c) Knowledge and Skills
(14) The student knows that gross domestic product, standard of living, consumer price index,
and unemployment figures help measure whether an economy is accomplishing its goals
(A) Research and report on the current economic climate with regard to gross domestic
product, unemployment, standard of living, and other economic indicators
(B) Depict why the gross domestic product is an accurate indicator of the economic health
of a nation
(15) The student knows that changes in the economy include prosperity, recession, depression,
and recovery that may be collectively referred to as the business cycle
(A) Describe the impact that a business cycle has on an economy
(B) Explain how businesses react to economic changes
(C) Clarify the impact of government on business activities to make informed economic
decisions
Interdisciplinary Correlations:
§113.41. United States History Studies Since 1877
(c) Knowledge and skills.
(17) Economics. The student understands the economic effects of World War II and the Cold
War. The student is expected to:
(E) describe the dynamic relationship between U.S. international trade policies and the
U.S. free enterprise system such as the Organization of Petroleum Exporting Countries
(OPEC) oil embargo, the General Agreement of Tariffs and Trade (GATT), and the North
American Free Trade Agreement (NAFTA).
(28) Science, technology, and society. The student understands the influence of scientific
discoveries, technological innovations, and the free enterprise system on the standard of living in
the United States. The student is expected to:
(C) understand how the free enterprise system drives technological innovation and its
application in the marketplace such as cell phones, inexpensive personal computers, and
global positioning products.
§118.4. Economics with Emphasis on the Free Enterprise System and Its Benefits
(c) Knowledge and skills.
(5) Economics. The student understands free enterprise, socialist, and communist economic
systems. The student is expected to:
(A) describe the basic characteristics of economic systems, including property rights,
incentives, economic freedom, competition, and the role of government;
2
Copyright © Texas Education Agency, 2015. All rights reserved.
(B) compare the free enterprise system, socialism, and communism using the basic
characteristics of economic systems;
(C) examine current examples of free enterprise, socialist, and communist economic
systems;
(D) understand that the terms free enterprise, free market, and capitalism are
synonymous terms to describe the U.S. economic system; and
(E) analyze the importance of various economic philosophers, including Friedrich Hayek,
Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on the U.S.
free enterprise system.
(6) Economics. The student understands the basic characteristics and benefits of a free
enterprise system. The student is expected to:
(A) explain the basic characteristics of the U.S. free enterprise system, including private
property, incentives, economic freedom, competition, and the limited role of
government;
(B) explain the benefits of the U.S. free enterprise system, including individual freedom
of consumers and producers, variety of goods, responsive prices, investment
opportunities, and the creation of wealth;
(C) analyze recent changes in the basic characteristics of the U.S. economy; and
(D) analyze the costs and benefits of U.S. economic policies related to the economic goals
of economic growth, stability, full employment, freedom, security, equity (equal
opportunity versus equal outcome), and efficiency.
Occupational Correlation (O*Net – www.onetonline.org/):
Job Title: Logistics Analyst
O*Net Number: 13-1081
Reported Job Titles: Supply Chain Analyst, Global Logistics Analyst
Tasks:




Interpret data on logistics elements, such as availability, maintainability, reliability, supply chain
management, strategic sourcing or distribution, supplier management, or transportation.
Provide ongoing analyses in areas such as transportation costs, parts procurement, back orders,
or delivery processes.
Prepare reports on logistics performance measures.
Develop or maintain models for logistics uses, such as cost estimating or demand forecasting.
Soft Skills: Problem solving, Active Listening, Critical Thinking, Judgment and Decision Making, Social
Perception
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
 Review and familiarize yourself with the terminology,
 Have materials ready prior to the start of the lesson.
References:
3
Copyright © Texas Education Agency, 2015. All rights reserved.
Textbooks:
Kimbrell, G., & Woloszyk, C. A. (2005). Marketing Essentials. Woodland Hills: McGraw-Hill Companies.
Online:
http://www.onetonline.org
Instructional Aids




Textbook
Lesson Presentation
Instructor Computer/Projection Unit
Online Websites
Introduction
The main purposes of this lesson is to help students understand
A) Economic Measures
B) Economic Health
C) Business Cycle
Ask students what type of economy the United States has and what makes it that type.
Ask students how the time, location and form of a product impact its value.
Outline
MI
Outline
I. Terms
 Gross domestic product
 Standard of living
 Consumer price index
 Unemployment
 Prosperity
 Recession
 Depression
 Recovery
 Productivity
 Inflation
 Business cycle
 Consumer Price Index
 Producer Price Index
Instructor Notes
Use presentation as visual aide
Have students write vocabulary
terms and meanings
Discuss utilizing the presentation
and listed resources
II. Economic Measurements
A. Gross Domestic Product
B. Inflation
C. Unemployment Rate
4
Copyright © Texas Education Agency, 2015. All rights reserved.
III. Gross Domestic Product
A. Productivity
B. Goods and Services
C. Labor and Property
IV. Inflation
A. Consumer Price Index
B. Producer Price Index
V. Unemployment Rate
A. High unemployment
B. Low Unemployment
VI. Business Cycle
A. Recession
B. Depression
C. Recovery
D. Prosperity
VII. Business Reaction
A. Expansion
B. Downsize
VIII. Government Influence
A. Tax Rates
B. Consumer Laws
C. Workplace Laws
Multiple Intelligences Guide
Existentialist
Interpersonal
Intrapersonal
Kinesthetic/
Bodily
Logical/
Mathematical
Musical/Rhythmic
Naturalist
Verbal/Linguistic
Visual/Spatial
Application
Guided Practice
Students will discuss consumer reaction to different stages of the business cycle.
Independent Practice
Assign students to complete Economic Measure Report and Presentation project.
5
Copyright © Texas Education Agency, 2015. All rights reserved.
Summary
Review
1. Identify 3 economic factors
2. Describe the business cycle
3. How does the government impact the economy
Evaluation
Informal Assessment
Informal assessment will be made as the student participates throughout the discussion process and
contributes to the guided practice activity. Teacher will observe students by walking the classroom
during each activity.
Formal Assessment
Students will be evaluated on an Economic Measure Report and Presentation project using the Assigned
Rubric.
Enrichment
Extension
Integrate social studies: Assign students to research a historical time period and indicate the business
cycle point of the economy at that time.
6
Copyright © Texas Education Agency, 2015. All rights reserved.
Economic Measure Report and Presentation
Examples of Measures Used Today:
 Productivity and gross domestic product (GDP)
 Inflation (consumer price index (CPI))
 Unemployment rate
 Standard of living
Choose one of the listed measures and research to complete the following:
1. define the measure
2. give the formula for the measure or explanation of how the figure is determined
3. how is the measure used to make business decisions nationally
After conducting your research, compile the information collected into a report describing the measure
and how it impacts economic decisions within a country. Include sources on a bibliography to be turned
in with your report. Then develop a presentation visual indicating each item listed about your measure
to share with the class.
7
Copyright © Texas Education Agency, 2015. All rights reserved.
Economic Measure Report and Presentation
Categories
Content
Preparedness
20
15
Student is
Student shares
knowledgeable and
information
includes all
required in
information plus
presentation
additional content in
presentation
Student is prepared
Student seems
and has rehearsed prepared but should
extensively
rehearse more
Enthusiasm
Facial expressions
and body language
show interest and
enthusiasm about
the topic
Facial expressions
and body language
sometime show
interest
Speaking, eye
contact, and
posture
Speaks clearly,
stands straight and
makes eye contact
with audience 100%
of presentation
Speaks clearly,
stands straight and
makes eye contact
with audience 90%
of presentation
Written Report
Extensive
information included
with descriptive
factors regarding the
economic and
political system and
is well constructed.
Information
included regarding
economic and
political systems
and is well
constructed
10
Student is missing
one or two
elements in
presentation
5 or less
Student is missing
multiple elements
of content and is
lacking knowledge
Student is
somewhat
prepared but is
lacking rehearsal
Facial expressions
and body
language are used
to try to generate
enthusiasm
Student is not
prepared
Speaks clearly,
stands straight
and makes eye
contact with
audience 80% of
presentation
Information
included
regarding
economic and
political systems
Very little used of
facial expressions
or body language.
Did not generate
much interest in
topic
Mumbles, slouches
and does not look
at the audience
throughout the
presentation
One or more
elements are not
included regarding
the economic and
political system
Total Score ________
Maximum 100 Points
8
Copyright © Texas Education Agency, 2015. All rights reserved.