Title: Characteristics of the United States Economy
Lesson Author: Stephanie Newhall and Chelsea Brechtel
Key Words: Economics, Markets, Profit
Grade Level: 8th Grade, Civics and Economics
Time Allotted: 50 minutes
Rationale/ Purpose (so what?)
Nature and scope of topic. Why is this significant to the mission of educating future citizens?
This is a very important topic because it helps students understand the
basic components of our financial system. In order to be effective and
knowledgeable citizens, students need to know their financial rights and
the limitations of government control. It is also beneficial to understand the
comparisons between our financial system with other types practiced
around the world..
Background/Context: How does this lesson fit into a unit of study?
Looking backwards,
looking forwards
This lesson would fit very well into a unit on the American economy.
Students should have been taught the fundamentals of economics, as well
as the four types of major economics systems. Looking forward, students
will be able to apply their new knowledge to corporations and business
ownership, as well as the interaction between supply and demand.
Key Concept(s) include definition:
Free markets: markets are generally allowed to operate without undue
interference from the government. Prices are determined by supply and
demand as individual buyers and sellers interact freely in the marketplace.
Private Property: Individuals and businesses have the right to own personal
property as well as the means of production without undue interference
from the government.
Profit: Profit consists of earnings after all expenses have been paid.
Competition: Rivalry between producers and/or between sellers of a good
or service. Competition usually results in better quality goods and services
at lower prices.
Consumer Sovereignty: Consumers determine through their purchases
what goods and services will be produced. Government involvement in the
economy is limited. Most decisions regarding production of goods and
services are made in the private sector.
1
NCSS Standard(s)
SOL Information
*As written in the Virginia SOL “Curriculum Framework” for the grade level
NCSS Theme VII. Production, Distribution, and Consumption.
Social studies teachers should plan, provide, and assess experiences that provide for the study
of how people provide for the production, distribution, and consumption of goods and services.
People have wants that often exceed the limited resources available to them. The unequal
distribution of resources necessitates systems of exchange, including trade, to improve the wellbeing of the economy, while the role of government in economic policy-making caries over time
and from place to place.
SOLs: CE.11b The student will demonstrate knowledge of how economic decisions
are made in the marketplace by comparing the differences among tradition, free
market, command, and mixed economies.
CE.11c The student will demonstrate knowledge of how economic decisions are
made in the marketplace by describing the characteristics of the United States
economy, including limited government, private property, profit, and competition.
Essential Knowledge
Essential Skills
No
specific
Standard Connected to Skills
Mixed economy
• Create and explain maps,
• Individuals and businesses are owners
and decision makers for the private
diagrams, tables, charts,
sector.
graphs, and spreadsheets.
• Government is owner and decision
(CE.1b)
maker for the public sector.
• Distinguish between relevant
• Government’s role is greater than in a
and irrelevant information
free market economy and less than in a
(CE.1d)
command economy.
• Most economies today, including the
United States, are mixed economies.
Characteristics of the United States
Economy
• Markets are generally allowed to operate
without undue influence from the
government.
• Private Property
• Profit
• Competition
• Consumer Sovereignty
(Definitions On Pg. 1)
2
Guiding Question(s):
MUST BE SHARED WITH STUDENTS AT BEGINNING OF EACH
LESSON- Visible in lesson procedure and materials.
• What economic system does America use?
• What are the five components of the United States economy?
• What are some examples and non-examples of the 5 components?
The day’s big question:
Why are free markets, private property, profit, competition, and consumer
sovereignty essential to the American economic process?
Lesson Objective(s): clearly emerges from big question and rationale and standards
and will align with your assessment in Procedure and Process
Obj. 1
Students will be able to describe the economic structure of the United
States along with the role of the government.
Obj. 2
Students will be able to gather and record information regarding the five
characteristics of the US economy.
Obj. 3
Students will be to apply their knowledge of the essential characteristics in
creating their own examples and non-examples.
Assessment Tool(s) to be used
Assessment 1. Observation: We will observe the students progress while
they are completing their work, participating in activities, and discussing
their findings.
Assessment 2. Worksheets: We will collect the completed worksheets to
check for completion and accuracy.
Assessment 3. Discussion: We will discuss students’ answers and
thoughts throughout the lesson to check for understanding.
3
Materials: Historical Source(s):
Since this is a lesson plan on basic
components of the American economic
system, little “historical” sources are used.
Additional
Materials/Resources:
Material A: Just Do It!
Material B: Venn Diagram
Material C: Frame
Material D: Examples and NonExamples
PowerPoint Presentation
4
Procedure/Process:
1) JUST DO IT! The “Hook”: Students will receive their handout (Material A) and
answer some questions about America’s mixed economy. They will come up with 3
ways in which the government intervenes in our markets.
2) Instructional sequence:
Processing Activity and Procedure –
Obj #
See
above.
Seating
Just do it.
include directions, question frames,
assignment details, to be given to students
(these should all be made into explicit
materials (e.g. see material A) Do you have
opportunities for direct/guided instruction and
independent practice/engagement when
appropriate and time estimates
Students will enter the classroom, and sit
in their assigned seats to begin the day’s
lesson. Pass out worksheets that follow the
day’s lesson.
1-2 Minutes
Students will complete their Just Do It!
(Material A) Directions: America is a mixed
economy because we have a free market
system with some government ownership.
In what ways does our government
intervene in the economy? Come up with
3. (Hint: Think about the public sector)
Display PowerPoint Slide 1.
Check for Evidence of
Understanding
-Either Formal or Informal e.g.
assessments- question frames,
quiz, choice activities, discussion
with frame and your THAT’s A
WRAP.
(Checks Essential Knowledge
and Skills should be in line with
assessment tools above)
Have students share what
they came up with and
discuss their answers.
5 Minutes
“In today’s lesson, we will be learning about the United States economy
Transition: and its essential characteristics. We will begin by going over what it means
to have a mixed economy.”
Students will use their Venn diagram
Observe students taking
worksheet (Material B) to take notes on
notes and make sure they are
the presented material in PowerPoint.
all on task. (Collect these
Objective
(Slides 2-11) Allow time for questions
worksheets at the end to
#1
during the presentation, and return to
grade)
slides if needed.
5 Minutes
Transition:
5
“Now that we know what a mixed economy is, we are going to learn about
the essential characteristics of our system.”
Objective
#2
Students will take notes on the 5 essential
characteristics of the United States
economy using their frame worksheet
(Material C). Use PowerPoint slides 12–17
to deliver information. Allow time for
questions and revisit slides if students ask.
25 Minutes
Transition
“We will take this one step further, and I want you to provide me with
examples and non-examples of the characteristics we discussed.”
Objective
#3
Transition
Students will be asked to pick one of the
five characteristics (free markets, profit,
private property, consumer sovereignty,
and competition) and will draw an example
and non-example. They will use their
worksheet (Material D) to draw their
cartoons/images. Display directions on
Slide 18.
10 Minutes
Observe students’
engagement in the notetaking process. Collect these
at end of class to check for
accuracy.
Observe students’
involvement in the task. Walk
around the room to make
sure they are all working on
the task, and are following
directions. Collect their
drawings at the end to check
for mastery.
“To close today’s lesson, we will share some of our examples and nonexamples with the class and discuss their drawings.”
3) Closure (Objective #4)- THAT’S A WRAP that goes to opening question- and also
in part to assessment tools –at least one key assessment tool.
Have students volunteer to show their examples and non-examples of their
characteristic to the class. If no one volunteers, just call on students. After they show
and explain their drawings to the class, discuss some other examples and have students
ask any final questions they may have about our economic system. Slide 19.
5 Minutes
Modifications/Accommodations for Diverse Learners:
• The information is presented in PowerPoint, which may help visual
learners see the content. Also, all worksheets have a visual appeal to
them, and make it easy for students to record information.
• The language used on the PowerPoint is written in clear and simple
language. The worksheets also clearly follow the PowerPoint. This
would help those students who do not have the best reading
comprehension skills.
• Students who learn more by having a hands-on approach will enjoy
drawing their own examples and non-examples. This will help
students construct their own knowledge.
• You could adapt the lesson by having students work in pairs if a
student doesn’t feel comfortable reading, writing, or sharing.
6
Material A
Name_______________
Just Do It!!!
America is a mixed economy because we have a free market system
with some government ownership. In what ways does our
government intervene in the economy? Come up with 3.
(Hint: Think about the public sector)
1.
2.
3.
7
Free Market Economy
Mixed Economy
Command Economy
Material B
8
Name__________________
Material C
9
Material D
Name____________________
Don’t Write It, Draw It!
Directions: Pick an economic characteristic: free market, private
property, profit, competition, or consumer sovereignty. Draw an
example and a non-example of the one you picked. It can be a cartoon,
drawing, poster, etc., as long as it is visual. Be ready to explain!!
Example
10
Non-Example