Title: Examining the Different Types of Economic Systems and their Characteristics Grade and Subject: 7th Grade Civics and Economics Time Allotted: 50 min SOL #: CE.11a CE.11b CE.1b NCSS Theme: What is the guiding question for this lesson? Must be presented in the lesson to students How will student understanding be assessed? -include assessments V – Individuals, Groups, and Institutions What are the basic economic questions that all societies must answer, and how do the 4 different types of economies answer those questions? FORMAL: CE.11a Quiz INFORMAL: Differentiating Different Economic Systems Activity Key Concepts (no definition necessary): 1. Production 2. Consumption 3. Supply 4. Demand 5. Producer 6. Consumer SWBAT (as many as required by lesson): 1. Apply the definitions of the terms and concepts in the Concepts section above in real world situations. 2. Answer the 3 basic economic questions for each type of different economic system. 3. Differentiate between the different types of economic systems, including how they deal with scarcity. Materials (List and attach primary sources and additional materials-ppt and question frames /concept maps/ Frames etc.): Quiz for CE.11a and Answer Key (with questions): Guides for Activity: Concept Frame for 4 Economies: PowerPoint: Just Do It (hook): Students will be asked to consider and record ideas for the following scenario: Pretend the classroom is completely empty (no desks, chairs, boards, etc.). What items would we need to conduct class? Come up with as many as you can in 3 minutes. Obj # 1 Description of Lesson Procedure Check for Evidence of Understanding Formal Assessment At the beginning of class the students will take the Quiz for CE.11a. This makes them apply and recall the concepts, terms, and content that was studied on a formal assessment. Transition: Students will answer the Just Do It, and it will be used to introduce them to the 3 basic economic questions 2 Examination of the 3 Basic Questions Each Economy Must Answer – Transitioning from the Just Do It, students will be introduced to the 3 questions each economy must answer (What will be produced?, Who will produce it?, and Who will it be available to?), and why these are the important questions for every economy to answer. Transition: Introduce the 4 different types of economic systems 3 Lecture on 4 Different Economic Systems – A short lecture will take place to familiarize the students with the 4 different economic systems (Traditional, Command, Free Market, and Mixed). The different aspects and characteristics to each will be taught, as well as whose responsibility it is to deal with things like scarcity. Students must present and take notes during other presentations on the 4 economic systems. This supplements the lecture and increases understanding of the content material. Differentiating Between Different Economic Systems Activity – The students will be split up into 4 different groups. Each group will be assigned one of the 4 different economic systems, and will be given a corresponding guide sheet that includes the characteristics of their assigned economic system accompanied by 3 sections for the other systems (these sections will be blank). The groups are to create a poster about the characteristics of their assigned economic system, and they must also answer the 3 basic economic questions for their system. Once the groups are finished, each group will come to the front of the room and present, while the members of the other groups take notes on their guide sheet. After the activity, the Concept Frame for the 4 Economies will be passed out to students as a study tool. Closure (How does this come back to the guiding question): The closure activity consists of the groups presenting their posters on their assigned economic system. If class time expires before the presentations can finish the groups that did not go will finish at the BEGINNING OF THE NEXT CLASS. Modifications/Differentiation): - Lesson will be modified to meet the needs of individual IEP’s. - If the quiz cannot be taken via Quia.com, a printed copy will be available for copies to be made.