Title: Examining the Different Types of Economic Systems

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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.