Introduction to Economic Systems Ryan Borden and Nicholas Baker Virginia Tech Blacksburg, VA Attachment A: Just Do It Activity Attachment B: Video: It's Always Sunny in the US Economy = url = https://vimeo.com/77917628 Attachment C: Just Do It PowerPoint Presentation Attachment D: Just Do It Grading Rubric Attachment E: Teacher Directions for Implementing the 4 Economic Systems Concept Frames Attachment F: Blank Concept Mastery Routine Frame for the 4 Economic Systems Attachment G: Completed Concept Mastery Routine Frame for Command Economy Attachment H: Completed Concept Mastery Routine Frame for Free Market Economy Attachment I: Completed Concept Mastery Routine Frame for Mixed Economy Attachment J: Completed Concept Mastery Routine Frame for Traditional Economy Attachment K: Grading Rubric for the 4 Concept Frames on Economic Systems Attachment L: Teacher Directions for Implementing the Countries Classification Activity Attachment M: Country Cards for Student Groups for Countries Classification Activity Attachment N: Student Directions for the Countries Classification Activity Attachment O: Grading Rubric for the Countries Classification Activity Attachment P: Teacher Directions for Implementing the THAT's A WRAP Activity. Attachment Q: Blank Concept Comparison Table Frame for the THAT's A WRAP Activity. Attachment R: Completed Concept Comparison Table Frame for Comparing and Contrasting a Mixed Economy to a Command Economy. Attachment S: Grading Rubric for the THAT's A WRAP Activity. Attachment T: Video: Visit Mall of America = url = http://www.youtube.com/watch?v=7rqxb0BICj8 Attachment U: Video: New Shopping Experience for North Korea Video = url = http://www.youtube.com/watch?v=Qh_TLMxlWpk Attachment V: Source Material Images Used in Presentation/Lesson Attachment W: Source Material Category Attachment X: Source Material Civics Attachment Y: Source Material Compare Attachment Z: Source Material Economy of North Korea Attachment AA: Source Material Economy of Saudi Arabia Attachment BB: Source Material Employment Attachment CC: Source Material Novels Attachment DD: Source Material The Caste Attachment EE: Source Material Basics Attachment FF: Source Material Gates Attachment GG: Source Material Gorman Attachment HH: Source Material Kian Attachment II: Source Material Lewinski Attachment JJ: Source Material Pettinger Attachment KK: Source Material Publisher Attachment LL: Source Material W, J. Title: Introduction to Economic Systems Lesson Author: Ryan Borden and Nicholas R. Baker Key Words: Mixed Economy, Free Market Economy, Command Economy, Traditional Economy, and Laissez Faire Economics Grade Level: 9th and 10th Time Allotted: 1 hour and 35 minutes or 1 block. (2 blocks if your class needs more time) Rationale/ Purpose (so what?) Nature and scope of topic. Why is this significant to the mission of educating future citizens? Learning about the 4 main Economic Systems found in today's world will help students better understand how the U.S government and private individuals make the economic decisions that affect their everyday life's here in the United States. It also covers certain sections of the SOL which will be covered later in the lesson plan. Background/Context: How does this lesson fit into a unit of study? Looking backwards, looking forwards The lesson before this one would define Economic Systems in general using a Concept Mastery Routine Frame. Within this frame students would come to understand that all Economic Systems answer three questions. These questions are as follows: What should be produced?, How should it be produced?, and who should get the goods and services? Then my lesson plan on the 4 main Economic Systems would be implemented. The lesson after would elaborate more deeply into the mixed economy type of economic system focusing on the characteristics of the U.S's economy (additional SOLs). Key Concept(s) include definition: 1. Mixed Economy: a market based economic system in which the government has some involvement. 2. Free Market Economy: an economic system in which decisions on the three economic questions are based on voluntary exchange. No government intervention into the economy. 3. Command Economy: an economic system in which a group of central planners (government workers) make the economic plans for the government. 4. Traditional Economy: the oldest and simplest economic system in which people do things as they have in the past. Economic system is linked to customs and traditions. 5. State Involvement/Intervention: when the government controls or directs something that it previously didn't. 6. Production: the action of making something from components of raw materials. 7. Distribution: to share or divide something among a number of recipients. 8. Exchange: the act of giving something and receiving something else in return. 9. Laissez Faire Economics: transactions (sales/purchases) between individuals are free from all government restrictions. 10. Competition: the contest between firms (businesses) or individuals to sell a product or service. 11. Supply and demand: the amount of a product or service available and the desire of buyers for that product, these factors regulate/determine or set that products price. 12. Socialism: a political and economic system in which the means of production are owned by the state. 13. Communism: a political and economic system in which the government owns all property and controls all resources. 14. Undeveloped countries: is a nation with a low living standard, underdeveloped industrial base, and low Human Development Index relative to other countries. 15. Developed countries: is a sovereign state that has a highly developed economy, a high living standard, and advanced technological infrastructure relative to other less developed nations. NCSS Standard(s) SOL Information *As written in the Virginia SOL “Curriculum Framework” for the grade level NCSS Theme (s) with indicators: Theme VII Production, Distribution, and Consumption (a) 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. Explanation: Each 1 of the 4 Economic Systems to be covered helps explain how people from different countries/societies provide for the production, distribution, and consumption of goods and services. (b) 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 well-being of the economy, while the role of government in economic policy-making varies over time and from place to place. Increasingly, economic decisions are global in scope and require systematic study of an interdependent world economy and the role of technology in economic growth. As a result, a variety of ways have been invented to decide upon answers to four fundamental questions: What is to be produced? How is production to be organized? How are goods and services to be distributed and to whom? What is the most effective allocation of the factors of production (land, labor, capital, and entrepreneurship)? Explanation: This lesson plan expands upon the four fundamental questions above. (c) In exploring this theme, students confront such questions as: What factors influence decision-making on issues of the production, distribution and consumption of goods? What are the best ways to deal with market failures? How does interdependence brought on by globalization impact local economies and social systems? Explanation: This lesson will look into what factors (the 4 economic systems) have an influence on economic decision making within a country involving the issues of production, distribution and consumption of goods. SOL*: Civics and Economics CE.1 The student will develop the social studies skills responsible citizenship requires, including the ability to b) create and explain maps, diagrams, tables, charts, graphs, and spreadsheets; c) analyze political cartoons, political advertisements, pictures, and other graphic media; d) distinguish between relevant and irrelevant information; h) select and defend positions in writing, discussion, and debate. Explanation: Students will create and explain tables/diagrams when they work on their concept mastery routine frames for each of the 4 economic systems. Students will analyze 3 videos on general economics and economic systems throughout the lesson. Students will distinguish between relevant and irrelevant information when they classify countries under one of the 4 economic systems during the countries classification activity. Students will have to defend their country classification choices through discussion with the teacher and with peers. CE.11 The student will demonstrate knowledge of how economic decisions are made in the marketplace by a) applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption; b) comparing the differences among traditional, free market, command, and mixed economies; c) describing the characteristics of the United States economy, including limited government, private property, profit, and competition. Explanation: While completing the 4 economic systems concept mastery routine frames students will apply the concepts of resources, choice, price, supply and demand, and production under the key words organizer. Through the concept mastery routine frame, the countries classification activity, and the compare and contrast wrap up frame activity students will compare the differences among the 4 economic systems. The characteristics of the United States Economy will be described by students briefly during the countries classification activity. Essential Knowledge (minimum for SOL Resource Guide) CE.11a Resources are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. Choice is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. Price is the amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services. Supply and demand: Interaction of supply and demand determines price. Demand is the amount of a good or service that consumers are willing and able to buy at a certain price. Supply is the amount of a good or service that producers are willing and able to sell at a certain price. Production is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Consumption is the using of goods and services. Consumer preferences and price determine what is purchased and consumed. Essential Skills (minimum for SOL Resource Guide) CE.1 a) examine and interpret primary and secondary source documents; b) create and explain maps, diagrams, tables, charts, graphs, and spreadsheets; c) analyze political cartoons, political advertisements, pictures, and other graphic media; d) distinguish between relevant and irrelevant information; e) review information for accuracy, separating fact from opinion; f) identify a problem, weigh the expected costs and benefits and possible consequences of proposed solutions, and recommend solutions, using a decision-making model; g) formulate an informed, carefully reasoned position on a community issue; h) select and defend positions in writing, discussion, and debate. CE.11b The three basic questions of economics What will be produced? Who will produce it? For whom will it be produced? Each type of economy answers the three basic questions differently. Characteristics of major economic systems No country relies exclusively on markets to deal with the economic problem of scarcity. Traditional economy Economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents, regardless of ability or potential. Free market economy Private ownership of property/resources Profit motive Competition Consumer sovereignty Individual choice Minimal government involvement in the economy Command economy Central ownership (usually by government) of property/resources Centrally-planned economy Lack of consumer choice Mixed economy Individuals and businesses are owners and decision makers for the private sector. Government is owner and decision maker for the public sector. Government’s role is greater than in a free market economy and less than in a command economy. Most economies today, including the United States, are mixed economies. CE.11c Characteristics of the United States economy Markets are generally allowed to operate without undue interference from the government. Private property: Individuals and businesses have the right to own real and personal property as well as the means of production without undue interference from the government. Consumer sovereignty: Consumers determine through purchases what goods and services will be produced. Government involvement in the economy is limited. Most decisions regarding the production of goods and services are made in the private sector. Guiding Question(s): MUST BE SHARED WITH STUDENTS AT BEGINNING OF EACH LESSON- Visible in lesson procedure and materials. The day’s big question: What are the characteristics that make up the 4 most common Economic Systems found in the world today? Sub-question: How do the 4 most common Economic Systems differ from one another? Lesson Objective(s): clearly emerges from big question and rationale and standards and will align with your assessment in Procedure and Process Obj. 1 Using the 4 Economic Systems Concept Mastery Routine Frame students will be able to identify and describe Mixed Economies, Free Market Economies, Command Economies, and Traditional Economies. Obj. 2 Students will be able to demonstrate their mastery understanding of the 4 Economic Systems during the countries classification activity by using their concept frames to evaluate which of the 4 economic systems each country given to them falls under. Obj. 3 Using the 4 Economic System Frame and their experiences from the earlier activities students will be able to compare and contrast the differences of the 4 Economic Systems during the wrap-up activity and assigned homework. Student will use the concept comparison table frame to analyze the similarities and differences of the 4 economic systems. (Assessment): By the end of the lesson students will be able to identify and describe the 4 most common Economic Systems found in the world today. They will be able to compare and contrast the 4 Economic Systems. They will also be able describe several of the characteristics of the U.S economy based on their knowledge of mixed economies. Assessment Tool(s) to be used- Everything above- goes to what you want them to know/understand do- So what assessments are you going to use to help you manage and monitor that they have got it-informal and formal—make one over-riding assessment connect to your closure. Assessment 1. Just Do It Activity (Review): Answering questions through written assessment. Understanding monitored through instructors proximity control. Students who appear to be struggling to write down an answer can be given more instructor attention and scaffolding during the lesson. There will be a rubric. Assessment 2. Completion of the 4 Economic Systems Concept Mastery Routine Frames: Frame assessment that the instructors will guide them through and will be checked for completion at the end of the activity. Students will also be expected to throw out key word ideas for the concept and to share a definition of the concept. There will be a rubric. Assessment 3. Countries classification activity: Assessment will be based on all students participating (discussing) with their assigned groups. Not all students will have to go to the board to put a country under a specific economic system. Students will complete this activity by using the concept frames created during the previous frames activity. There will be a rubric. Assessment 4. Wrap-Up: Students will compare and contrast the 4 economic systems using a concept comparison table frame provided by the instructor. Students will compare and contrast a command economy to a mixed economy in class. For homework students will compare and contrast all of the remaining economic systems to one another. Each comparison should be completed on 1 individual concept comparison table frame. Understanding monitored through instructors proximity control. There will be a rubric. Homework Comparisons: 1.Command Economy with a Traditional Economy 2. Command Economy with a free market economy 3. Mixed Economy with a Traditional Economy 4. Mixed Economy with a Free market economy 5. Free Market Economy with a Traditional Economy Materials: Historical Source(s): List here and include copies in materials section below Additional Materials/Resources: List here and include copies in materials section- textbooks etc page numbers, websites etc Images used in activities and PowerPoint. Retrieved from http://www.google.com/imghp A new shopping experience for north koreans [Web]. (2012). Retrieved from http://www.youtube.com/watch?v=Qh_TLMxlWpk Category:economies by country. (n.d.). Retrieved from http://en.wikipedia.org/wiki/Category:Economies_by_country Civics and economics ce.11 study guide. (2008). Retrieved from http://www.solpass.org/zsite/civics/standards/CE11.pdf Compare and contrast how the various economic systems. (2008). Retrieved from http://resourcesforhistoryteachers.wikispaces.com/E.1.7 Economy of north korea. (n.d.). Retrieved from http://www.princeton.edu/~achaney/tmve/wiki100k/docs/Economy_of_North_Korea.htm l Economy of saudi arabia. (n.d.). Retrieved from http://www.princeton.edu/~achaney/tmve/wiki100k/docs/Economy_of_Saudi_Arabia.ht ml Employment, foreign labour, and saudization. (n.d.). Retrieved from http://fanack.com/en/countries/saudi-arabia/saudi-arabia-test/economy/employmentforeign-labour-and-saudization/ Novels, short stories, and science fiction: An economics reading list. (n.d.). Retrieved from http://www.econlib.org/library/Topics/fiction.html The caste system. (n.d.). Retrieved from http://www.dalitfreedom.org.au/dalits/caste-system.html Visit mall of america [Web]. (2013). Retrieved from http://www.youtube.com/watch?v=7rqxb0BICj8 Basics, M. E. (2011, 06 09). Mixed economy simplified. Retrieved from http://www.mixedeconomy.org/ Gates, L. (2012). The soviet union under stalin. Retrieved from http://www.historydoctor.net/Advanced Placement European History/Notes/soviet_union_under_stalin.htm Gorman, T. (2003). The complete idiot's guide to economics. Penguin Group (USA) Inc. Retrieved from http://www.infoplease.com/cig/economics/getting-organized-commandmarket-mixed-economies.html Jans, I. (Editor) (2012). It's always sunny in the us economy [Web]. Retrieved from https://vimeo.com/77917628 Kian. (2011, 03 25). Retrieved from http://intothebush.com/2011/03/25/the-last-tribes-of-africa/ Lewinski, M., & Wiggins, G. (2010). Pearson foundations series economics. Pearson. (Pages: 29, 31, 34, 35, 36, 37, 38, 39, 41, 42) Pettinger, T. (n.d.). Mixed economy. Retrieved from http://www.economicshelp.org/blog/glossary/mixed-economy/ publisher. (2007). A list of what the cuban people can not do in cuba. Havana Journal, Retrieved from http://havanajournal.com/politics/entry/a-list-of-what-the-cuban-people-can-not-doin-cuba/ W, J. (2012, 05 08). Traditional economies and the inuit. Retrieved from http://www.econedlink.org/lessons/index.php?lid=795&type=educator Procedure/Process: 1) JUST DO IT! The “Hook”: A high-interest activity that introduces new content with connections to students’ prior knowledge. Between 1-5 minutes. You could also introduce the days guiding question- could help with assessment of student needs The Hook: The just do it involves review questions from the previous lesson. A short humorous video featuring excerpts from, "Always Sunny in Philadelphia" involving economics will then be played to gain student interest for today's lesson. The students will be shown today's topic, the lesson's big question, and the learning objectives. 2) Instructional sequence: Processing Activity and Procedure – Obj # See above. 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 When students come into the room they will know to start the just do it. The just do it involves review questions from the previous lesson (trigger prior knowledge) to help prepare students to expand upon that knowledge via today's lesson. They will be asked to define economic systems in general & to list the 3 questions that all types of economic systems answer. Students will work individually and use their Economic System Concept Frame created last class to complete the just do it activity. Upon competition of the questions the teacher will call out on students to share the answers aloud. Once all students have corrected their responses the teacher will inform the students that today we will be looking into the 4 types of economic systems. To gain student interest for today's lesson a short video featuring excerpts from, "Always Sunny in Philadelphia" involving economics will be 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) Instructors will monitor students and take note if anyone is struggling to write an answer. Students struggling can then be given more instructor attention and scaffolding during the lesson if necessary. Proximity control, body language, and verbal cues will be used to get student back on task during the just do it and the video. Grading Rubric see attachment (D) played. The instructor will then reveal today's topic in more detail, the lesson's big question, and the learning objectives to the students. Also collect at the end of the lesson to grade using the attached rubric (attachment D). Step by Step guide for teachers: First: Have students complete the just do it review questions. Second: Have students share just do it answers to the class so everyone can correct their responses. Third: Tell students that today's topic involves the 4 types of economic systems. Fourth: Show the "Always Sunny in Philadelphia" video. Fifth: Reveal more details about today's topic by going over the lesson's big questions and the learning objectives with students. Total Time: 15 minutes Instructor(s) will start to explain 4 Economic Systems Concept Mastery Routine Frame activity. The instructor will make their expectations clear. Everyone must fill in the frame while the teacher is filling in a copy on the overhead/projector. Students are expected to contribute to the creation of the frame by sharing key word ideas and to share a definition for the Transition: concept. The instructor should emphasize the importance of the frame by stating that it will be used in the next country classification activity and will help as a study material for a future test. Objective #1 (see above) Total Time: 3 minutes To ensure students will achieve objective one instructors will facilitate and guide students through the creation of the 4 Economic Systems Concept Mastery Routine Frame. Instructors will walk around the room to make sure all students have a properly completed frame. All students must have a completed frame to be able to participate and succeed in the Countries Classification Activity. It's during the classification activity that students Instructor will walk around the room and make sure all frames are completed. During the classification activity the teacher will monitor the room to make sure all students are using their frames and participating with their group members. apply their understanding of the 4 economic systems to label countries under the correct economic system. Grading rubric attachment (K). For exact details on how to administer the concept frames portion of the lesson plan refer to attachment (E). Grading Rubric attachment (K). Transition: Objective #2 Total Time: 40 - 50 minutes Instructor(s) should bring up the frames from the first activity will be useful in the upcoming activity. Total Time: 1 minute To ensure students will achieve objective two instructors will facilitate the countries classification activity. Directions and expectations of students will be made clear. Students will be divided into groups of 2 or 3 based on class size. Each group will get a card with 1 country on it and a description of that country's economic system. Students will be given 5 - 10 minutes to compare their country card with their 4 Economic System Concept Frames. The goal is for the students to determine which of the 4 Economic Systems their assigned country falls under so we can then list it as an example or non-example on the 4 concept frames. Thus completing the 4 concept frames. The teacher will call upon groups to come to the board where there will be a table with a column for each of the 4 Economic Systems. Each group will read aloud for the class their assigned country and the description. The group will then place their country card under the correct economic system and justify their choice to the class. All students are expected to participate and help in the discussions within their group. Putting their choice on the board and defending their choice in front of the class will Instructors will guide and observe students during the country classification activity. The teacher will walk around the room to keep groups on task while they discuss to make their choice. Grading Rubric for countries classification activity see attachment (O). demonstrate mastery understanding of the 4 economic systems. For exact details on how to administer the countries classification portion of the lesson plan refer to attachment (L). For the directions that students will receive a hard copy of during the activity refer to attachment (N). Grading Rubric for countries classification activity see attachment (O). Total Time: 20 - 25 minutes 3) Closure- THAT’S A WRAP that goes to opening question- and also in part to assessment tools –at least one key assessment tool. (Do you need a rubric) (Covers Objectives #3): To ensure students will achieve objective three the instructor will start the THAT's A WRAP 4 Economic Systems Comparison Table Frame activity. Students will be told to use their 4 concept frames from earlier in the lesson to compare and contrast 2 economic systems at a time. Complete sentences are necessary for sections (3) through section (6). All sections on the comparison table frame must be completed. For further details see the rubric at attachment (). Students can work on this with 1 partner. Students should already be familiar with the comparison table frame from previous lessons but if they are lost walk around the room and help those who are confused using your completed comparison table frame. In class for the THAT's A WRAP activity students will complete only 1 comparison frame comparing and contrasting a Command Economy with a Mixed Economy. For homework students will compare and contrast all of the remaining economic systems to one another. Each comparison should be completed on 1 individual concept comparison table frame. Understanding monitored through instructors proximity control. There will be a rubric. Collect homework after 2 days. In the end the student should turn in 6 completed comparison table frames. 1 completed at school and 5 completed at home. Homework Comparisons: 1.Command Economy with a Traditional Economy 2. Command Economy with a free market economy 3. Mixed Economy with a Traditional Economy 4. Mixed Economy with a Free market economy 5. Free Market Economy with a Traditional Economy For exact details on how to administer the THAT's A WRAP portion of the lesson plan refer to attachment (P). Grading Rubric for THAT's A WRAP activity see attachment (S). Total Time: 10 - 15 minutes Modifications/Accommodations for Diverse Learners: Include reference and acknowledgement of IEP plans for students in your class. Additionally, highlight how you have designed materials/sequences that pay attention to pre-assessment evidence to address readiness, interest, and learning preference needs, including attention to student groupings, use of time and materials, variance in whole class and small group instruction, varied task complexity. Can you delineate key instructional strategies and scaffolds that are effective for responding to student needs? Do you provide rubrics to explain what good work looks like? Do you provide room for direct instruction/guided instruction (including read alouds and think alouds), independent practice. (Use Cruz and Thornton, and Tomlinson and McTighe). Differential Instruction by taking into account the learning process, learning modalities, critical literacy levels, and critical thinking abilities. Multiple types of activities adhering to different learning modalities Visual (Video, Frame, & classification chart), Auditory (Frame teacher/student read aloud and videos), and Written (wrap up/ just do it). Instructors will provide scaffolding through the use of frames. Instructors will promote critical thinking skills when carrying out a the country classification activity. Instructors will promote critical literacy skills in providing frames and the classification activity to students. Teachers will trigger motivation and interest in students through the teacher edited video. Videos help gain attention but when students know a teacher took the time to go the extra mile to edit a video it motivates the students to get more involved in the lesson because they can tell how much their instructor cares about the content. Group work helps struggling readers, writers, and ELL learners. Materials (one resource per page- so it becomes a teacher or student handout, or overhead directions or ppt presentation. Include photocopies if need be. Can you provide elements of choices in materials or enrichment or support/anchor materials for different students?.