Economic Systems Lesson Plan
Overview: Students will learn about the market economy in the U. S. and compare it to other countries.
Students will analyze factors that effect economic growth and consider the effects of globalization.
Objectives:
1.
2.
3.
4.
Define market economy.
Analyze how the market economy is governed by the U.S. government.
Evaluate the factors that determine economic growth and how it is influenced by the worldwide market.
Compare and contrast the U.S. market economy with other countries such as China , Russia, & India.
Materials
1. Access to computers & Gale subscription database: Student Resources in Context
2. Scoring rubric for Town Hall presentation, Khan Academy style presentation & Venn diagram
3. Handouts for note-taking
Vocabulary: Students should be familiar with the following terms: market economy, economic growth,
globalization, transition economy, outsourcing, regulation, supply & demand, imports & exports, function of
prices & profit, tariffs, policies.
– Background knowledge: Market economy & transition economy
1. Have students read articles that explain the characteristics of different economic systems.
2. After reading articles, discuss as a class and compare and contrast them.
3. Activity: Have students fill in the Venn Diagram with similarities and contrasts of a free market
economy and a transition economy
4. Have students partner read articles about how different governments regulate their economies.
5. Activity: Have students illustrate (compare & contrast) how different countries regulate commerce.
Prepare a Khan Academy style visual explanation. See presentation scoring guide
a. Outline & present research on differences & similarities
b. Give specific examples of scenarios
– Outsourcing and globalization
1. Have students read different Student in Context articles on outsourcing and globalization (see list)
2. Have students watch PBS Newshour : Is Outsourcing Semi-Skilled Jobs the Problem?
<http://www.pbs.org/newshour/updates/business-jan-june11-makingsense_06-17/
3. What were the two opposing points of view? Which side do you agree with and why? (list specific
examples to support your choice)
4. Activity: set up class export business http://ecedweb.unomaha.edu/NEandWorld/NElesson6.pdf# (6-8th
grade)
Activity: Town Hall debate: Outsourcing and participating in a global market are good for America.
Stake holders: U. S. Government, private corporation importer/exporter, a factory worker, a stock
holder, a transportation specialist, a banker, a local manufacturer.
1. Assign several students to become each of the stakeholders in this issue
2. Each stakeholder must be prepared to present their side of the issue and acknowledge each of the
other views presented.
3. Each stakeholder must also be prepared to ask relevant questions of the other stakeholders as they
listen to their presentations.
4.
Town hall scoring rubric will be used for assessment
Common Core State Standards:
Reading:
CCSS.ELA-LITERACY.RST.6-8.2 Determine the central ideas or conclusions of a text; provide an
accurate summary of the text distinct from prior knowledge or opinions.
CCSS.ELA-LITERACY.RST.6-8.7 Integrate quantitative or technical information expressed in words
in a text with a version of that information expressed visually (e.g., in a flowchart, diagram, model,
graph, or table).
CCSS.ELA-LITERACY.RST.9-10.2 Determine the central ideas or conclusions of a text; trace the
text's explanation or depiction of a complex process, phenomenon, or concept; provide an
accurate summary of the text.
CCSS.ELA-LITERACY.RST.11-12.7 Integrate and evaluate multiple sources of information
presented in diverse formats and media (e.g., quantitative data, video, multimedia) in order to
address a question or solve a problem.
Speaking and Listening:
SL 7-12.1 Engage effectively in a range of collaborative discussions (one-on-one, in groups and
teacher led) with diverse partners on grades 7-12 topics, texts, and issues, building on others’
ideas and expressing their own clearly.
SL 7-12.2 Analyze the purpose of information presented in diverse media and formats (e.g.,
visually, quantitatively, orally) and evaluate the motives (e.g., social, commercial, political) behind
its presentation.
Writing:
W.7-12.9 Draw evidence from literary or informational texts to support analysis, reflection, and
research.
CRITICAL THINKING AND PROBLEM SOLVING
Reason Effectively
• Use various types of reasoning (inductive, deductive, etc.) as appropriate to the situation
Make Judgments and Decisions
• Effectively analyze and evaluate evidence, arguments, claims and beliefs
• Analyze and evaluate major alternative points of view
• Synthesize and make connections between information and arguments
• Interpret information and draw conclusions based on the best analysis
• Reflect critically on learning experiences and processes
Source Citation – Academic Journal
Markoe, Lauren. "Cozy up to capitalism? Dalai Lama demurs." The Christian Century
131.6 (2014): 15+. Student Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/AcademicJournalsDetailsPage/AcademicJournalsDetails
Window?failOverType=&query=&prodId=SUIC&windowstate=normal&contentModules
=&mode=view&displayGroupName=Journals&limiter=&currPage=&disableHighlighting
=true&displayGroups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&a
ctivityType=&scanId=&documentId=GALE%7CA364693486&source=Bookmark&u=cla
ckesd&jsid=c7a129c7ef56af6f8c4b3bd88d37d481
Source Citation – Newspaper
Lexile 1360
"World could finally end inequality -- if it wants to." CNN Wire 13 June 2014. Student
Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/NewsDetailsPage/NewsDetailsWindow?failOverType=&
query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&displayGr
oupName=News&limiter=&currPage=&disableHighlighting=false&displayGroups=&sort
By=&search_within_results=&p=SUIC&action=e&catId=&activityType=&scanId=&docu
mentId=GALE%7CA371219382&source=Bookmark&u=clackesd&jsid=90294fcb5221df
8ffec9b9beb9cd5e80
Source Citation – Reference – Background Information
"Economic Systems Overview." Gale Student Resources in Context. Detroit: Gale,
2011. Student Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/ReferenceDetailsPage/ReferenceDetailsWindow?failOv
erType=&query=&windowstate=normal&contentModules=&mode=view&displayGroup
Name=Reference&limiter=&currPage=&disableHighlighting=true&displayGroups=&sort
By=&search_within_results=&p=SUIC&action=e&catId=GALE%7CAAA000029273&act
ivityType=&scanId=&documentId=GALE%7CEJ2181500126&source=Bookmark&u=cl
ackesd&jsid=8ceaa4af0abf55e45099132581683d80
Source Citation – Reference – Background information
"Mixed Economic System." Everyday Finance: Economics, Personal Money
Management, and Entrepreneurship. Vol. 1. Detroit: Gale, 2008. 53-56. Student
Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/ReferenceDetailsPage/ReferenceDetailsWindow?failOv
erType=&query=&prodId=&windowstate=normal&contentModules=&mode=view&displ
ayGroupName=Reference&dviSelectedPage=&limiter=&currPage=&disableHighlightin
g=&displayGroups=&sortBy=&zid=&search_within_results=&p=SUIC&action=e&catId=
&activityType=&scanId=&documentId=GALE%7CCX2830600020&source=Bookmark&
u=oreg77062&jsid=fe6a0b2b3a0421cf3b00b7ccaa40b477
Source Citation – Reference – Venn Diagram
"China and India Become Economic Powerhouses." Historic World Events. Detroit:
Gale, 2011. Student Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/ReferenceDetailsPage/ReferenceDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Reference&dviSelectedPage=&limiter=&currPage=&disableHighli
ghting=false&displayGroups=&sortBy=&zid=&search_within_results=&p=SUIC&action
=e&catId=&activityType=&scanId=&documentId=GALE%7CBT2359070346&source=B
ookmark&u=clackesd&jsid=dcbb87dc6e0e317daafe170039a8eab0
Source Citation – Reference – statistics, charts & graphs
"International Trade and the United States' Place in the Global Economy." The
American Economy. Kim Masters Evans. 2011 ed. Detroit: Gale, 2011. Information
Plus Reference Series. Student Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/ReferenceDetailsPage/ReferenceDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Reference&dviSelectedPage=&limiter=&currPage=&disableHighli
ghting=false&displayGroups=&sortBy=&zid=&search_within_results=&p=SUIC&action
=e&catId=&activityType=&scanId=&documentId=GALE%7CEJ191880110&source=Bo
okmark&u=clackesd&jsid=acc50d15d4a086c31bedc2698515ea1b
Even though it seems a lot of our jobs are going overseas, many jobs are also created
by the trade industry.
Source Citation - Reference
"Outsourcing Dominates U.S. Manufacturing Economy." Historic U.S. Events. Detroit:
Gale, 2011. Student Resources in Context. Web. 30 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/ReferenceDetailsPage/ReferenceDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Reference&limiter=&currPage=&disableHighlighting=false&display
Groups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&activityType=&
scanId=&documentId=GALE%7CBT2359030195&source=Bookmark&u=clackesd&jsid
=3b0fbe759a5b61f83804c8c9fede9a8d
http://www.businessweek.com/articles/2012-07-12/bloomberg-view-in-defense-ofoutsourcing (weblink from above article)
Source Citation - Critical Essay looking at how China handles their market
economy.
Yang, Dali L. "Total recall." The National Interest 94 (2008): 42+. Student Resources in
Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/CriticalEssayDetailsPage/CriticalEssayDetailsWindow?f
ailOverType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=
view&displayGroupName=CriticalEssay&limiter=&currPage=&disableHighlighting=false&displayGroups=&sortBy=&searc
h_within_results=&p=SUIC&action=e&catId=&activityType=&scanId=&documentId=GA
LE%7CA177057179&source=Bookmark&u=clackesd&jsid=5853b99069871c11b0b294
b4dcb524e3
1. What happens when you do not have a strong government oversight organization?
2. Who is the oversight commission in the U.S.?
Source Citation – Trade Journal critical look at U.S. govt. regulation & it’s ill
effects.
Minter, Steve. "Are regulations stifling US industry? Decades of regulations have left
the U.S. with an expensive, complicated compliance load, and manufacturers worry the
problem is getting worse." Industry Week Mar. 2013: 26+. Student Resources in
Context. Web. 30 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/MagazinesDetailsPage/MagazinesDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Magazines&limiter=&currPage=&disableHighlighting=false&displa
yGroups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&activityType=
&scanId=&documentId=GALE%7CA327983536&source=Bookmark&u=canby&jsid=a1
a7d3175c1352d15381b5e8b4fd5543
Source Citation – Academic Journal – jobs of the future including outsourcing
manager
Lexile - Intermediate
Challenger, John A. "Working in the future: how today's trends are shaping tomorrow's
jobs; Globalization, aging, and trends in technology and society will create
opportunities for eco-relations managers, retirement consultants, and outsourcing
coordinators." The Futurist Nov.-Dec. 2005: 47+. Student Resources in Context. Web.
24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/AcademicJournalsDetailsPage/AcademicJournalsDetails
Window?failOverType=&query=&prodId=SUIC&windowstate=normal&contentModules
=&mode=view&displayGroupName=Journals&limiter=&currPage=&disableHighlighting
=false&displayGroups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&
activityType=&scanId=&documentId=GALE%7CA138400370&source=Bookmark&u=cl
ackesd&jsid=f3ed8d935c7f7ff9684c1da5b8ef348f
Source Citation - Magazine
Spence, Michael. "The impact of globalization on income and employment: the
downside of integrating markets." Foreign Affairs July-Aug. 2011: 28. Student
Resources in Context. Web. 24 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/MagazinesDetailsPage/MagazinesDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Magazines&limiter=&currPage=&disableHighlighting=false&displa
yGroups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&activityType=
&scanId=&documentId=GALE%7CA263992879&source=Bookmark&u=clackesd&jsid=
2debb22772a4d8c5af4918606c9fb8a4
Source Citation - Reference
"Supply and Demand." Gale Encyclopedia of U.S. Economic History. Ed. Thomas
Carson and Mary Bonk. Detroit: Gale, 1999. Student Resources in Context. Web. 24
June 2014.
Document URL
http://ic.galegroup.com/ic/suic/ReferenceDetailsPage/ReferenceDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Reference&dviSelectedPage=&limiter=&currPage=&disableHighli
ghting=false&displayGroups=&sortBy=&zid=&search_within_results=&p=SUIC&action
=e&catId=&activityType=&scanId=&documentId=GALE%7CEJ1667500674&source=B
ookmark&u=clackesd&jsid=21e887709051db13b79e0268c7fc45a0
Source Citation – Magazine - Danger of outsourcing technology to China
Thibodeau, Patrick, and Jaikumar Vijayan. "Security concerns dog Chinese
outsourcing: U.S. companies might hesitate to send IT work to China in light of new
reports on cyberespionage programs there." Computerworld 11 Mar. 2013: 8. Student
Resources in Context. Web. 26 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/MagazinesDetailsPage/MagazinesDetailsWindow?failOv
erType=&query=&prodId=SUIC&windowstate=normal&contentModules=&mode=view&
displayGroupName=Magazines&limiter=&currPage=&disableHighlighting=false&displa
yGroups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&activityType=
&scanId=&documentId=GALE%7CA337721219&source=Bookmark&u=canby&jsid=b9
abfe24a74a7d8cc28c85749464802a
Source Citation – Academic Journal – future jobs (job creation)
Frey, Thomas. "Inventing tomorrow's jobs: productivity-enhancing technologies may
eliminate jobs, but innovation will create more." The Futurist July-Aug. 2014: 6+.
Student Resources in Context. Web. 26 June 2014.
Document URL
http://ic.galegroup.com/ic/suic/AcademicJournalsDetailsPage/AcademicJournalsDetails
Window?failOverType=&query=&prodId=SUIC&windowstate=normal&contentModules
=&mode=view&displayGroupName=Journals&limiter=&currPage=&disableHighlighting
=false&displayGroups=&sortBy=&search_within_results=&p=SUIC&action=e&catId=&
activityType=&scanId=&documentId=GALE%7CA372449900&source=Bookmark&u=c
anby&jsid=c93575bbe0e03a815302bfdc18db11f9
`
Name________________________________________ Date______________
Free Market and Transition Venn Diagram
Directions: Compare the characteristics of a free market economy and a transition (Soviet Union & China)
economy. What do they have in common? How are they different? Be sure to note specific facts that support
the different perspectives, and use the back of this paper to record more in-depth details as needed.
`
(based on a diagram from PBS NOW)
Town Hall Scoring Rubric
Teacher:
Student: