The Good Ole United States of America
Skill Set: Economics
TOPIC OR UNIT OF STUDY
Economics
CONTENT STANDARD(S) AND OBJECTIVE(S)
Students will
 describe the importance of economic principles in today’s society.
 compare various types of economic systems.
 determine economic measurements used to analyze the economy.
 determine how an economic system addresses the questions (what is to be produced, how it is
to be produced, and for whom).
 examine the role of government as a supporter, regulator, and provider of services and
competition.
 examine the effects of outsourcing and downsizing on the U.S. economy.
INTRODUCTION
Have you ever thought of what life would be like in another country? In this lesson you will have the
opportunity to compare two economies to the U.S. economy, and you’ll practice using some tools that
can help you to study an economy in the world. We will first look at how economists categorize
economies. Then we will compare several aspects of the economies of the United States and two
countries of your choice.
ESSENTIAL QUESTION
What would life be like in another countries economy?
INTEGRATION OF ACADEMICS, TECHNOLOGY, ENTREPRENEURSHIP
 Entrepreneurship: Students will be researching economies in other countries which will aid in
global commerce.
 Academics and Technology: Students will be using Microsoft off ice programs to prepare
written assignments. They will also be using the internet for research.
STUDENT INVOLVEMENT IN PLANNING PROCESS
Students will be given the comparative worksheet for the economies. They are free to choose the other
two countries they wish to research.
TASK(S)
1. Define market economies, command economies, and developing economies.
2. Compare one country to another by reference to factors associated with economic performance.
3. Use the comparative systems worksheet to record your data.
4. Go to the CIA World Factbook website to find the information needed to complete the chart.
5. Use the information from the worksheet to answer the seven questions on the handout.
RESOURCES
 Conduct research at library or on the internet.
 Word processing software.
 Comparative systems handout
 Questions handout
TECHNOLOGY USE
Students will be using computers for research and document preparation.
EVALUATION
Now that you have studied the economic characteristics of these three countries, define the terms
market, command, and developing economy in your own words. For each term, describe the specific
characteristics of the countries you studied that would help to support your definition.
TIMELINE
Approximately 180 minutes (2 – 90 min blocks)
CONCLUSION
Market and command nations tend to place different priorities on the role of government in the
economy, with the government sector generally playing a larger role in command nations. Given their
resources, market and command nations can choose to focus on increased industrialization and
expansion into new markets. Developing nations, however, often lack resources necessary for
industrialization and must seek aid or investment from industrialized economies in order to grow. With
increased globalization, we are becoming more acutely aware of the interdependence of all nations in
our world economy. In a short paragraph, give me one example of interdependence among nations.
Name ______________________________________ Date ________________________
Comparative Systems Worksheet
Geography
Natural Resources - How
many and what
types of natural resources
are available?
Land Use - What
percentage of the land is
arable (capable of being
farmed)?
People
Life Expectancy at Birth How long are
children born today
expected to live?
Total Fertility Rate - How
many children
does each woman have,
on average?
Literacy Rate - What
percentage of people
over the age of 15 can
read and write?
Government
Government Type -How
are leaders
elected?
Government Spending as
Percent of GDP
(Budget Expenditures
Divided by GDP).
Military Spending as a
Percentage of GDP.
Economy
Economy Overview - What
are the most
United States
serious economic
problems facing each of
these three nations?
GDP Per Capita - What is
the value of
Goods and services
produced per person?
Population Below Poverty
Line - How many
people live in poverty?
GDP Composition by
Sector - What
percentage of GDP is
industry and services?
Labor Force by Occupation
- What
percentage of workers is in
agriculture?
Industries - What are the
primary
industries? Are they
primarily producing for
consumer or Government
consumption?
Agriculture Products What are the primary
agricultural Goods
produced?
Industrial Production
Growth Rate
Electricity Production
Telephones - Main Lines in
Use
Internet Service Providers
Railways
Paved Highways
Airports with Paved
Runways
:~
Use the information from the Comparative Systems Worksheet to answer the
following questions.
1. How can the presence or absence of natural resources and arable land affect a nation’s
economy, regardless of the type of economic system?
2. How can life expectancy and literacy rates affect the quality of labor in the economy?
3. How can fertility rates affect the use of scarce resources?
4. How can GDP per capita and poverty rates indicate standards of living in each system?
5. How can the size of the industrial/service sector and the agriculture employment rate
indicate the level of industrialization?
6. How can electricity, communication, and transportation facilities indicate the potential
for industrial growth?
7. Considering the lack of natural resources, the labor problems, and the lack of capital and
little industrialization of developing countries, how can developing countries develop?