Students are introduced to the basics of economic sectors, economic development indicators, and types of economic systems. They compare and contrast three countries with different types of economies, noting various economic indicators. Finally, they analyze the results of their findings.
Students read an introduction that compares evaluating a pet’s health to evaluating a country’s economic health, then review the lesson objectives. They examine an image of a stock market and contribute to a word cloud by sharing words or short phrases that come to mind when they think of economics. Next, they post questions they have about economics, especially about how different countries measure economic health.
Teacher MovesPresent the overview and objectives of the experience. Facilitate discussion of the word cloud responses to surface students’ prior knowledge and associations with economics. Monitor and, as needed, revisit the class list of economics questions throughout the lesson, encouraging students to notice when their questions are answered and to research unanswered questions independently.
Students view images illustrating different economic sectors, then read Sectors of the Economy to learn definitions and examples of primary, secondary/manufacturing, and tertiary/service sectors. As they read, they complete a graphic organizer with definitions and examples for each sector. Next, they read an explanation of economic development indicators and watch the video What Is GDP? to understand gross domestic product and why it matters. They then write a definition of GDP in a shared table. After reading a scenario comparing incomes for families of different sizes, students respond on a class wall explaining why the number of people in a family affects how far the income goes, and then read about GDP per capita and why it is used to compare countries.
Teacher MovesReview students’ notes in the sectors graphic organizer and clarify the distinctions among primary, secondary, and tertiary activities with examples. After students define GDP, ensure they understand it as the total monetary value of all goods and services produced in a country over a set time period. Use the family-income scenario to guide students toward recognizing the importance of dividing total income by population, and reinforce the concept of GDP per capita as a more accurate indicator of how an economy affects individuals and as a tool for comparing countries.
Students read a short passage from Comparative Economic Systems to learn about market economies, command economies, and developing economies. They complete a graphic organizer summarizing key characteristics and examples of each type of economy. Then they post at least one question they still have about these three economic systems in a shared table.
Teacher MovesGuide students through discussion of their questions about the three economic systems. Explicitly define and reinforce key terms such as market economy, private ownership, supply and demand, allocation decisions, command economy, means of production, developing economy, and industrialize, checking for understanding and addressing misconceptions.
Students are introduced to three focus countries—United States (market economy), North Korea (command economy), and Bangladesh (developing economy). Using online reference sources such as the World Factbook, they complete three graphic organizers, one for each country, recording data on natural resources, life expectancy, GDP per capita, agricultural products, major industries, unemployment rate, and population below the poverty line. Using their collected data, they answer questions about which country has the highest life expectancy, which has the lowest GDP per capita and by how much less than the richest country, compare the industries of the three nations on a class wall, describe and compare unemployment rates on another wall, and answer a multiple-choice question about in which country people are more likely to live below the poverty level.
Teacher MovesSupport students in locating reliable economic and demographic data for each country, modeling how to read and interpret indicators such as GDP per capita, life expectancy, and poverty rates. Review students’ responses to the comparison questions and wall posts, prompting them to use evidence from their organizers to justify their answers. Facilitate discussion that highlights patterns and contrasts among the three economies, and address any misunderstandings revealed in students’ explanations.
Students respond on a class wall to a prompt about why North Korea’s poverty level might be missing from the World Factbook and what inference they can make from that omission. After viewing an image related to industry, they post on another wall a conclusion about how types of economies relate to economic health, based on the data and research from the experience. They then read classmates’ posts and reply to at least two with a question or positive comment to extend the discussion.
Teacher MovesShare and discuss strong student inferences about the missing poverty data for North Korea, guiding students to consider how government control and lack of transparency can affect available economic information. During the concluding discussion about how economic systems relate to economic health, encourage students to ground their conclusions in the evidence from the three case-study countries while cautioning them against overgeneralizing from a small sample. Suggest additional research on other market, command, and developing economies for students who wish to deepen their understanding.
Students complete the exit quiz by answering all the questions.
Teacher MovesFacilitate the assessment and use student data to evaluate understanding, address misconceptions, and identify areas for growth.
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