Students are introduced to the idea that the same product has different value in different economic systems around the world. Then the student learns about the U.S. Federal Reserve System as well as the concepts of inflation and deflation. Next, students explore what it means to be a free enterprise economy and explain how the United States is a mixed economy. Finally, students create an infographic that is designed to inform younger students about the basics of the U.S. economic system.
Students read an introduction connecting personal choices about spending or saving money to the broader U.S. economic system. They then watch How much food can you buy for $5 around the world? to compare purchasing power in different countries and post responses on a class wall about what they noticed, questions they have, and how the United States compares to other countries.
Teacher MovesPreview the lesson overview and objective, highlighting that students will explore how the U.S. economic system works. Facilitate discussion of wall responses to surface initial ideas about differences in value across countries and to set the stage for examining the U.S. economy.
Students view an image of the Federal Reserve Building and read brief background text introducing questions about who controls U.S. money and what gives the dollar its value. They watch What Gives a Dollar Bill Its Value? to learn about the role of the Federal Reserve and the concepts of inflation and deflation. Students answer a multiple-choice question defining inflation, write their own definition of deflation on a class wall, and complete a graphic organizer describing the effects of inflation and deflation.
Teacher MovesClarify that deflation is a decrease in the amount of money in the economy that causes prices to go down. Review student responses to the definition and graphic organizer, using the provided explanations to reinforce the roles of the Federal Reserve and the effects of inflation and deflation. Address misconceptions and ensure students understand how changes in the money supply affect spending, prices, and employment.
Students view an image of the New York Stock Exchange and read that the United States has a free enterprise system and a mixed economy. They read Mixed Economy: The U.S. System to learn about free enterprise, the roles of consumers, producers, and government, and types of businesses. Using a graphic organizer, they take notes on the definition of a free enterprise system, the three groups that make the U.S. economic system function, the government’s primary role in the economy, and three types of businesses. Students then post an explanation on a class wall of what makes the United States a mixed economy.
Teacher MovesGuide students in using the note-taking organizer, prompting them to capture key ideas about private ownership, the roles of consumers, producers, and government, and different business structures. Review wall responses, highlighting that the U.S. economy includes both public and private involvement. Share strong or interesting explanations with the class to deepen understanding of what it means for the United States to be a mixed economy.
Students read directions explaining that they will create an infographic to teach middle-school students the basics of the U.S. economy, including important economic terms and definitions. They visit Inforgraphicszone to see examples and learn what makes an effective infographic, then design and create their own infographic summarizing the U.S. economic system. Students photograph and upload their completed infographics to the shared canvas and review classmates’ infographics.
Teacher MovesClarify expectations for the infographic, emphasizing clear explanations of key concepts (such as free enterprise, mixed economy, and the role of government) and effective visual design. Support students as they plan and create their infographics, prompting them to consider their middle-school audience. After students upload their work, encourage peer review and discussion, drawing attention to accurate content and strong visual representations of the U.S. economic system.
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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