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 research how much food $5 can buy in the United States and in three or four other countries using resources such as Food Prices and How much food can you buy for $5 around the world?. Students post to a collaborative wall describing what they notice, questions they have, and how the United States compares to the other countries.
Teacher MovesPresent the lesson overview and objective, then guide students in interpreting their research findings. Facilitate a discussion of wall responses to surface initial ideas about differences in economic systems and set the stage for deeper exploration of the U.S. economy.
Students view an image of the Federal Reserve Building and watch the video What Gives a Dollar Bill Its Value? to learn about the role of the Federal Reserve, and the concepts of inflation and deflation. They answer a multiple-choice question defining inflation, then write their own definition of deflation on a class wall. Using a graphic organizer, students identify and record the effects of inflation and deflation.
Teacher MovesClarify the definition of deflation and provide the correct explanation. Review students’ responses to the choice question, wall, and graphic organizer, using them to reinforce how the Federal Reserve influences the money supply and to ensure students understand both inflation and deflation and their economic effects.
Students examine an image of the New York Stock Exchange and read Mixed Economy: The U.S. System to understand how the U.S. economy combines free enterprise with government involvement. As they read, they complete a note-taking organizer that captures the definition of a free enterprise system, the three main groups that make the U.S. economy function, the government’s primary role, and three types of businesses. Students then post to a class wall explaining what makes the United States a mixed economy.
Teacher MovesPrompt students to use the article to complete the organizer accurately, emphasizing key ideas such as private ownership, the roles of consumers, producers, and government, and examples of public services. Review and discuss student explanations of a mixed economy, highlighting that the U.S. system includes both public and private involvement, and share strong examples to deepen class understanding.
Students synthesize what they have learned by designing an infographic that explains the basics of the U.S. economy for a third- or fourth-grade audience, including important economic terms and their definitions. They explore Inforgraphicszone to see examples and learn features of effective infographics, then create their own on paper or digitally and upload a photo of the finished product. Finally, they review classmates’ infographics to compare how others represented the U.S. economic system.
Teacher MovesClarify expectations for the infographic, including audience, key concepts, and visual organization. Support students in planning and creating clear, accurate visuals and definitions. After students upload their work, facilitate a gallery walk or discussion that highlights effective ways of communicating complex economic ideas to younger learners.
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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