The Development of Free Enterprise


The Development of Free Enterprise
Students post inferences and questions about a free market economy. Then they examine key concepts related to this economic system. Next they analyze how the Industrial Revolution gave rise to capitalism and they discuss Adam Smith’s ideas of laissez-faire economics. Finally they read an excerpt from Smith’s The Wealth of Nations and prepare a brief presentation on the reading.

This learning experience is designed for device-enabled classrooms. The teacher guides the lesson, and students use embedded resources, social media skills, and critical thinking skills to actively participate. To get access to a free version of the complete lesson, sign up for an exploros account.

1:1 Devices
Teacher Pack

The Pack contains associated resources for the learning experience, typically in the form of articles and videos. There is a teacher Pack (with only teacher information) and a student Pack (which contains only student information). As a teacher, you can toggle between both to see everything.

Here are the teacher pack items for The Development of Free Enterprise:

Preview - Scene 1
Exploros Learnign Experience Scene Navigation


Overview

In this experience, students post inferences and questions about a free market economy. Then they examine key concepts related to this economic system. Next they analyze how the Industrial Revolution gave rise to capitalism and they discuss Adam Smith’s ideas of laissez-faire economics. Finally they read an excerpt from Smith’s The Wealth of Nations and prepare a brief presentation on the reading.

Students will collaborate in small groups for scene 3 to scene 4.

The Elaborate scene is based on a lesson plan created by the Adam Smith Works organization. There are six readings, each with discussion questions. You can divide the class into six small groups and assign each group a different reading to discuss and present to the class, or you can divide the class into small groups with six members who each take a different reading and present it within the small group.

Objectives

  • Identify the historical origins of the free enterprise system.
  • Describe the characteristics of free enterprise.
  • Explain the influence of Adam Smith.


Engage


Free enterprise system. Free market economy. Capitalism. These are all words related to an economic system that arose together with the Industrial Revolution. In this experience, you will learn what these terms mean and how the system developed.

Objectives

  • Identify the historical origins of the free enterprise system.
  • Describe the characteristics of free enterprise.
  • Explain the influence of Adam Smith.


word cloud of words related to economics

The United States has a variation of a free market economy. Think about what you know about the U.S. economy and infer a characteristic of the system. If you don’t have any ideas, post a question that you have about the system.



Accept any ideas or questions that students post. You do not need to correct misconceptions at this point. If time allows, tell students to revisit this chart after they complete the experience.


When everyone is ready to continue, unlock the next scene.

End of Preview
The Complete List of Learning Experiences in Industrialization and Imperialism Unit.
Would you like to preview the rest of this learning experience, and get access to the entire functioning Modern World History HS course for your classroom? Sign up using your school email address below.
Back to top