CONTENTS/TEACHING OUTLINE



CURRICULUM RESOURCES

➢ EQ 3.01 PowerPoint

➢ Graphic Organizer or Cornell Notes

➢ W1 or W2 writing tasks

➢ Thinkgate Exploring Entrepreneurship item bank

➢ Exploring Entrepreneurship Instructional Forum in Moodle

|INSTRUCTIONAL ACTIVITIES |

| |ACTIVITIES |RELEVANCY TO OBJECTIVE |RESOURCES |

|1. |Popcorn Economics |This fun activity will interest students in the topic |

| |Visit the website: |of economic systems. It will help students understand |orn.htm |

| | to |that people make choices because of scarcity. When | |

| |prepare for the lesson. (The website details |resources are limited, people & societies must make |3.01 Popcorn Economics Lesson Plan |

| |supplies needed and steps for the teacher to follow. |decisions on how to best use their resources. These | |

| |The lesson plan also follows the activities guide). |decisions are made differently in the different types |Popped popcorn and paper bags as |

| |The students will experience scarcity, the allocation|of economic systems. This activity will help the |described in the above lesson plan. |

| |of resources, and making economic decisions. |students look at similarities and differences between | |

| |At the conclusion of the lesson, ask the students, |economic systems based on how economic decisions are | |

| |"Who makes the decisions about resources in the |made. | |

| |United States?" (government & businesses) Then ask | | |

| |students, "What type of Economic System does the | | |

| |United States have?" (mixed) | | |

| | | | |

|2. |PowerPoint Presentation |The PowerPoint presentation provides an introduction |3.01 Key Terms Blank |

| |Distribute the 3.01 Key Terms Blank to students. |and overview of the types of economic systems, | |

| |While students view the EQ 3.01 Economic Systems |including definitions of the key terms. |3.01 Economic Systems PowerPoint |

| |PowerPoint presentation , facilitate a discussion. | |presentation |

| |Have students write their own definitions for the |The students must understand the key terms to be able | |

| |terms in the blanks as they view the PowerPoint |to COMPARE (B2) the economic systems and determine |3.01 Key Terms Defined |

| |presentation. |similarities and differences between the systems. |(for teacher reference) |

| |After the students have viewed the PowerPoint | | |

| |presentation, facilitate a discussion with the | | |

| |students, asking various students to share the | | |

| |definitions they wrote for the key terms. | | |

|3. |Crossword Puzzle |This activity will reinforce the key terms and their |3.01 Crossword |

| |Distribute the 3.01 Crossword puzzle to the students.|definitions to assist the students in understanding the| |

| |Have students complete the crossword puzzle. |four major types of economic systems. |3.01 Crossword Key |

| |Circulate and facilitate as needed. | | |

| | | |3.01 Key Terms Defined |

| |(This activity may be completed as a homework | | |

| |assignment.) | |Students' completed 3.01 Key Terms |

| | | |Blank |

|4. |Comparative Economic Systems |This activity will increase students' understanding of |Teacher |

| |Visit the website: |the characteristics of traditional (developing), |

| | and market economic systems. Students will |.cfm?lesson=EM322&page=teacher |

| |322&page=teacher to prepare for this lesson. |COMPARE (B2) the geography, people, government, and | |

| |Teachers may want to duplicate the Comparative |economy of the United States, North Korea, and Chad. |Student |

| |Systems Worksheet (from the site) prior to the start |The activity will help students see the similarities |

| |of class. |and differences among the three different economic |.cfm?lesson=EM322 |

| |Students may work individually or in pairs. Have |systems—market, command, and traditional (developing). | |

| |students complete the Comparative Systems Worksheet. | |Comparative Systems Worksheet (from |

| | | |student website above) |

| |Students will visit the CIA World Factbook website | | |

| |for data to complete the worksheet: | |CIA World Factbook website: |

| | |

| |ctbook/index.html | |s/the-world-factbook/index.html |

| |Have students answer the six questions listed on the | | |

| |website. (The answer key is on the teacher website.)| |Student notebooks or journals (or |

| | | |students can key the answer to each |

| |Circulate and assist students as needed. | |question at the website and print all |

| |When students have completed the activity, facilitate| |six answers). |

| |a discussion about the three economic systems. | | |

|5. |Characteristics of Economic Systems |This activity will allow the students to review the |3.01 Characteristics of Economic |

| |Distribute the 3.01 Characteristics of Economic |types of economic systems and COMPARE (B2) them by |Systems |

| |Systems comparison chart to students. |listing similarities and differences in a chart format.| |

| |Have students complete the comparison chart. |The chart format will help the students easily see the | |

| |Circulate and assist as needed. |similarities and differences among the types of |3.01 Characteristics of Economic |

| | |economic systems. |Systems Key |

|6. |Comparing Economic Systems |This graphic organizer will give the students another |3.01 Comparing Economic Systems |

| |Distribute the 3.01 Comparing Economic Systems |visual aid to help them COMPARE (B2) the four types of | |

| |diagram activity to students. |economic systems by listing the advantages and | |

| |As a culminating and review activity, have students |disadvantages of each system in a visual format. |3.01 Comparing Economic Systems Key |

| |complete the 3.01 Comparing Economic Systems diagram.| | |

| |(The file may be distributed electronically for the | | |

| |students to complete rather than duplicating the | | |

| |activity). | | |

INSTRUCTIONAL SUPPORT MATERIALS

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POPCORN ECONOMICS

© lesson by Mary Suiter, adapted from a lesson found in Kaleidascope, USA.

Published by the Center for Entrepreneurship and Economic Education, UM-St. Louis.

Lesson Description

In this lesson, students experience scarcity through an activity. Following the activity, students relate the concept of scarcity to situations in school and their community. Students learn that people make choices because of scarcity.

Grade Levels

Grades four through eight

Economic Concepts

• Scarcity

• Capital resources

• Natural resources

Content Standards and Benchmarks

National Standard Number: 1

Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.

People make choices because they cannot have everything they want.

Natural resources, such as land, are "gifts of nature;" they are present without human intervention Capital goods (resources) are goods produced and used to make other goods and services.

Objectives

Students will:

• Define scarcity as the condition that exists when wants exceed resources available to satisfy wants.

• Define and give examples of capital resources and natural resources.

• Identify scarce resources in countries or regions studied.

• Identify choices societies made as a result of scarcity.

Materials

• Popped popcorn in a brown grocery bag, staple bag closed

• Brown grocery bags stuffed with crumpled newspaper and stapled closed

• Brown paper lunch bags (several per student)

• Alternative snack such as dry cereal

Procedure

1. Explain that a parent or the principal donated a snack for the class and that students will come to the front of the room, row by row, and serve themselves.

2. Call the first row of students up to the front and give them brown lunch bags in which to put their popcorn. Allow them to take as much popcorn as they want, giving them extra lunch bags to hold popcorn if needed.

3. Continue calling tables of students until the grocery bag of popcorn is empty.

4. Students will ask for the popcorn in the other stapled grocery bags. Open the bags and act surprised to find crumpled newspaper. Explain that you thought that all of the grocery bags were filled with popcorn.

5. Apologize to those students who did not receive a snack. Explain that everyone thought there was plenty of popcorn for all. Suggest that, if the first students served had known there was a limited amount, perhaps they might have been careful to leave enough for the rest of the class.

Note: Students are likely to be very angry at the seemingly unfair situation; however, it is the purpose of this lesson for them to experience scarcity.

6. Discuss the following.

A. What is the problem? (There wasn't enough popcorn for everyone who wanted it.)

B. Why does this problem exist? (The amount of popcorn was limited and there were many students who wanted popcorn. Those who were selected first got as much or more popcorn than they could really eat.)

7. Explain that the experience students had with popcorn symbolizes a major problem that all societies face-scarcity. Scarcity occurs because people want many things, but resources available for producing the things people want are limited.

8. Tell students that other groups still need a snack, but there's no popcorn left. Ask student what could be done. (Those with popcorn could share. Teacher could pop more popcorn. Teacher could provide an alternative snack. Those without a snack could go without.)

9. Explain that when faced with scarcity, people and societies must make choices about allocation. When people allocate, they decide how something should be used and/or who should get something that is available.

10. Explain that people and societies make different allocation decisions. Explain that the number of computers available at school is limited. Capital resources are things produced and used to produce other goods and services.

11. Point out that the number of computers available is limited but students and teachers have unlimited wants for the computers. Students and teachers want to use the computers to write, to research, to learn to use software, and so on.

12. Ask the students who decides how to allocate the use of computers at school. (teacher, principal, other faculty)

13. Explain that natural resources are things that occur naturally in or on the earth. Ask the students for examples of natural resources in their community. (land, water, trees, coal, gold, air)

14. Explain that natural resources are scarce even in a country as wealthy as the United States. Point out that often the western part of the United States experiences droughts and people don't have enough water to satisfy all the wants they have for water.

3.01 Key Terms Blank

Understand Economics and Economic systems

|Term |Definition |

|Economics Terms |

|Economics | |

| | |

|Scarcity | |

| | |

|Capital Resources | |

| | |

|Natural Resources | |

| | |

|Human Resources | |

| | |

|Entrepreneurial Resources | |

| | |

|Types of Economies |

|Command economy | |

| | |

|Market economy | |

| | |

|Socialist economy | |

| | |

|Mixed Economy | |

| | |

| | |

|Traditional Economy | |

| | |

| | |

3.01 Key Terms Defined

Understand Economics and Economic systems

|Term |Definition |

|Economics Terms |

|Economics |Making choices and satisfying the wants and needs of consumer. Economics studies how |

| |individuals and societies seek to satisfy needs and wants through incentives, choices, and |

| |allocation of scarce resources The word "economics" is from the Greek words οκος [oikos], |

| |meaning "family, household, estate," and νόμος [nomos], or "custom, law," and hence literally|

| |means "household management" or "management of the state." |

|Scarcity |The condition that exists when wants exceed resources available to satisfy wants. |

|Capital Resources |Goods produced and used to make other goods and services. |

|Natural Resources |“Gifts of nature” that are present without human intervention (ex. land) |

|Human Resources |The knowledge, efforts, and skills people bring to their work, also known as labor. |

|Entrepreneurial Resources |The initiative to improve goods and services or create new ones. |

|Types of Economies |

|Command economy |Economic system that is run by a central government or authority |

|Market economy |Characterized by private ownership of the means of production (for example, farms and |

| |factories), and supply and demand are responsible for the price and allocation decisions. |

| |Individuals decide what, how and for whom goods and services are produced. |

|Socialist economy |Characterized by more government ownership and central planning. Government, which relies on|

| |tax revenues, is far less likely than private businesses to heed price signals or to feel the|

| |discipline imposed by market forces. |

|Mixed Economy |A combination of a command and market economy. |

|Traditional Economy |The type of economy where people believe in doing things the same as they have always been |

| |done in the past. |

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3.01 Crossword Key

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3.01 Characteristics of Economic Systems

List characteristics for each type of economic system by answering questions in the left column for each type of economic system.

|Characteristics |Traditional |Market |Command |Mixed |

|Who makes economic decisions? | | | | |

|What is the government's role in the | | | | |

|economy? | | | | |

|What motivates the economy? | | | | |

| | | | | |

|How are resources allocated? | | | | |

| | | | | |

|Is the level of competition high or | | | | |

|low in the economy? | | | | |

|List examples of countries with this | | | | |

|type of economy. | | | | |

3.01 Characteristics of Economic Systems KEY

List characteristics for each type of economic system by answering questions in the left column for each type of economic system.

|Characteristics |Traditional |Market |Command |Mixed |

|Who makes economic decisions? |Customs govern decisions |Business and Consumers |Centralized Government |Both the market and the government |

|What is the government's role in the |No official Government role Families or |No Government role – Run by and Invisible hand |They make all the decisions |Take care of people’s needs (roads,|

|economy? |ethnic traditions are the law | | |schools, military) |

|What motivates the economy? |People want to do what past generations |Supply and Demand in the market |The Government |The marketplace – the buyers and |

| |have done | | |sellers |

|How are resources allocated? |Resources are divided out by what the |Resources are given to the one who pays the |The government dictates which resources will |Government decides some and the |

| |past or elders have done. |given price set by the market’s demand |be used when and where |market determines the other |

|Is the level of competition high or |Very low |Very High |Low |High |

|low in the economy? | | | | |

|List examples of countries with this |Amish, Pygmies of Congo, Belarus, |Does not exist in formal society |China, Cuba, Sweden, and France |United States, England, Australia |

|type of economy. |Eskimos | | | |

3.01 Comparing Economic Systems

Name:__________________

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3.01 Comparing Economic Systems Name: ___________________________

Page 2

1. Name some similarities between Command and Traditional economic systems.

2. Name some similarities between Command and Mixed economic systems.

3. Name some similarities between Market and Traditional economic systems.

4. Name some similarities between Market and Command economic systems.

5. Name some similarities between Market and Mixed economic systems.

6. In addition to all these being Global Economic Systems, name one major similarity in all systems.

3.01 Comparing Economic Systems Key

Name:__________________

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3.01 Comparing Economic Systems KEY

Page 2

1. Name some similarities between Command and Traditional economic systems.

Choices are limited.

Tries to take care of their society

2. Name some similarities between Command and Mixed economic systems.

Has a central government that helps meet people’s needs

Government oversees national security, social reforms and school system

3. Name some similarities between Market and Traditional economic systems.

Both Market & Traditional do not have any government intervention

4. Name some similarities between Market and Command economic systems.

There are no similarities between these two systems

5. Name some similarities between Market and Mixed economic systems.

Supply and Demand determines the price in the marketplace in both systems

The marketplace takes care of people’s wants

6. In addition to all these being Global Economic Systems, name one major similarity in all systems.

All the systems were formed to help allocate resources.

-----------------------

Traditional Economy

• Advantage:

• Disadvantage:

Mixed Economy

• Advantage:

• Disadvantage:

Global Economic

Systems

Market Economy

• Advantage:

• Disadvantage:

Command Economy

• Advantage:

• Disadvantage:

Mixed Economy

• Advantage;

A balance of needs met by government and wants met in the marketplace

• Disadvantage:

Leads to different classes in society.

Citizens have to pay for government services (taxes)

Traditional Economy

• Advantage;

Specific roles for people

Security in the same way

• Disadvantage:

Difficult for people to improve

Technology is not used

Global Economic

Systems

Market Economy

• Advantage;

Strive to have the best products

High competition

• Disadvantage:

Huge rift between the wealthy & poor

Command Economy

• Advantage;

Equal standard of living.

Government oversees the necessities

• Disadvantage:

Fewer choices

Unavailability of items.

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