Marketing
& Economics: Economic Systems
Lesson Overview
Media: Microsoft® PowerPoint® Presentation (54 slides)
Seat Time: 5 Classes | 250 minutes teaching
Goal:
To evaluate and
analyze the differences between major economic systems and their impact on
supply, demand, pricing and business ownership.
Description:
This lesson explores the characteristics of major economic systems and their influence on business operations. The lesson will examine the relationship between supply, demand and pricing, discuss the dynamics of risk and profit and assess the advantages and disadvantages of various business ownership structures.
Objectives:
1. To understand the differences between major types of economic systems.
2. To examine the relationship between supply and demand.
3. To discuss the impact of price on supply, demand and production.
4. To explain the concept of risk in business.
5. To identify the advantages and disadvantages of different types of business ownership.
Class 1
Class Overview:
Types of Economic Systems Microsoft® PowerPoint® Segment
Action Plan
Vocabulary Handout
Key Concepts
Types of Economic Systems Check for Understanding
Real-World Recognition Activity
Essential Questions:
1. What are the different types of economic systems?
2. What are the advantages and disadvantages of the different economic systems?
3. What are the different market structures?
4. What are the advantages and disadvantages of the different market structures?
Step 1: Bell Ringer:
· Definition: Write the term “monopoly” on the board and have students write down their definition of the word. Call on a few students to share their answer.
Step 2: Distribute the Action Plan, Vocabulary Handout and Key Concepts.
· The Action Plan lays out a list of tasks for students to complete during the lesson.
· The Vocabulary Handout is a list of terms used throughout the lesson.
· The Key Concepts is an outline which identifies the main ideas presented in the lesson which students can fill in to aid in note-taking during the lesson.
Step 3: Show the Types of Economic Systems PowerPoint® segment.
· This segment is 19 slides long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 4: Administer the Types of Economic Systems Check for Understanding.
· The check for understanding is a short review of the content presented in the segment.
Step 5: Students should complete the Real-World Recognition Activity.
· Students will identify real-world examples of economic systems and market structures.
Step 6: Exit Ticket:
· Have students turn in their completed Real-World Recognition Activity before leaving class.
Class 2
Class Overview:
Supply, Demand & Price Microsoft® PowerPoint® Segment
Action Plan
Vocabulary Handout
Key Concepts
Supply, Demand & Price Check for Understanding
The Tale of a Trend Project
Essential Questions:
1. What is the relationship between supply and demand?
2. What are luxury and normal goods?
3. What are substitutes and complementary goods?
4. How does price of a product impact supply and demand?
5. How does price of an input impact production?
Step 1: Bell Ringer:
· True/False: Post the following statements for students to see and determine whether they are true or false based on prior knowledge.
- When prices for oranges go up, farmers produce less since they make more profit by selling fewer products. False
- If a popular amusement park lowers ticket prices, fewer people will visit since they perceive it as less valuable. False
Step 2: Show the Supply, Demand & Price PowerPoint® segment.
· This segment is 17 slides long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Supply, Demand & Price Check for Understanding.
· The check for understanding is a short review of the content presented in the segment.
Step 4: Students should begin The Tale of a Trend Project.
· Students will research and explain a fad’s rise and fall in a storybook format.
Step 5: Exit Ticket:
· True/False: Reveal the answers to the two statements from the beginning of class and discuss with students.
- Why it's false: Higher prices encourage farmers to produce more to maximize profit.
- Why it's false: Lower prices usually attract more visitors, as they become more affordable.
Class 3
Class Overview:
Business Ownership Microsoft® PowerPoint® Segment
Action Plan
Vocabulary Handout
Key Concepts
Business Ownership Check for Understanding
Business Startup Activity
Essential Questions:
1. What is risk, and how can it impact businesses?
2. What are the different business structures?
3. What are the advantages and disadvantages of each business structure?
Step 1: Bell Ringer:
· 3, 2, 1: Students will write three things they learned, two new vocabulary words related to the content and one question they still have.
Step 2: Show the Business Ownership PowerPoint® segment.
· This segment is 18 slides long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Business Ownership Check for Understanding.
· The check for understanding is a short review of the content presented in the segment.
Step 4: Students should complete the Business Startup Activity.
· Students will determine which business structure would be best for given scenarios.
Step 5: Exit Ticket:
· Have students turn in their completed Business Startup Activity before leaving class.
Class 4
Class Overview:
Action Plan
Vocabulary Handout
Marketing & Economics: Economic Systems Final Assessment
The Tale of a Trend Project
Step 1: Bell Ringer:
· Vocabulary Review: Instruct students to independently review the Vocabulary Handout. Have students group up or pair up and use three to five terms in a sentence to practice understanding and applying the terms.
Step 2: Administer the Marketing & Economics: Economic Systems Final Assessment.
· The assessment is a comprehensive assessment covering material throughout the entire lesson.
Step 3: Students should complete The Tale of a Trend Project.
· Students will research and explain a fad’s rise and fall in a storybook format.
Step 4: Exit Ticket:
· Have students turn in their completed The Tale of a Trend Project before leaving class.
Activity Overview
Real-World Recognition
Students will identify real-world examples of economic systems and market structures.
Accommodations:
Allow students to work with a partner.
Modifications:
Assign students fewer scenarios to analyze, such as five scenarios instead of ten.
Extension:
Have students create their own scenarios based on their local area.
Business Startup
Students will determine which business structure would be best for given scenarios.
Accommodations:
Provide students with more time if needed.
Modifications:
Assign fewer scenarios, such as four to five, instead of eight to ten.
Extension:
Have students research a local business and analyze how the chosen structure impacts operations and success.
Project Overview
The Tale of a Trend
Students will research and explain a fad’s rise and fall in a storybook.
Accommodations:
Provide students with a preformatted storybook template.
Modifications:
Reduce the number of required economic terms and phrases for the storybook.
Extension:
Have students include a visual analysis of how price changes, for example, price increase or shortage, impacted demand for the chosen fad using graphs or charts.
