About This Chapter
Below is a sample breakdown of the Economics & Business chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topic||Key Terms and Concepts Covered|
|Monday||Economics and circular flow||Basic economic principles, microeconomics, resource development, macroeconomics, circular flow, services, goods, resources, and production factors|
|Tuesday||Free markets and other economic systems||Free market system, capitalism, market price, equilibrium point, supply & demand, monopoly, oligopoly, communism, socialism, mixed economies, and command economies|
|Wednesday||The GDP and unemployment concerns||Gross domestic product (GDP), GDP components, measurement techniques for unemployment, and unemployment rates|
|Thursday||Productivity and the cost of living||Economics in relationship to the business cycle, factors of economic performance, productivity, deflation, consumer price index (CPI), and circumstances that cause inflation|
|Friday||Factors that affect the economy||Differences between a depression and a recession, monetary policy, fiscal policy, and how these factors affect the overall economy|
1. What is Economics? - Definition & Types
Economics involves allocating resources to meet peoples' needs and desires for goods and services. Explore the definition and types of economics including microeconomics and macroeconomics and learn about growth vs. sustainability.
2. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
The circular flow model of economic activity is used to explain the relationship between businesses, households, and the government. Learn about the flow of goods and services in a market economy, the factors of production, and how the circular flow model of economic activity applies to real-world situations.
3. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that allows private entities, rather than government, to own capital goods and the means of production. Explore the definition, characteristics, and limitations of capitalism and the free market. Understand the concepts of market price, supply, and demand.
4. Capitalism Lesson Plan
This lesson plan uses an informative video lesson, discussion questions and a hands-on, interactive marketing activity to introduce your students to the concept of capitalism.
5. Capitalism Lesson Plan for Elementary School
Help students understand capitalism with the help of this lesson plan. Students will read a text lesson that explains capitalism and how it compares to socialism, then do a fun activity applying ideas from the lesson to real-world situations.
6. Competition Within Free Markets: Types & Summary
In economics, market competition occurs when more than one business produces identical or similar goods and/or services and competes to sell their products to the same target group of consumers. Learn about the types of competition within free markets, and understand how competition differs in perfect, monopoly, monopolistic, and oligopoly markets.
7. Free Market Lesson Plan
In this lesson plan, we teach our students about free markets and capitalism through a simulation that demonstrates the advantages of free markets and the limitations government intervention can introduce.
8. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Economies can be set up using different systems, including socialism or communism, as well as capitalism. Gain understanding of socialism and communism by comparing and analyzing their features. Recognize that in reality, economic systems are mixed economies with features of more than one system.
9. Socialism Lesson Plan
What is socialism and what are its principles for economic and political systems? This lesson plan uses a video lesson to explain this while an activity asks students to compare and contrast socialism to other economic and political systems.
10. Communism Lesson Plan
Are you looking for a new way to teach students about communism? This Study.com video lesson grabs the attention of your students while defining and exemplifying communism. A small group activity takes mastery even further.
11. Mixed Economy Lesson Plan
Help your students explore mixed economic systems with this lesson plan. Students will watch an informative video lesson, participate in discussion questions and engage in two activities that culminate in group presentations.
12. Gross Domestic Product: Definition and Components
Gross domestic product (GDP) is defined as the measure of the total output of goods and services in the economy within a given period of time. Explore the components of GDP and learn how to calculate it.
13. Defining and Measuring the Unemployment Rate
Unemployment is defined as the percentage of people who are willing and actively seeking work but are unable to find a job. Learn how economists define and measure the unemployment rate, define the labor force, and calculate trends in labor participation.
14. The Business Cycle: Economic Performance Over Time
Economic progression has peaks and troughs as the economy fluctuates between expansion and recession. Explore the intricacies of the business cycle and how it describes economic performance over time.
15. Productivity: The Economy's Long-Run Growth Engine
Productivity, which is defined as the output per worker, is necessary to sustain a fruitful economy. Learn about the determinants of productivity (physical capital, technology, human capital, and natural resources) and the relationship between increased productivity and higher standards of living within an economy.
16. Consumer Price Index: Measuring the Cost of Living and Inflation
Learn to use the consumer price index to measure the cost of living and inflation. Explore the reasons for rising prices, learn how to look at inflation and deflation, and discover the difference between real and nominal terms.
17. Consumer Price Index Lesson Plan
If you are discussing the economy, this lesson plan will help your class explore the consumer price index. Students will watch a video, participate in discussion, complete an activity and take a quiz.
18. Recession vs. Depression: Definitions and Differentiation
The United States has experienced both recessions and depressions, but the negative economic states differ in major ways. Compare the traits of a recession and a depression and explore how to define the two types of economic downturns and how to differentiate them.
19. Recession vs. Depression Lesson Plan
In this lesson, we delve into the finer differences between a recession and a depression and encourage our students to debate the meaning of each term with one another through a case study focusing on the Great Recession.
20. How Fiscal Policy and Monetary Policy Affect the Economy
To promote economic growth, the government has fiscal policies regarding government's taxation and spending, as well as monetary policies regarding the money supply and interest rates. Explore the business cycle, learn how fiscal policy and monetary policy affect the economy, and understand the role of the Federal Reserve.
21. Fiscal Policy Lesson Plan
Use this video-based lesson plan to teach your students what fiscal policy is and how the U.S. government uses it to affect the economy. Check for understanding with a quiz and activity.
22. Monetary Policy Lesson Plan
Do you want to liven up your instruction on monetary policy? With this lesson plan, a video lesson will help you engage students while delivering key information and an activity has students investigate the Great Depression to exemplify this system.
23. Average Total Cost: Definition & Formula
Average Total Cost is the combination of all fixed and variable costs per unit. Learn the formula used by economists and explore practical implications in pricing decisions that a change in the Average Total Cost may have.
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