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
Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.
2. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
3. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.
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
We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.
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
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
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
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
13. Defining and Measuring the Unemployment Rate
You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.
14. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
15. Productivity: The Economy's Long-Run Growth Engine
Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.
16. Consumer Price Index: Measuring the Cost of Living and Inflation
In this lesson, you'll learn what the Consumer Price Index is and how it measures changes in the level of prices in an economy. You'll also learn about the important economic concepts of inflation and deflation. Why do prices always seem to be going up?
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
Discover the real differences between recession and depression, including how economists actually define the two terms and when they have happened in the past.
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
Governments often intervene in their economies in an attempt to maintain economic stability. In this lesson, you'll learn about fiscal and monetary policies, including what effect they can have on a national economy. A short quiz follows.
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
Knowing and understanding cost structure is an important part of budgeting, production planning, and pricing decisions. In this lesson, you'll learn the definition and calculation of average total cost.
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