Economic Systems

October 26, 2016

Brad Kapenga

I.

Standard: 3.1.3 Comparing Economic Systems Use the three basic economic
questions (what to produce, how to produce, and for whom to produce) to compare
and contrast socialist (command) economies with the capitalist (market) economies

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and traditional economies.

Behavioral Objective:
a. Students will learn about the economic systems including; command, market and
traditional economies.
b. Students can apply the economic systems to their future because it will give them
an idea about how different countries make different decisions about production.
c. This will be measured by having students complete a triple Venn Diagram that has
them compare and contrast the three systems that were worked with throughout

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IV.
V.

the day.
Anticipatory Set:
a. To prepare the students to learn about the different markets, students will
participate in the Bead Game
Objective/Purpose:
a. I can compare and contrast the market, command and traditional economies.
Input:
a. Task Analysis
i. The learners will need to know what the three economic systems are and
how they make a difference in production.
b. Thinking Levels:
i. Knowledge: Students will need to know what a traditional system, market
system and command system are.
ii. Evaluation: Students will compare and contrast the three economic
systems worked with in this simulation.
c. Learning Styles
i. Remediation: If students have trouble tying knots, have someone that
knows how to tie the knot tie it for them.
d. Methods and Materials
i. Methods
1. This lesson will be taught primarily through the use of the Bead
Game simulation and discussion/lecture after.

VI.

ii. Materials Needed

1. Triple Venn Diagram
2. Beads, String, Scissors, Ruler, Bowls
3. Pen/Paper
4. Instructions/Handouts
5. Doc Camera
Modeling:
a. To model this lesson I will go through the process of how the Bead Game
works. Also, I will show them an example of the Triple Venn Diagram on the Doc

VII.

Camera.
Check for Understanding:
a. Students will fill out a triple Venn Diagram that has them compare and contrast

VIII.

market, command and traditional economies.

Guided Practice:
a. Introduction (5 Minutes): Good Morning class! How is everyone doing this
morning! Alright today, you may notice that the desks are arranged a little
differently thats because of the activity we are going to performing. Before we
begin our little activity, lets go over the learning target for the day. Todays
learning target is this: I can compare and contrast the market, traditional and
command economic systems. Does anyone have any questions?
b. Group Practice (30 Minutes): Alright, now that we know what we are going to
be working with, we are going to participate in a little game. This game requires
participation from everyone and everyone will be working with the materials that
are with your groups. The game requires that each group creates as many beads,
necklaces and rings as possible. The guidelines are on the papers on the creation
of each of the items. As you read your scenarios, you may notice that there are
some restrictions on the creation process, so you must follow those rules in order
for this to be successful. Each group will cycle through each of the scenarios and
each round is seven minutes long. During those seven minutes, you will create as

many of the products as possible. I will be keeping track of time during the event.
At this point, does anyone have any questions? I will also, be keeping track of
scores on the board for each group as well and the winning group will receive a
prize for the highest dollar amount. Finally, please refrain from messing around
with any of the materials. If you begin to mess around with the materials and are
not using them in an educational way, I will have to ask you to not participate
with the activity for the remainder of the hour. Any questions? Alright lets begin
in 321 GO!
c. Closure (15 Minutes): Okay to wrap up this lesson, I want you to think about the
three different systems that we mentioned at the beginning of the class and make
an educated guess at which one was which. Okay, which one was the traditional
system? Good! What makes that one traditional? Awesome! Alright, what about
the command system, which system do you think that system was? Okay, now can
you explain to me how it is considered a command system? Great! Finally, which
system was the traditional system? Good! What kind of characteristic makes it a
command system? Fantastic! Alright, before we run out of time, I would like for
everyone to fill in this triple Venn diagram. On this triple Venn diagram, I want
you to compare and contrast the three systems that were just discussed. Try to
give me at least 2 similarities and 2 differences for each. Once you finish, you
may turn it into the second hour tray slot. Let me show you an example of a triple
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Venn diagram to you for those that may not know what it is. Any Questions?
Reflection:
a. Will the students understand the learning target?
b. Will the modeling be clear and concise?
c. Is the class well managed throughout the lesson?