Amanda Kincaid

TOMME Lesson Plan- Economics

TEKS- 6.b.9B,C

Time: 2 days. Students will spend the first day going through a gallery walk,
watching videos, and taking notes on each of the economys characteristics. To
ensure that students understood the information they will construct a Venn diagram
comparing and contrasting the different economies. On the second day, each
student will be assigned a number of 1, 2, or 3, each of which will represent one of
the 3 economic systems. The student will write a journal entry describing what life is
like, as an aspiring business owner, in their assigned economy. The whole class will
participate in a matching game of sorts, matching characteristics and scenarios to
its appropriate economy.
Objective(s):
1. The student will be able to compare and contrast the following economies:
free enterprise, communism, and socialism.
2. The student will understand the benefit of the U.S. free enterprise system,
providing one specific benefit.
3. The student will be able to create an accurate journal entry, depicting what
life is like in the different economic systems.
4. The student will be able to accurately match a scenario or example to its
appropriate economic system.
Materials:
1.
2.
3.
4.
5.

Links for videos.

Short summaries of each economy.
Cartoon illustrations of each economy.
Pictures relating to each economy.
Students will be permitted to use their cell phones, if they have them to look
up the supplied links at each station.
6. If the student does not have a cell phone, no problem. There will be an iPad at
each station (assuming the school has them.) If the school does not have any
iPads for the classroom, the teacher will supply a device that can be used to
look up internet resources. The class would then watch all videos, together.
Provided the students have cell phones and enough iPads to do this
individually, they would do so.
7. Notepads and pens.
8. Interactive, tri-fold poster board.
9. Index cards with pre-written scenarios on them.
10.Tape

11.Picture of a tree house for each group. Class size will determine the amount
of pictures needed.
Methods:
On day one:
1. Students will be given a picture of a tree house and will assume the role of a
contracting company, who specializes in building tree houses. They will then
be told that they all have the same resources available to them and given the
maximum budget of the buyer. They will be asked to bid on the job. The
students will be in groups, designated by the teacher. The student group will
then write a bid on their paper and turn it in to the teacher. The kicker is that
one group will not bid. Once the teacher has reviewed the bids, he/she will
tell the group who has not put in a bid what they need to do to win the job.
The remaining group will submit their bid and the teacher will announce that
they are the winner. The expected response is for the kids to be upset
because it is not fair that the group who won only won because they knew
what they had to bid. This will allow the teacher to explain to the students the
importance of morals and ethics in maintaining a functional free enterprise
system.
2. Gallery walk around the room. At this time, students will take notes and
answer questions at each station.
3. Once they have completed each station, answered the questions, and taken
adequate notes, the students and teacher will create a Venn diagram
comparing and contrasting the different economies. This will be done as a
class.
4. At the end of the day, students will be asked to make a bulleted list of some
of the benefits of the U.S. free enterprise system, given their new
understanding of the aspects and characteristics of the different economic
systems.
On day two:
1. Students will each be given a set of three cards. The cards will contain
characteristics, scenarios, etc. of each economy. The student will have to
place the characteristic or scenario under the correct section of the
interactive tri-fold board that the teacher has prepared. There will be three
sections; one for each economic system, and a fourth section for the
scenarios and characteristics that fit in more than one economic system.
2. Students will be given a number of 1, 2, or 3, representing the three different
economic systems. Each student will create a journal entry, in first person
point of view, describing what it is like to be a member of their assigned
economic system.

Evaluation1. In addition to the students journal entry which will be graded by a rubric that
the teacher has supplied them beforehand and participation in constructing a
Venn diagram, the students will each be given 3 index cards, containing a
pre-written scenario, and will have to appropriately place the index card
under the corresponding section of the tri-fold poster board. Both the Venn
diagram and the journal entry will be a form of evaluation. This lesson will
have more informal evaluation than anything. Participation will be a large
part of the students grade. The teacher will evaluate each student during
the completion of each assigned task, providing the necessary scaffolding on
an individual basis.
** This lesson is easily adaptable for both LD, ELL, and GT students, as well as higher grade
levels. **

For the LD students, the teacher will closely monitor their work, taking advantage of
teachable moments. Each LD student will be given their own copies of each picture,
cartoon, and illustration used in the gallery walk, as well as images that compare
and contrast the different systems. Additionally, these students will be permitted to
use bullet points to describe what life is like in their economic system, rather than
first person paragraph form. However, they will be encouraged to use paragraph
form.
For the ELL students, they will be given the same things as the LD students, as
pictures are very beneficial, and they are still developing their academic English.
Additionally, there will be assistive technologies readily available to the students
that they can use whenever they or the teacher feels its necessary. The ELLs will
have a list of major characteristics and concepts of each economy in their native
language. The interactive board will have all words used translated into their native
language. Also, for participating in the interactive board, all the scenarios will be
translated on the back of each strip.
For the GT students, rather than creating a journal entry about what life is like as a
member or citizen of their assigned economy, they will have to describe what life is
like as a business owner or aspiring business owner in each economy. Additionally,
they will have to create their own unique scenario for each economic system.

Questions
1. Compare and contrast the following economies: US free enterprise,
communist, and socialist.
2. Construct a Venn diagram composed of the pros of each economy.
3. Construct a Venn diagram composed of the cons of each economy.
4. Explain why free enterprise is called a free market.
5. Give an example of supply and demand.
6. What are the benefits to the US free enterprise system?
7. Create a journal entry, in first person point of view, of what it is like to live in
a communist country.
8. Describe, in any way possible, the result of competition within an economy.
9. Based on what you have learned about the different economic system, in
which economy would you prefer to live?
10.Why are high moral and ethical standards an important component of
maintaining a free enterprise system?