Students will rotate through country stations that demonstrate the economic systems of capitalism, communism, and socialism. They will analyze characteristics of each country to determine its economic system and compare those to characteristics of the United States. Students will explain how free markets advantage the United States.
In this lesson plan, students will be introduced to different economic systems. Through collaborative learning, students will explore economic system scenarios and complete a written response to show their understanding of the various economic systems, and which one provides the best opportunity for economic prosperity.
The lesson begins with students exploring the terms economic freedom and standard of living in a group discussion. Students will complete graphic organizers about capitalism, socialism, and communism as they learn via a provided PowerPoint presentation. Students will reflect in writing on the advantages of capitalism and the free market.
Type: Lesson Plan
Vetted resources students can use to learn the concepts and skills in this benchmark.
Vetted resources caregivers can use to help students learn the concepts and skills in this benchmark.