Subject: Social Studies

Lesson Length: 55 - 60 mins

Topic: Economic Systems

Grade Level: 7

Objective: Informing

Standards:

Forms of government

Brief Description: Students will understand the three major economic systems and explore the pros and cons of each.

Know Before You Start:

  • Students should have a good understanding of what an economy is and why countries would need a system in place.

  • Students should be able to define: economy, supply, demand, markets, interdependence, consumer, and scarcity.

Show Me the Money - Exemplar comic, panel 1 Show Me the Money - Exemplar comic, panel 2 Show Me the Money - Exemplar comic, panel 3

Hook:

  • Have students imagine they are now the leaders of their own country with some difficult decisions to make. They have already begun to set up a government but are unsure of how they want your country’s economy to operate.

  • Discuss some laws they would make. How would their economy work? Would there be any rules regarding how much money workers should make? How would business owners be taxed?

  • Read and discuss the sample comic.

Activity:

  • Have students research the 3 major economic systems: Socialism, Capitalism, and Communism. 

  • Next, have them choose one of the 3 systems as the economic system for their new country. 

  • Using the sample comic as a guide, have them create a 3 panel comic illustrating their chosen system.

  • Panel 1: Define the system you selected

  • Panel 2: Illustrate why you chose this system and why it benefits your country.

  • Panel 3: Illustrate any downsides (cons) you see to implementing this system in your country.

Closure:

  • Group students into groups of 3 - one student for each system.

  • Have each group discuss their comics and their “why”. Ask students to try and persuade other group members to want to switch their system. 

  • As a class, find out if anyone was persuaded and have a few volunteers present their economic system and why they would think it was best for their country.

Differentiation:

  • Allow students to use speech-to-text as needed.

  • Pair students with a peer model.

  • Provide sentence frames for the student comic and closure discussion.

Resources: Comic to print or display: Comic 1.