Show Me The Money: Major Economic Systems

Subject: Social Studies

Lesson Length: 55 - 60 mins

Topic: Economic Systems

Grade Level: 7

Standards / Framework:

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.


  • 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 the country’s economy to operate.

  • Discuss the following:

    • What are 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.


  • Introduce the following vocabulary:
    • economy
    • supply
    • demand
    • markets
    • interdependence
    • consumer
    • scarcity
  • Have students research the three major economic systems: Socialism, Capitalism, and Communism.

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

  • Using the sample comic as a guide, have them create a three-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.


  • Group students into groups of three; one student for each system.

  • Have each group discuss their comics and their reason for choosing the system. Ask students to persuade other group members to switch their system.

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


  • Allow students to use the speech-to-text feature.

  • Allow students to use the voiceover feature to read their comics aloud.
  • Pair students with a peer model.

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


  • Comic to print or display: Comic.