Describing the effects of the economy on daily life

Objectives:
At the end of the lesson, students should be able to:
• Understand the effects of the economy on daily life
• Compare and contrast different economic systems
• Explain the impact of economic policies on individuals and businesses

Materials:
• Textbook
• Internet access
• Whiteboard and markers

Procedure:
Part 1: Introduction (10 minutes)
• Ask students what they know about economics
• Explain the difference between macroeconomics and microeconomics
• Introduce the concept of the economy on daily life

Part 2: Discussion (15 minutes)
• Break students into small groups of four to five
• Give each group the same economic situation and ask them to discuss the effects it may have on daily life
• Have each group report back on their findings and discuss as a class

Part 3: Activity (15 minutes)
• Have each student research an economic system (i.e. capitalism, socialism, etc.)
• Ask them to compare and contrast the effects of different economic systems on daily life
• Have them present their findings to the class

Part 4: Conclusion (10 minutes)
• Review the effects of the economy on daily life
• Discuss economic policies and how they can affect individuals and businesses

Conclusion:
• Understand the effects of the economy on daily life
• Compare and contrast different economic systems
• Explain the impact of economic policies on individuals and businesses