Economics 3

Economics Part 3

Lesson Power
Lesson Plans
Study Guide
Flip chart
1. What is supply? Supply is the amount of a good available to purchase.
2. What is demand? Demand is the want or desire to purchase a good. (When a lot of people want something, there is a high demand for it. When few people want something, there is a low demand for it.)
3. What is specialization? Specialization is when a person focuses on one particular job.
4. What is division of labor? Division of labor is when the work is split up and each person has their own part to do.
5.What is interdependence? Interdependence is when people or countries depend on each other to get a job done.
6. What is world trade? Word trade is when countries trade goods and services with each other.
7. What are imports? Imports are goods made somewhere else and shipped IN to the U.S.
8. What are exports? Exports are goods made in the U.S. and shipped OUT to other countries. (exit)
9. Name one thing that the U.S. imports. oil
10. Name one thing that the U.S. exports: capital resources - machinery and equipment
Lesson Plans
Economics Part 3
Supply and Demand / Specialization and Interdependence
February 1-5, 2010

Day 1
  • TLW view Brainpop on Supply and Demand ( can give quiz as grade or bonus)
  • TTW present new definitions and information on PPT presentation. TLW follow along with guided notes.
  • Optional activity: “Academy Curricular Exchange” see attached handout.
Day 2:
  • TLW complete the “Demand Worksheet”. Review and discuss graph.
  • Discuss name brands (GAP vs. Wal-Mart) and why both can stay in business.
  • Mad, Mad, Toy Craze book and quiz.
  • HW: “Price War” sheet
Day 3:
  • TTW read the “The King with the Terrible Temper” and discuss specialization.
    • Make sure to read the handout to divide the group into the sounds that the character makes.
  • “Specialization” handout
  • “World Trade” handout
Day 4:
  • Go over “Specialization” handout. Discuss thoroughly to go into activity.
  • Divide class into groups of 4-5 students. Display products to be made (Mardi Gras cards- come see example that I made) Explain that the object is to make as many as possible in a given time. Give time for them to discuss how they will divide themselves to do each job. After they make them, discuss why some groups had more than others. You can have them do it individually also to see the difference.
  • Points to emphasize:
    • Specialization increases interdependence.
    • Specialization effects productivity.
    • Past and present economics in relation to interdependence and specialization.
Day 5:
  • TLW review in a KAGAN activity.
  • TLW review in an ACTIVOTE flip chart.
  • Brainpop:
    • Supply and Demand
United Streaming:
    • Understanding Economics
TLW demonstrate knowledge on teacher made test.