The U.S. Economy


Social Studies American History Contemporary United States The U.S. Economy
Students give a definition or an example of the word economy. Then they explore some of the characteristics of a free enterprise system: producers and consumers, limited government control, private property, supply and demand, and opportunity cost. Next they examine causes of economic growth and explain an example. Finally, they analyze the scenario of a T-shirt printing business and identify economic concepts within the scenario.

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Overview

In this experience, students give a definition or an example of the word economy. Then they explore some of the characteristics of a free enterprise system: producers and consumers, limited government control, private property, supply and demand, and opportunity cost. Next they examine causes of economic growth and explain an example. Finally, they analyze the scenario of a T-shirt printing business and identify economic concepts within the scenario.

Estimated duration: 60-75 minutes. You may consider teaching this lesson over two sessions to give students time to absorb the concepts and formulate any questions that they have.

Vocabulary words: Most of the economics terms are defined within the context of the lesson.

  • free enterprise
  • voluntary
  • opportunity

Objectives

  • Explain the free enterprise system in the United States.
  • Analyze an example of the system.


Engage


Suppose your friend has a new game that you really want. To get the game, you might:

  • trade a game that you own for your friend’s game
  • buy the game from your friend
  • borrow money from your cousin to buy your own copy of the game
  • babysit to earn the money to buy the game

 

Which of those choices would be an economic activity? The answer is, “All of them!” In this lesson, you’ll learn what the U.S. economy is and how it works.

Objectives
  • Explain the free enterprise system in the United States.
  • Analyze an example of the system.


a shopping cart full of boxes on top of the American flag

What is an economy? Look up the word economy if necessary, and try to give a brief definition or example.

Post your answer

An economy is the way goods and services are produced and consumed. Everyone is involved in the economy both by producing goods or services and by consuming them.


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The Complete List of Learning Experiences in Contemporary United States Unit.
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