Materials

• Textbook

Instructional Activities

1. Ask students to define the term economics. After a few moments, instruct them to look up the definition and write it down.
   
   
2. Discuss the definition as a class. Ensure that students understand the definition. Explain that countries have different economies based, in part, on their governmental structure.
   
   
3. Ask students if they can define the economy of the United States. Discuss this as a class.
   
   
4. Ask students to explain the terms goods and services in economics. Ask for examples of each to ensure that students understand the term.
   
   
5. Display the following questions on the board or overhead and explain that how a society answers these questions determines the type of economy it has:
   • What goods and services should be produced?
   • How should they be produced?
   • For whom are they produced?
   
   
6. After students have recorded these questions in their notes, discuss them in terms of the United States economy. Ask students to identify who answers these questions in our economy. Remind them that while companies determine what goods and services they will produce, the desires of the consumer drive the final answer to these questions. Discuss the role the consumer has in the U.S. economy.
   
   
7. Assign a teacher-selected reading, worksheet, or other reinforcement activity.