The Economy

7th grade students are good about knowing the basics.  When it comes to the economy, they're able to tell me that it deals with jobs, and the government, and money... But that's about it.

We're studying different types of economies right now.  First we had to define what is meant by the economy.

We put this on the board:

After that, I added some more definitions.  It's easy for teachers to throw the lesson out there to the students and say, "HAVE AT IT!"  Sometimes though, the students don't get it.  Even when we think they should.  So, here's me breaking it down even further.

Yes.  I know.  I used the word "stuff" in my definition.  Please go easy on me.  The students told Mr. Ogle, and I'm already expecting to be reprimanded quite severely.

At any rate, we looked at the process:

And we noted how the process can either portray a good economy (as above) or a bad economy:

So far, I think the lessons have gone well.  We've actually incorporated some other stuff in here as well, such as types of economies: command, market, traditional, and mixed.  We've brought up urbanization and industrialization.

If you want the extra credit for reading and discussing this blog with an adult, explain the cycles pictured above to them.  Then tell them the difference between the types of economic systems - they're mentioned in the paragraph above this one.  Finally, answer any other questions they have.  When you're done discussing it, write two sentences from the discussion on a piece of paper and put it in the extra credit tray tomorrow.  Please have the adult you discussed the blog with sign the paper as well.