Module 5: The American Economy-Social Studies 5 - Course Guide

Module Overview:

In this module, students will cite evidence of the development of the free enterprise system in colonial America and the United States.They will distinguish between wants and needs and identify ways people obtain the things they want and need, including through the acquisition of education and training. Students will investigate the ways that goods and services are produced and distributed. They will draw conclusions about how supply and demand impact consumers. Students will compare traditional and command economies and apply the concept of a market economy to various scenarios. Students will describe the cost and benefits of government economic programs and investigate ways in which tax revenue is collected and why. They will assess the causes and effects of economic choices. Students will describe how the free enterprise system works in the United States and infer how entrepreneurship impacts a free enterprise system. Finally, students will design a plan for how to use a thousand dollars.

Module Materials:

  • Pencils
  • Crayons or colored pencils
  • Notebook
  • Scissors
  • Glue
  • Highlighter
  • Markers
  • Blank paper

Module Objectives:

Lesson # Lesson Title Objective(s)
1 Colonial Economy
  1. Cite evidence of the development of the free enterprise system in colonial America and the United States.
2 Wants vs. Needs
  1. Distinguish between wants and needs.
  2. Identify ways people obtain the things they want and need, including through the acquisition of education and training.
3 Getting What You Want (and Need)
  1. Investigate the ways that goods and services are produced and distributed.
4 What Happens When Resources Are Limited?
  1. Draw conclusions about how supply and demand impact consumers.
5 Economic Systems: Traditional and Command
  1. Compare traditional and command economies.
6 Economic Systems: Market
  1. Apply the concept of a market economy to various scenarios.
7 Government and the Economy
  1. Describe the cost and benefits of government economic programs.
  2. Investigate ways in which tax revenue is collected and why.
8 Making Economic Choices
  1. Assess the causes and effects of economic choices.
9 If I Had a Thousand Dollars
  1. Design a plan for how to use a thousand dollars.
10 The American Free Enterprise System
  1. Describe how the free enterprise system works in the United States.
  2. Infer how entrepreneurship impacts a free enterprise system.

Module Key Words:

Key Words
economy
free enterprise system
wants
needs
distribution
capital resources
consumer
human resources
supply and demand
scarcity
traditional economy
command economy
market economy
monopoly
taxes
government economic program
saving
borrowing
banks
entrepreneurship

Module Assignments:

Lesson # Lesson Title Page # Assignment Title
1 Colonial Economy 4 Colonial Economy Assignment 
2 Wants vs. Needs 4 Wants vs. Needs Worksheet
5 Economic Systems: Traditional and Command 4 Economic Comparisons Worksheet
6 Economic Systems: Market 4 Economic Comparisons Worksheet
7 Government and the Economy 5 Economic Assistance Programs Worksheet
8 Making Economic Choices 5 Short Story Assignment 
9 If I Had a Thousand Dollars 5 $1,000 Budget Assignment
10 The American Free Enterprise System 4 Pros and Cons Worksheet

Learning Coach Notes:

Lesson # Lesson Title Notes
1 Colonial Economy After completing this lesson, ask your learner to cite evidence of the development of the free enterprise system in colonial America and the United States.
2 Wants vs. Needs After completing this lesson, ask your learner to explain the difference between wants and needs and to identify ways people obtain the things they want and need, including through the acquisition of education and training.
3 Getting What You Want (and Need) After completing this lesson, ask your learner to explain the ways that goods and services are produced and distributed.
4 What Happens When Resources Are Limited? After completing this lesson, ask your learner to draw conclusions about how supply and demand impact consumers.
5 Economic Systems: Traditional and Command After completing this lesson, ask your learner to explain and compare traditional and command economies.
6 Economic Systems: Market After completing this lesson, ask your learner to explain what a market economy is.
7 Government and the Economy After completing this lesson, ask your learner to describe the cost and benefits of government economic programs and explain ways in which tax revenue is collected and why.
8 Making Economic Choices After completing this lesson, ask your learner to explain the causes and effects of economic choices.
9 If I Had a Thousand Dollars After completing this lesson, ask your learner to design a plan for how to use a thousand dollars.
10 The American Free Enterprise System After completing this lesson, ask your learner to describe how the free enterprise system works in the United States and how entrepreneurship impacts a free enterprise system.

Module Guiding Questions:

When a student starts a lesson ask them questions to check for prior knowledge and understanding and to review concepts being taught. At the end of the lesson ask the questions again to see if their answer changes.

Lesson Title Question
Colonial Economy
  1. What kind of economy was used in colonial America?
Wants vs. Needs
  1. What is the difference between a need and a want, and how do people get what they need and want?
Getting What You Want (and Need)
  1. How are goods and services distributed?
What Happens When Resources Are Limited?
  1. How does the concept of supply and demand affect consumers?
Economic Systems: Traditional and Command
  1. What are traditional and command economies?
Economic Systems: Market
  1. What is a market economy?
Government and the Economy
  1. How does the government affect the economy?
Making Economic Choices
  1. What are the causes and effects of economic choices?
If I Had a Thousand Dollars
  1. What would you do with a thousand dollars?
The American Free Enterprise System
  1. How does the American free enterprise system work?

Module Video Questions:

When a student watches a video take time to ask them questions about what they watched. Suggested questions for the videos in this module are listed here. Suggestion: Have the student watch the entire video first all the way through. Then have them watch the video a second time, as they watch it pause the video and ask the questions.

Lesson Title Video Question

Module Suggested Read Aloud Books:

Take time to read to your student or have them read aloud to you. Read a different book each day. While reading the book point out concepts being taught. You may purchase these books or find them at your local library. Suggested things to discuss while reading the book:

  • What is the main idea?
  • What are three things new you learned?
  • How does this book relate to what you are learning about?

# Book Author Lexile Level

Module Outing:

Take some time to apply what your student is learning to the real world. Suggested outings are below.

# Outing