Lesson 1: Introduction to Market Economy

Names: Rachel Polikaitis and Kathleen Fuller

Big Idea: Factors that make up Michigans
Market Economy
Thread/Crossover: History, Economy, Language Arts
I. Objectives
What is the main focus of this lesson?
This lesson is a brief introduction to market economy in Michigan, where the teacher
will evaluate how much the students know, introduce key vocabulary terms for the
unit, and will begin to introduce the project that will last for the duration of the unit.
By the end of this lesson, students should have a basic understanding of the history
of Michigans economy and become familiar with the vocabulary connected with this
unit.
How does this lesson tie in to your units Big Idea?
Our big idea is, what role do the factors that make up market economy play in the
context of Michigans economy? In this lesson, we are introducing the factors that
make up a market economy. We will also explore the history of Michigans market
economy and where it is today.
What are your objectives for this lesson?
Common Core State Standards:
CCSS.ELA-LITERACY.L.4.4.A Use context (e.g., definitions, examples, or restatements in
text) as a clue to the meaning of a word or phrase.
4-E1.0.2 Describe some characteristics of a market economy
4-H3.0.1 Use historical inquiry questions to investigate the development of Michigans
major economic activities (agriculture, mining, manufacturing, lumbering, tourism,
technology, and research) from statehood to present.
Objectives:
Students will use their fine motor skills to create their market economy booklet.
Students will be able to write a short summary of what they learned about the history
of Michigans market economy in their economy booklet.
Students will be able to write down the vocabulary words in their notebooks.

II. Before you start

Prerequisite
knowledge and skills.

We are assuming that they do not know anything about

market economy and the history of Michigans economy.
Therefore, we will start the lesson with a KWL to have a better
understanding of their previous knowledge of this topic. We are
also assuming that the students know how to use google
documents (as this is generally taught in 2nd or 3rd grade) and
know how to gather information from websites and from books
(generally taught in 3rd grade)

Assessment
(formative and

Students will be able to write a short summary of what they

learned about the history of Michigans market economy in

summative)

their economy booklet.

If students are able to correctly match definitions and pictures
to the vocabulary words.

Universal Design for Learning Networks/Domains (see UDL Guidelines)

RECOGNITION

STRATEGIC

AFFECTIVE

Multiple Means of
Representation

Multiple Means of
Expression (Action)

Multiple Means of
Engagement

Options for Perception

Representing vocab terms in
both definitions and pictures.
Finding facts through multiple
sources.

Options for
action/interaction
Students work in partners to
come up with definitions and
pictures that correspond to a
vocab word. Students will
work in groups to find facts
about their topics

Options for recruiting

interest
Having the students start
to write their own
definitions and draw
pictures for the vocab
words through gradual
release. Instead of just
stating facts about the
history of Michigans
economy, having students
find facts through multiple
resources.

Options for
Language/Symbols
Representing vocab terms in
both definitions and pictures.

Options for Expression

Stating thoughts,
perceptions and ideas they
have about market economy.
Representing vocab terms in
both definitions and
pictures.

Options for Sustaining

Effort & Persistence
Working in groups helps
student maintain focus on
the task as their partners
will keep them
accountable. Also, by
providing a variety of
activities and multiple
means of representation
and expression throughout
the lesson.

Options for Comprehension

Going over their own
definition of a word and draw
a picture that relates to it.
Instead of just stating facts
about the history of
Michigans economy, having
students find facts through
multiple resources.

Options for Executive

Function
We are providing Options
that facilitate managing
information and resources
and Options that enhance
capacity for monitoring
progress by starting and
creating their economy
booklet for the unit.

Options for Self Regulation

Students will check their
definitions, pictures and
facts with the information
provided later by the
teacher. Students will start
their market economy
journal that they will use
and write in throughout the
unit.

Materials-what
materials (books,
handouts, etc) do you
need for this lesson
and do you have
them?

Whiteboard/dry erase markers

Michigan economy song loaded on computer
Vocab cards saying: consumers, producers, trade, supply,
demand, competition, money, resources, scarcity, market
economy
Illustrations of each of the vocab words
Definitions of each of the vocab words
Computers (at least one for each of the 4 groups)
File folder (enough for each student in the class, plus extras if
a student makes a mistake)
Cardstock paper (colored, enough for each student to have
one, plus extras if a student makes a mistake)
My economy lapbook and by:____ pages printed out
(enough for each student)
Glue
Stapler
Scissors
Journals for writing about economy

Do you need to set up

your classroom in any
special way for this
lesson? If so, describe
it.

Students will be arranged in four groups. Students will be

sitting at their desks.

III. The Plan

Tim Part
e
s
Motivatio
n
(Opening/
Introduct
ion/
Engagem
ent)

The description of (script for) the lesson, wherein you

describe teacher activities and student activities
(indicate in parenthesis where you are addressing
standards and themes)

Play the market economy song for the students.

Write the word market economy on the board.
Ask students to brainstorm what they think this word might
mean and what they associate the word with.
Have students share their thoughts and write it on the board.
Then, ask students what they want to know about the market
economy. Have them share and write on the board. After have

students ask questions about what they would like to know (this
is our version of a KWL)

Develop
ment

Introduce vocab words by placing the cards with the words on

it, on the board.
Vocab words: consumers, producers, trade, supply, demand,
competition, money, resources, scarcity, market economy.
The teacher should start with the first word, ask the students
what they think it means, show picture examples of the word,
then show them the definition. Every three or so words, the
students should write in their vocabulary notebooks the word,
the definition in their own words, and a picture that goes with
their definition. The teacher should repeat this until students
have examined all the vocabulary words (This is meant to be a
brief overview of these words. Each of these words is revisited
over the course of the unit to investigate them in depth)
The teacher will assign each table group a topic: logging,
mining, automobile, and the tourist industry
Students will gather information on their topic using the
websites the teacher provides and books from the library.
Teacher will explain that students need to find a general
definition of what their industry does, what has happened in
their industry in the past vs how it is currently, and interesting
facts about their industry. Additionally, these websites can be
found on a google document that is shared with the entire
class.
http://www.michiganforest.com/resources/economic-overview
http://www.secondwavemedia.com/upperpeninsula/features/loggingfeature12916.aspx
http://www.nma.org/pdf/states/econ/mi.pdf
http://www.csmonitor.com/Business/2012/0327/Mining-boom-inMichigan-economic-boost-or-environmental-nuisance
http://www.detroitchamber.com/econdev/chamberinitiatives/michauto-universal-name/the-auto-industry-inmichigan/
http://www.michiganbusiness.org/cm/files/Brochures/1283Auto
%20brochure.pdf
http://www.michiganbusiness.org/cm/Files/Reports/Michigan2014-Tourism-Economic-Impact.pdf
http://www.mlive.com/business/index.ssf/2013/02/1_billion_econ
omic_impact_that.html
Students are welcome to find additional websites and sources,
this is just a starting point. The students are to record their
findings in a google document shared with the teacher and
each person in the group.
Explain that next class period, the students will create a poster

to present to the class about their specific topic.

The teacher should ask each the students to offer up a few facts
that they found to be most interesting in their research. As the
students put their research things away, the teacher should
begin explaining the folder project
The folder project will last throughout the entire unit and will
be a type of collage of everything they have learned. Each
student gets a file folder. The teacher will explain the following:
Open the file folder so it is laying flat. Using the crease as a
guide, fold the two sides in so that they meet in the middle.
Take a piece of colored card stock paper and lay it in the middle
section. Use a stapler to secure the paper in place.
Cut out the my economy lapbook and by:____ pages and fill
them out as needed.
Glue these to the front of the file folder flaps.
Have students put away their creations in a safe place since
they will need these for the duration of the unit.

Closure
Students write in their journals a kind of summary statement
or their own personal takeaway from what was taught for the
day. What do they think this unit is going to be like? What do
they hope to learn now that they have had an introduction to
the unit?

Explain how this lesson supports your Big Idea. What is the takeaway?