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Sometimes you’ve just got to teach a difficult text. What better way to do so in the economics classroom than with Adam Smith’s Wealth of Nations? After all, it’s so much better to have students learn from the text directly than just describing it to them. I love seeing my students take on the challenge and come away with a deeper understanding of market economies.
This lesson will teach your students about market and mixed economies. It opens with a warm up that activates prior knowledge and previews the material. Then students read about market economies while analyzing the circular flow model. Then it’s time for the main event: read short excerpts from Adam Smith’s the Wealth of Nations. As students read, I’ve added in vocabulary support throughout the several paragraphs of text. Once students analyze the text and demonstrate their understanding by answering comprehension questions, it’s time for them to write a summary (instructions and rubric included). The final element to this lesson is a worksheet that break down the difference between market and mixed economies and then asks students to do limited research into government agencies in the US (Teacher Answer Key provided). I love this lesson because it is rigorous and adds a deeper understanding to the rich curriculum we’re studying. Enjoy!
The best part is that you can use this entire lesson for distance or digital learning! All resources (except the lesson plan and answer keys) come in a printable PDF version AND a Google Slides or Docs version. Students just make a copy and they can use all the included resources!
This resource is also a part of this discounted bundle: Foundations & Fundamentals of Economics Unit Bundle
What to Expect:
- 1 Warm Up - space on student worksheet included (PDF & Google Slides)
- Circular Flow Model Student Worksheet (PDF & Google Slides)
- Wealth of Nations Excerpts with Vocab Support & Summary Directions & Rubric! (PDF & Google Docs)
- Government Regulation of the US Economy Worksheet (PDF & Google Slides)
- Gov't Regulation of the US Economy Teacher Answer Key (PDF)
- Suggested lesson plan
*Wealth of Nations activity is editable; nothing else is editable
I usually teach this lesson in one 50-minute period.
Note: all Google Drive versions appear in the lesson plans of each individual lesson. As of right now, there is no way to copy a folder in Google so for right now you will need to open the lesson plan and make a copy of each digital resource using the provided links and instructions.
- Class set of included worksheets
- Computer for research
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