The Underground Economy: Crash Course Economics Video Analysis with Key- This is a 10 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 27 questions based on The Crash Course Economics video: The Underground Economy.
This assignment will ask students to go to YouTube and watch the Crash Course video: The Underground Economy. The video will first introduce students to the different terms used to describe the underground economy: The shadow economy, the informal economy, the black market, the unofficial economy, and the hidden economy. The types of activities that are considered underground are then discussed, this is anything from street corner lemonade stands and babysitting to drug dealing and tax evasion. The way governments estimate the size of the underground economy are reviewed and students will learn how much the global underground economy is worth (trillions). The size of the underground economy in different nations is discussed, as is the large portion of the underground economy that is taken up by organized crime. The billions that comes from drug trafficking, prostitution, environmental degradation, poaching, and human trafficking is presented in order for students to see the sheer size of these illegal activities and also how much money they contribute to the global GDP (1-1.5%). The video then covers the topic of human kidney sales and the debate that exists whether is should be legalized and moved out of the black market. As a conclusion, the video discusses how an underground economy can lead to a negative cycle of lost tax revenue that causes government cuts, driving more people into the underground economy.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.