"Learning About an Occupation"Introduction
Not all economic systems are alike. Ours is a market economy
based on private property and free enterprise, but there are
other ways to organize economic activity. One of the best
guides to other economies, including Russia and the former
republics that now make up the Commonwealth of Independent
States, comes from the United States Central Intelligence
Agency (CIA). The CIA's World Factbook 2001 contains
a variety of information ranging from politics to economics. Lesson Description
Students will use information from the World Factbook 2001
Web site to find out more about economic systems around the
world by examining a country of their choice. Previous Knowledge Expected
Students should be familiar with the following terms: capitalism: market economy in which the factors of
production are privately owned communism: economic and political system in which factors
of production are collectively owned and directed by the state;
theoretically classless society in which everyone works for
the common good Applied Content Standards (from the
National Council on Economic Education) Standard 3: Different methods can be used to allocate
goods and services. People, acting individually or collectively
through government, must choose which methods to use to allocate
different kinds of goods and services. Standard 18: A nation's overall levels of income, employment,
and prices are determined by the interaction of spending and
production decisions made by all households, firms, government
agencies, and others in the economy. Instructional Objectives
- Students will describe the climate and natural resources,
government, and economy of a selected country.
- Students will list the life expectancy, literacy rate,
and infant mortality rate of a selected country.
Student Web Activity Answers Questions 1-4 Answers will vary depending on the country selected.
For example, if the student selected the country of Bermuda,
the climate is subtropical with low hills and a large coastline.
Natural resources include limestone and a pleasant climate
for tourism. Bermuda's government is a dependent territory
of the United Kingdom. The capital city is Hamilton. The legal
system is based on English law. The economy of Bermuda has
one of the highest per capita incomes in the world. The business
of financial services for international firms as well as a
strong tourist industry contributes to the high per capita
income. Agricultural products include bananas, vegetables,
citrus, flowers and dairy products. The main industries are
tourism, finance, insurance, structural concrete products,
paints, perfumes, pharmaceuticals, and ship repairing. Bermuda
has a literacy rate of 98 percent for the total population,
a life expectancy of 77.12 years, and an infant mortality
rate of 9.55 deaths/1,000 live births. Extending the Lesson
Encourage students to research further information about their
selected countries. Have students share this information with
class members. Conduct an international culture fair with
students representing their respective countries.
Have students examine exchange rates for selected countries.
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