Do your students understand the free enterprise system? This resource is designed to help your students understand the development, characteristics, and benefits of the free enterprise system with Word Wall images, a Vocabulary Activity, informational text, Doodle Notes™, and Economic Scenarios to analyze.
Your students will participate in extensive vocabulary building with Word Wall terms, and a vocabulary chart. They will then read about basic economics, factors of production, and the free enterprise system and take notes on their Doodle Notes™. Practice is built into the lesson with scenarios at the end of the resource.
–Word Wall images and a vocabulary chart for key free enterprise terms,
–Six pages of informational text on the basics of economics, factors of production, and the Free Enterprise System and two pages of Doodle Notes™,
-A handout on the benefits of the free enterprise system,
-Three economic scenarios to analyze for the benefits of the free enterprise system,
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5th Grade Social Studies TEKS
(10) Economics. The student understands the development, characteristics, and benefits of the free enterprise system in the United States. The student is expected to:
(A) identify the development of the free enterprise system in colonial America and the United States;
(B) describe how the free enterprise system works in the United States; and
(C) give examples of the benefits of the free enterprise system in the United States.
(11) Economics. The student understands the impact of supply and demand on consumers and producers in a free enterprise system. The student is expected to:
(A) explain how supply and demand affects consumers in the United States;
(23) Social studies skills. The student applies critical-thinking skills to organize and use information acquired from a variety of valid sources, including technology. The student is expected to:
(A) differentiate between, locate, and use valid primary and secondary sources such as technology; interviews; biographies; oral, print, and visual material; documents; and artifacts to acquire information about the United States;
(B) analyze information by applying absolute and relative chronology through sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions;
(25) Social studies skills. The student communicates in written, oral, and visual forms. The student is expected to:
(A) use social studies terminology correctly;
(B) incorporate main and supporting ideas in verbal and written communication;
(C) express ideas orally based on research and experiences; and
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