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Economics Lesson Plans

Crossing Borders: The Globalization Debate

Students will consider both sides of the globalization debate—the benefits and the costs—by reading and discussing the article "Crossing Borders: The Globalization Debate" from the Spring 2008 issue of Inside the Vault. Working in groups, students will analyze statements regarding the benefits and costs of globalization, categorize the statements and discuss them.

Eminent Domain

Students will examine three Supreme Court rulings and analyze possible positive and negative impacts of the Court's decision on eminent domain. The lesson covers: benefits, costs, eminent domain, public good and trade-offs. From the Inside the Vault article, "Eminent Domain: Should Private Property Be Taken for Public Use?"

Employment Growth in America

Employment growth is one of the most fundamental aspects of a strong economy. Yet not all jobs are created equal. Some pay generously and offer desirable working conditions, while others do not. The study, "Employment Growth in America," by Christopher H. Wheeler, a St. Louis Fed economist, suggests that the nature of jobs held by workers influences economic and social outcomes. Cities that experience rapid growth in high-wage employment also tend to see increasing incomes throughout the entire labor market, not just among those who happen to hold high-paying jobs. In addition, the growth of high-paying employment is associated with lower rates of crime, higher property values and rising educational levels. This lesson shows that increasing human capital is important to the economy. From the Inside the Vault article, "Employment Growth in America: What Determines Good Jobs?"

Oil Prices: Demand and Supply

Upon completion of this lesson, students will be able to list the determinants of demand and supply, recognize which factors will cause demand curves or supply curves to shift, determine equilibrium using a demand/supply graph, and show the effects on price and quantity when equilibrium changes. From the Inside the Vault article, "What Is Driving Oil Prices?."

Shifting Curves: Demand and Supply Shifts in the Gasoline Market

Students create a graph of gasoline supply and demand and identify the market-clearing price. Students learn about the determinants of supply and demand. They graph a decrease in demand for gasoline and a decrease in supply of gasoline to understand how those factors affect prices. Note: Students should know what supply and demand are and be able to graph supply and demand data as well as draw supply and demand graphs. From the Inside the Vault article, "Why Do Gasoline Prices React to Things That Have Not Happened?"

What Is Unemployment, How Is It Measured and Why Does the Fed Care?

In this lesson, students read and interpret choropleth maps, which contain unemployment data. They compare verbal descriptions of the labor market from the Federal Reserve’s Beige Book with the mapped data. In addition, students compare unemployment data for different years. Students access or observe how to access this data online.

Which Came First—Democracy or Growth?

Students will compute real Gross Domestic Product (GDP) and GDP per capita for three fictional countries and will answer questions related to actual data on GDP and GDP per capita. The Index of Economic Freedom will be used to compare and contrast the relationship between the degree of a country’s economic freedom and the total output of that country and its standard of living. Students will both map and rank a sample of countries using GDP, GDP per capita and freedom index data. From the Inside the Vault article, "Which Came First—Democracy or Growth?"

A Word on the Economy: Why Is the Country Facing a Financial Crisis?

Need a little help understanding and explaining current events in financial markets to your students? Check out this easy-to-understand presentation on the current economic situation, developed by Julie Stackhouse, senior vice president of the Fed's Banking Supervision & Regulation division. Additional resources: presentation (no audio, PDF 267 KB) | glossary (PDF 102 KB)

Economics & Geography Lesson Plans

GeoFRED™ is a data-mapping tool that displays color-coded data on the state, MSA and county levels. For example, GeoFRED can display unemployment, labor force and population for all U.S. counties. Users can select among 19,000 FRED® data series and customize these printable maps according to size, scope and detail. The following lesson plans are based on data found in GeoFRED.

Fractile vs. Equal

Students work with data that represent the ages of 24 people to learn the difference between categorizing data in fractile intervals and equal intervals. Students discuss dividing bonus points among class members to understand what per capita means. Then students look at per capita personal income by state using the GeoFRED mapping tool. They compare per capita personal income displayed with data in equal intervals and with data in fractile intervals.

The Geography of the Fed

Students visit the FED101 web site to learn about the structure of the Federal Reserve. They recognize that there are 12 Federal Reserve districts. The students use the GeoFRED web tool to identify those districts and use a map from Purposes and Functions of the Federal Reserve to identify the states or parts of states included in each district. Students rank the districts according to population size and geographic size. Students compute range, mode, median and mean for the population data.

What Is Unemployment, How Is It Measured and Why Does the Fed Care?

Which Came First—Democracy or Growth?

Students will compute real Gross Domestic Product (GDP) and GDP per capita for three fictional countries and will answer questions related to actual data on GDP and GDP per capita. The Index of Economic Freedom will be used to compare and contrast the relationship between the degree of a country’s economic freedom and the total output of that country and its standard of living. Students will both map and rank a sample of countries using GDP, GDP per capita and freedom index data. From the Inside the Vault article, "Which Came First—Democracy or Growth?"

Economics & History Lesson Plans

Eminent Domain

Entrepreneurship

In this lesson, students will learn how to assess the life and work of an entrepreneur from the list of famous entrepreneurs provided, and a list of entrepreneurial traits and characteristics that foster self-worth and individualism. From the Inside the Vault article, "Do You Want to be Your Own Boss?"

The Federal Reserve Lesson Plans

Currency and the Fed

Students consider who is pictured on the different denominations of U.S. currency and why. They participate in an activity to identify functions of basic, everyday items and then identify and explain the functions of another basic, everyday item—money. Students learn some basic facts about money as well as some basics about the Federal Reserve System. In addition, they describe the Federal Reserve’s role in the distribution of money by identifying features of the $5 note.

The Geography of the Fed

Money & Banking Lesson Plans

Currency and the Fed

Extra Credit: It's No Fairy Tale

This lesson uses a specific scenario to demonstrate how to apply the statistical and economic information in "Extra Credit: The Rise of Short-term Liabilities," the lead article in the fall 2008 issue of Inside the Vault. Students read a story that illustrates some of the trends and concerns discussed in the article. The facts of the story are then analyzed to identify the debt trap and to generate solutions to the problem. Using an online calculator, students calculate the amount of time it takes to pay off a credit card based on the monthly payment amount.

Income Taxes: Who Pays and How Much?

Using data collected from the Internal Revenue Service for the tax year 2003, students will become involved in an inquiry of individual federal income taxes. The lesson is divided into sections that address specific questions, such as: Why do we have an individual income tax? What is individual federal income tax? How is it paid? When is it paid? How is the individual income tax structured? What is a perfect tax structure? What are the different categories of taxes? What is the correlation between tax burden and income groups? What if the tax structure were changed? What effects would a different tax structure have on taxpayers? What effect would a different tax structure have on the government? From the Inside the Vault article, "Income Taxes: Who Pays and How Much?"

Just Sign Here: Bottom-Line Personal Finance Myths

Consumers must make many financial decisions, from basic spending and saving to complex investment choices and retirement planning. What does an individual need to do or know to be financially literate? At a minimum, consumers must be able to keep track of their cash resources and their payment obligations, and they must know how to apply for a loan. This lesson helps students develop a basic understanding of credit and the importance of a credit history. Students will learn how a credit history affects their lives. From the Inside the Vault article, "Just Sign Here: Bottom-Line Personal Finance Myths."

To Get the Right Answers about College: Ask the Right Questions

Students will read the Inside the Vault article "As College Costs Rise, Student Loans are Harder to Find" and will complete a survey of college students. Students will discuss the typical costs a college student faces and will learn about the various types of education loans available. In the lesson plan's Assessment section, students will complete an FAFSA form and write an essay that identifies a plan for obtaining money to cover college expenses.

Personal Finance Lesson Plans