​High School Economics Unit 2

Reading and Writing Workshop

Economics Unit 2: Economic Systems and Market Functions
Overview:
This unit explores different economic systems, the role of government in the economy, and key economic principles such as supply and demand. Students will analyze how centrally planned economies function, compare them to modern economies, and examine the role of economic freedoms, public goods, and safety nets.
Standards Alignment:

• Common Core ELA-Literacy in Social Studies:
  • RH.11-12.1: Cite specific textual evidence to support analysis of primary and secondary sources.
  • RH.11-12.7: Integrate and evaluate multiple sources of information presented in different media or formats.
  • WHST.11-12.1: Write arguments focused on discipline-specific content.
  • WHST.11-12.9: Draw evidence from informational texts to support analysis, reflection, and research.

Lesson 7: Centrally Planned Economies
Essential Question: How do centrally planned economies function, and what are their advantages and disadvantages?

• Topics Covered:
  • Characteristics of centrally planned economies
  • Examples: Soviet Union, China (historical vs. modern)
  • Role of government in resource allocation
  • Efficiency vs. equity debate
• Activities:
  • Case study analysis of the Soviet economy
  • Compare and contrast capitalism and communism
  • Debate: "Is a centrally planned economy ever sustainable?"

Lesson 8: Modern Economies
Essential Question: What makes an economy "modern," and how do different economies function today?

• Topics Covered:
  • Mixed economies: combining market and command principles
  • The role of government regulation and intervention
  • Comparison of economies: U.S., China, Germany, Sweden
• Activities:
  • Economic systems research project
  • Economic simulation: managing a mixed economy
  • Group discussion: "What should be the government's role in a modern economy?"

Lesson 9: Economic Freedoms
Essential Question: What economic freedoms are essential in a market economy?

• Topics Covered:
  • Private property, voluntary exchange, free enterprise
  • Role of competition and entrepreneurship
  • Government policies that protect or restrict economic freedom
• Activities:
  • Analyzing the Index of Economic Freedom
  • Writing assignment: "How does economic freedom impact innovation?"
  • Case study: The impact of deregulation in different industries

Lesson 10: Providing a Safety Net
Essential Question: What is the role of government in providing economic security?

• Topics Covered:
  • Social Security, unemployment benefits, welfare programs
  • The debate over government assistance
  • The cost and benefits of safety net programs
• Activities:
  • Policy analysis: Compare different nations’ welfare programs
  • Debate: "Should the government provide a universal basic income?"
  • Writing assignment: Evaluate the effectiveness of safety nets in preventing poverty

Lesson 11: Providing Public Goods
Essential Question: How do governments decide which goods and services to provide?

• Topics Covered:
  • Definition and characteristics of public goods
  • Market failures and government intervention
  • Infrastructure, education, and national defense
• Activities:
  • Identifying public vs. private goods in real life
  • Case study: The economic impact of public education and highways
  • Budget simulation: Allocating government funds for public goods

Lesson 12: Understanding Demand
​Essential Question: How do consumers influence markets through demand?

• Topics Covered:
  • Law of demand and demand curves
  • Elasticity of demand: necessities vs. luxuries
  • How advertising and trends shape demand
• Activities:
  • Demand curve graphing activity
  • Experiment: How price changes affect consumer behavior
  • Writing task: "How do businesses use demand theory to set prices?"

Assessment Options:

• Formative Assessments: Class discussions, quizzes, short writing responses
• Summative Assessments: Research projects, debates, argumentative essays, economic simulations

​The following activities include AI tools that enhance student engagement, provide data-driven insights, and facilitate personalized learning. 
​​
Activity 1: Centrally Planned Economies
AI Activity: AI vs. Human Economic Planning

• Task: Use an AI tool (like ChatGPT) to "act" as a central planner for an economy. Students will describe a country's resources, population, and needs, and AI will generate a proposed economic plan.
• Discussion: Compare AI's plan with historical examples (e.g., the Soviet Union). Did AI allocate resources effectively? What challenges did it overlook?
• Skills Developed: Critical thinking, evaluating economic models, comparing real vs. theoretical outcomes.

 Activity 2: Modern Economies
AI Activity: AI-Powered Economic Comparisons

• Task: Use AI to generate summaries comparing different modern economies (e.g., U.S. vs. China vs. Sweden). Students will analyze AI-generated data and fact-check for accuracy.
• Extension: Have students modify AI prompts to refine economic analyses, reinforcing how questioning and refining research impacts conclusions.
• Skills Developed: Data analysis, research literacy, comparative economics.

 Activity 3: Economic Freedoms
AI Activity: AI Debate Coach—"Should Economic Freedom Be Absolute?"

• Task: Students input their arguments on economic freedom into an AI debate tool (e.g., Claude, ChatGPT) to receive counterarguments. They refine their responses based on AI feedback.
• Follow-Up: Students present their improved arguments in a structured class debate.
• Skills Developed: Argumentative writing, persuasive speaking, digital literacy.

 Activity 4: Providing a Safety Net
AI Activity: AI Budget Allocation Simulator

• Task: Use an AI-powered budget simulation tool (or ChatGPT with custom prompts) to allocate a national budget, deciding how much to spend on safety nets (Social Security, healthcare, unemployment, etc.). AI will generate different policy outcomes based on allocations.
• Discussion: How do different economic philosophies impact budget priorities? What unintended consequences might arise from their choices?
• Skills Developed: Policy analysis, budgeting, economic decision-making.

 Activity 5: Providing Public Goods
AI Activity: AI Policy Advisor—Public Goods Planning

• Task: Students use AI to generate public policy proposals for providing a public good (e.g., transportation, education). They then compare AI’s recommendations to real-world government programs.
• Follow-Up: Students critique AI’s logic—was it too idealistic? What human factors did it ignore?
• Skills Developed: Policy evaluation, government decision-making, AI literacy.

 Activity 6: Understanding Demand
AI Activity: AI-Powered Market Trends Analysis

• Task: Students use AI to analyze trends in demand for specific products (e.g., electric vehicles, fast food, fashion). AI provides historical demand data and predictions for future trends.
• Extension: Students evaluate whether AI's predictions are realistic, using external research to confirm or refute them.
• Skills Developed: Market research, data interpretation, economic forecasting.

Wrap-Up Discussion:

• How reliable is AI in economic analysis?
• What biases might AI have when making economic predictions?
• How can AI assist economists in decision-making?