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History, Civics & Social Studies · Grade 4

Economic Systems and Specialization

Fourth graders compare traditional, command, market and mixed economies; calculate profit and see how prices, profit and competition guide sellers; read Adam Smith's famous 1776 pin-factory example of specialization and connect training (human capital) to productivity and income; and map the main parts of the Illinois economy, from farms to factories to the Chicago transportation hub.

  • 4 lessons
  • About 90 minutes
  • Economics check: 10 questions
  • Ways to answer: choose an answer, match pairs, type a number, put in order, sort into groups and true or false
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What learners will discover

  • Compare how traditional, command, market and mixed economies decide what to produce, how and for whom.
  • Explain how prices, profit and competition influence sellers in a market, and calculate a simple profit.
  • Explain how specialization, division of labor and human capital (education and training) increase productivity.
  • Describe the main parts of the Illinois economy and how they depend on each other and on trade.

Lessons

  1. Economic systems 3 steps2 practiceabout 20 min
  2. Prices, profit and competition 5 steps3 practiceabout 22 min
  3. Specialization and human capital 5 steps2 practiceabout 24 min
  4. The Illinois economy 4 steps3 practiceabout 24 min
  5. Economics check 10 questions at the end

Keep exploring

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Guide for grown-ups