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Instructional Video

Economic Systems and Macroeconomics

Curated and Reviewed by Lesson Planet

What works better: a planned economy or a market economy? Join the global debate with a Crash Course video about macroeconomics and the differences between economic systems. With quotes from Adam Smith and Karl Marx guiding instruction, the narrators clarify the ways these economic systems respond to the needs of the consumers and their governments.

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CCSS: Adaptable
Concepts
macroeconomics, economics, market economies, karl marx, factors of production, communism, socialism, capitalism, the free market, scarcity, monopolies, adam smith, government systems
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Additional Tags
social studies
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Instructional Ideas
  • Assign the video the night before a lesson on macroeconomics
  • Pair with an economics lesson on free markets and planned economies, or in social studies when learning about socialism, capitalism, and communism
Classroom Considerations
  • Most helpful alongside extensive instruction about economic systems and monopolies
  • Video is around 10 minutes long, and the narrators speak quickly; consider adding pauses to clarify concepts
  • This video is hosted on YouTube
Pros
  • Video is engaging and explanatory
  • Uses real-world examples to explain complex concepts
Cons
  • None