Lesson
Understanding Prosperity Through Change, Progress, and Trade
Founding Principles
Virtues
Humility, Integrity, Initiative, Responsibility, Resourcefulness, Respect, Contribution
Guiding questions
Video supplements additionally published on PolicyEd.org a product of Hoover Institution, Stanford University. To view them in their original format, click here.
Guiding Questions
- How does trade increase individual and societal prosperity?
- How has the world made economic progress in the past few centuries?
- What does it mean to prosper individually versus living in a prosperous society?
Objectives
- Students will define prosperity, comparative advantage, factors of production, capital, and entrepreneurship
- Students will examine examples of change and progress throughout history
- Students will evaluate the costs and benefits of change and progress on society
- Students will use cost/benefit analysis to identify the relationship between trade and prosperity.
- Students will explain the connection between the principles of a free society, economic change, and economic prosperity.
Materials
Student Handouts
- Hoover Institution Videos & Viewing Guides
- Optional Student Handout
- Glossary
- Explore: Case Studies
Teacher Handouts
Lesson Components
Lesson plan
Key Terms
- Prosperity
- Comparative Advantage
- Factors of Production
- Capital
- Entrepreneurship
More Information
Facilitation Notes
- Depending on the level of scaffolding needed for your students, consider distributing the video viewing guides for added support.
- Teachers should review the idea of comparative advantage before doing this lesson.
Standards
Related materials
How do prosperous societies differ from unprosperous societies in addressing the issue of scarcity? Why are individual liberty and limited government important in expanding prosperity?
How do prices reflect scarcity? How do prices impact prosperity in society? How does cooperation help mitigate scarcity?
How does trade increase individual and societal prosperity? How has the world made economic progress in the past few centuries? What does it mean to prosper individually versus living in a prosperous society?
Why is equality important for achieving prosperity? How does rule of law create a stable and predictable environment for economic prosperity? What is the proper role of the government in regulating the economy?
How does free speech impact economic prosperity? How does a marketplace of ideas support prosperity?
What does it mean to live a prosperous life? What role do social safety nets play in a prosperous society? How do people rise out of poverty in prosperous societies?
Why is individual liberty crucial for prosperity? What is the role of the individual, government, and the economy in the creation and maintenance of a free society? Use the lesson and videos to answer these questions with your students.