This new lesson looks at the economic impacts of the coronavirus pandemic and several proposed actions taken by state and national governments to address it. Students will view video clips of policymakers, economic advisers and the president discussing ways to address the economic impacts caused by the coronavirus pandemic while also addressing the public health emergency. Students will develop and justify actions that state and national government should take to address these problems.
WARM-UP:
To begin class, have the students define the following vocabulary terms in their own words. These terms will be used throughout the lesson.
Bailout
Bankrupt
Economic Stimulus
Loan
Nonessential Businesses
Payroll
Quarantine
Social Distancing
INTRODUCTION:
To introduce the topic, have the students view each of the clips listed below and answer each of the questions. Students can also access these clips and questions using the handout.
HANDOUT: The Economic Impact of the Coronavirus (Google Doc)
VIDEO CLIP 1: The Economic Impact of the Coronavirus (3:19)
What is meant by a bear market?
What does she mean by these issues “cascading over?”
Define what a recession is.
VIDEO CLIP 2: Social Distancing and Public Health (1:57)
Describe ways social distancing and closing businesses are effective at slowing the spread of the coronavirus.
BRAINSTORM ACTIVITY:
Using the handout, have the student brainstorm possible effects that the coronavirus and the closure of businesses might have on the economy.
EXPLORATION:
Students will view each of the following clips of legislators, governor and economists about potential ways to address the economic impact of the coronavirus. They will use the handout linked below to identify problems discussed in the videos and explain the proposed solutions to these problems. They will also use the handout to brainstorm possible benefits and drawbacks of these solutions.
HANDOUT: The Economic Impact of the Coronavirus (Google Doc)
VIDEO CLIPS:
VIDEO CLIP 3: Stephen Moore on Economic Stimulus and Loans to Businesses (3:10)
VIDEO CLIP 4: Sen. Brown (D-OH) on Coronavirus Economic Stimulus Package (3:19)
VIDEO CLIP 5: Rep. Sarbanes (D-MD) on the Economic Impact of State Government Responses to the Coronavirus (2:48)
VIDEO CLIP 6: Sen. Murphy (D-CT) on Coronavirus Aid Package (1:43)
VIDEO CLIP 7: New York Governor Cuomo (D-NY) on Coronavirus and Economic Recovery
APPLICATION AND CONCLUSION:
After completing their chart, have the students develop a list of three actions that governments at the state or national level should take to address the economic impact of the coronavirus. For each of these actions, they should explain why these actions should be implemented.
EXTENSION/ALTERNATIVE ACTIVITIES:
Current Events- Find a news article about actions that are taking place at the national, state and local level to address the economic impact. Provide the following information:
Summary of the actions described in the news article.
Who is taking this action? (i.e. governor, school district, Congress, etc.)
ADDITIONAL PROMPTS:
Should relief efforts prioritize businesses or individual citizens? Explain your answer.
How should the government address growing unemployment caused by the outbreak of the coronavirus?
How are efforts to address the economic impact of the coronavirus an example of federalism?