Lesson Plan: How Might the Coronavirus Pandemic Change America’s Economy?

The Impact of COVID-19 on Specific Economic Sectors

Moody’s Analytics' chief economist Mark Zandi talked about the state of the U.S. economy and how the pandemic has impacted specific sectors of the economy.

Description

This lesson looks at the economic impact of COVID-19 on the U.S. economy and the potential long-term effects. Students will view short video clips from experts about the future of America’s economy including topics such as retail, labor, economic inequality and small businesses. Students will use this information to predict how the coronavirus pandemic might change America’s economy.

Procedures

  • WARM UP:

    Begin class by having students brainstorm answers to the following question:

    • In what ways has the COVID-19 pandemic impacted how you and your family purchase goods and services?
  • VOCABULARY INTRODUCTION:

    After reviewing the students’ answers, have them use the handout to provide a working definition of the following terms/concepts. These terms/concepts will be used throughout the lesson in the video clips. Students can either research these words or provide their own definition.

    Handout: Changes to the Economy (Google Doc)

    • Brick and Mortar

    • Consumer

    • Financial Services

    • Hospitality Industry

    • Income

    • Retail

    • Revenue
  • EXPLORATION:

    Review student definitions and address any misconceptions.

    Use the handout to view each of the video clips of experts discussing how the COVID-19 pandemic might change America’s economy. Students will complete the chart and take notes on how the pandemic might impact businesses, consumers and employees.

    After viewing each video clip, students should use their notes to describe five ways that the pandemic might change America’s economy. Students should support their answer with examples from the video clips and their own experiences.

    Handout: Changes to the Economy (Google Doc)

  • VIDEO CLIPS:

  • APPLICATION AND CONCLUSION:

    After developing ideas on how the economy might change, students can choose from one of the following prompts to apply what they have learned. Students can demonstrate understanding either through a written essay, a short presentation, class discussion or online discussion board.

    • Government Response- After viewing these video clips and making your predictions, what laws and policies should be implemented to assist workers, businesses and consumers? Explain why your laws/policies should be enacted.

    • Business Strategies- Based on what you have learned, make a list of five strategies and best practices that business could use to prepare for the future. For each, explain why this strategy would be effective.

    • Worker Training- Based on your predictions, how should schools and communities prepare future workers for the changing job market.

    • Impact on Consumers- Using examples from the video clips and your own experiences, how might consumers be affected by the possible changes to the economy?

Additional Resource

Vocabulary

  • Bailout
  • Bankruptcy
  • Bifurcate
  • Brand
  • Brick And Mortar
  • Business Model
  • Consumer
  • Depression
  • Employment
  • Financial Services
  • Gross Domestic Product
  • Hospitality
  • Hysteresis
  • Income Inequality
  • Labor Intensive
  • Layoff
  • Pandemic
  • Recession
  • Retail
  • Revenue
  • Wealth

Topics

Economics & Financial Literacy

Grades

High SchoolUniversity