Related Lessons

Calendar Item: High Court Upholds National Labor Relations Act on April 12, 1937

Balance of Payments (BOP)

International trade allows countries to buy and sell both domestic and foreign goods, as well as services and financial assets. A country's transactions are summarized in a set of accounts called the "Balance of Payments (BOP)." Students will learn how to record transactions in the BOP accounts, and why the sum of the current account and capital account must equal zero.

Grades: 9-12
Published: 06/02/2011

Economic Freedom, Political Freedom: Their Meaning, Their Results

The Declaration of Independence, the Constitution and the first ten amendments to the Constitution (the Bill of Rights) reflect the United States founders' desire for individual freedom and their opposition to the centralization of power. The Declaration contains the founders' belief that there are certain truths: that we are all created equal, that we have the unalienable right to life, liberty and the pursuit of happiness and that the right to govern comes from the consent of the governed. The Constitution spells out the separation of power among the administrative, legislative, and judicial branches of government and provides a system of checks and balances among these branches. Specific civil liberties and rights not mentioned in the Constitution are spelled out in the Bill of Rights. The ninth amendment in the Bill emphasizes that rights not mentioned in the Constitution shall be retained by the people. Finally, the tenth amendment specifies that powers not delegated to the federal government are reserved to the states or to the people. With provisions already enumerated in the Constitution, the tenth amendment establishes a system of federalism, the separation of power between the state and national governments. These documents reflect the founders' fear of centralized power and their desire to preserve individual political freedoms. Among these freedoms are the freedom to worship, a free press, free elections, the right to organize, and the general notion that government must protect the basic freedoms of individuals. We also enjoy substantial economic freedom: the freedom to choose one's occupation and change that occupation, the freedom to join labor unions, the freedom to spend our resources, the freedom to divide one's time between work and leisure, and so on. The dimensions of political and economic freedom go far beyond what is enumerated here. It is important to note that the United States is relatively unique in promoting these freedoms. They have served us well and have certainly contributed to the economic prosperity we have enjoyed throughout our history. It is also important to note that throughout the world today, many countries are moving from central control to economies that allow much more economic freedom. Their hope is that they will also enjoy the benefits that market economies seem to bestow upon their citizens.

Grades: 9-12
Published: 05/25/1999

Trade in Colonial America / NAFTA

Often teachers and students are able to internalize historical and economic concepts through a more recent event that has occurred within their time frame. This lesson is an extension for the lesson, "Understanding the Colonial Economy." It examines the role and effect of NAFTA in the Mexican and US economies.

Grades: 9-12
Published: 06/03/2004

Related Publications

The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.

Focus: Understanding Economics in U.S. History

Focus: Understanding Economics in U.S. History uses a unique mystery-solving approach to teach U.S. economic history to your high school students.

Grades: 9-12
Published: 2006

10 out of 40 lessons from this publication relate to this EconEdLink lesson.

Focus: Globalization

This publication contains 12 lessons to help you integrate globalization concepts into your Social Studies, Economics, or Global Studies course.

Grades: 9-12
Published: 2006

9 out of 16 lessons from this publication relate to this EconEdLink lesson.

Capstone: Exemplary Lessons for High School Economics - Teacher's Guide

This publication contains complete instructions for teaching the lessons in Capstone. When combined with a textbook, Capstone provides activities for a complete high school economics course. 45 exemplary lessons help students learn to apply economic reasoning to a wide range of real-world subjects.

Grades: 9-12
Published: 2003

8 out of 45 lessons from this publication relate to this EconEdLink lesson.