Using North Korea and South Korea as a case study for understanding market and command economies

Command vs. Market Economies- North and South Korea

Posted Eureka Lessons Economics, Lessons

California Content Standards: 12.2.3, 12.3.1, 12.3.2

Two Day Lesson 
        

1. Warm Up- Use North and South Korea as case study

2. Discussion: Comparing the societies and economies of the two Koreas

3. Send a letter across the DMZ- divide your classroom into 2 by designating one side as North Korea and the other as South Korea.  Tell them that the line dividing the classroom (38th parallel) is riddled with landmines.  Cue the sad music.  Instruct students to write a letter to their estranged Korean neighbors across the border.  Then, here comes the fun part, fold the letter into a paper airplane and fly it across the DMZ.  Have students pick up a letter from across the border and read it.

4. Students share interesting letters.  If you have time, the HBO series, Vice, has a few great documentaries on North Korea: "The Hermit Kingdom" (Season 1, Ep 10) and "Bad Borders" (Season 1, Ep 2).

5. Lecture/Discussion: Command Economies vs. Market Economies

6. Circular Flow Model: Tracing the flow of money in a a market economy

7. Homework: Create Your Own Circular Flow Model

Command vs. Market Economies

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