Nail it! The Economics of an 18th Century Blacksmith's Shop Lesson Plan

Objective:
1. The students will be able to use the economics vocabulary they learned in class as they discuss the blacksmith's business.
2. The students will understand how the economics concepts learned in class apply to the blacksmith's shop.

Activity: Ask the question, "What is a blacksmith?" Ask the class to either complete a KWL chart about blacksmiths or create an illustration of a blacksmith doing his job in his shop. This can be an individual or small group activity. (KWL chart)

The illustration or chart should include:

• 1. Products a blacksmith produces
• 2. How he does business: bartering or monetary payment
• 3. What resources are used in this business: natural, capital, human
• 4. Who consumes this product
• 5. What kind of economy allows this market to exist: free, command, or mixed

After the students have had a chance to complete the activity, allow time for discussion.

Pre-Museum Visit
Before going on the trip, a journal with questions should be created. This can take any form that is convenient for your classes. It can be on a clipboard or simply on a piece of paper. These questions can be asked of the interpreter. They can include:

• 1. Are the prices charged fair? What kind of profit is made?
• 2. How many blacksmiths in a shop? apprentices?
• 3. How many shops in a town?
• 4. What would you do if another blacksmith came to town?
• 5. How do you determine where to set up shop?
• 6. How long does it take to learn the trade?
• 7. What natural resources are needed?
• 8. Where do you get the resources from to set up shop?
• 9. When you are finished with your apprenticeship, where do you go?
• 10. How do you set prices? Does it vary from customer to customer?
  Does consumer sovereignty play a role?
  Students can add their own questions
  What would happen if...
  What would you do if....
  Do your customers...
  

***If your budget allows for it, each student or group of students can bring a disposable camera to take pictures of the shop. A collage can be created back in the classroom, that will explain the concepts learned during the trip. This can include a presentation.

MUSEUM VISIT
During the Museum visit, have students find the answers to the questions they recorded in their journal earlier.

After their visit to the Museum students may want to compare their list with the class. Have the students discuss the role of the blacksmith in the exchange economy. Discuss other trades that may have participated based on what they experienced during that visit.

Virginia Standards of Learning
CE.9		The student will demonstrate knowledge of how economic decisions are made in the marketplace by a) applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption; b) comparing the differences among free market, command, and mixed economies; c) describing the characteristics of the United States economy, including free markets, private property, profit, and competition.