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Fourth Grade Economics Unit

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by

Teah Johnson

on 4 May 2013

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Transcript of Fourth Grade Economics Unit

Assessment:

Informal assessment on discussions comparing and contrasting good and services and buyers and sellers during the activity
Exit slip handout Overview:

1. Goods and Services
2. Buyers, Sellers, and Trading
3. Writing a Business Plan
4. Marketing a Product and Creating an Advertisement
5. Budgeting
6. "Coffee Shop" Business Exploration and Final Reflection Exploring Economics- Hands-On! MN Social Studies
Standards Lesson #1
Intro, Goods & Services Economic Concepts Covered:

Exchange of goods, services, and resources
Interactions between buyer and seller
Wants vs. needs
Scarcity --> demand --> higher value Overview: After reading "Perfect Soup" students will map the interactions between the buyers and sellers in the text. They will discuss the differences between the goods and services in the story. Students will use what they have learned about goods and services and buyers and sellers to complete the activity, "The Trading Game." Each student is given a card. One student (selected randomly) will chose another player’s card-they must choose a "need." The player chosen can either give his/her card as a gift or request something in return. The player with the need must continue down the path until the cycle is complete and they retrieve their need. If the “requester” asks for the card the “needer” has, the cycle is complete. Also if a gift is given the cycle is complete. Lesson #2 Lessons #3 & #4
Entrepreneurship Overview: In this lesson students will have the opportunity to create a personal budget. They will begin with a certain amount of money and will also put a designated amount in savings (for example, 20% of their monthly income of $45). They will then decide what to do with the money that is left over, choosing to purchase goods or put it into savings. Lesson #5
Budgeting http://hoodamath.com/games/coffeeshopgame.php Lesson # 6
Create Your Own Coffee Shop 4.2.1.1.1. People make informed economic choices by identifying their goals, interpreting and applying data, considering the short-and long-run costs and benefits of alternative choices and revising their goals based on their analysis
Benchmark: Apply a reasonable decision-making process to make a choice. 4.2.3.3.1. Because of scarcity individuals, organizations and governments must evaluate trade-offs, make choices and incur opportunity costs.
Benchmark: Define the productivity of a resource and describe ways to increase it. 4.2.3.5.1 Individual, business and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource.
Benchmark: Describe a market as any place or manner in which buyers and sellers interact to make exchanges; describe prices as payment of money for exchanged items and markets. Introduction to unit through video.

Interdependent reading about goods and services-four copies of each of the five books are available to read:

1. "Anna the Bookbinder" by Andrea Cheng, illustrated by Ted Rand
2. "Caps for Sale: A Tale of a Peddler, Some Monkeys and Their Monkey Business" by E. Slobodkina
3. "Ox-Cart Man" by Donald Hall, illustrated by Barbara Cooney
4. "Piper Reed Gets a Job" by Kimberly Willis Holt, illustrated by Christine Davenier
5. "Strega Nona Meets Her Match" by Tomie dePaola

Using think, pair,share will students discuss definitions of goods and services and then complete a worksheet listing five goods and five services the student and their families use. Next, the class reconvenes for whole group discussion and to make a T-chart to record and categorize listed goods and services.
Savings
Human Capital
Entrepreneurship Assessment: Whole group discussion
Small group collaboration
Business plan
Advertisement Overview: In this two-part lesson, students will learn about saving and entrepreneurship through the read aloud "Chicken Sunday," which will be followed by a whole-group, teacher-facilitated discussion. They will then collaborate to create a marketable good or service and write a business plan for their company. They will also design and share an advertisement for their product using technology and effective marketing strategies.

Students will differentiate between goods and services and provide examples from their own lives.

Students will engage in trading involving goods and services; they will explain that some goods and services are scarce, and, therefore, more in demand, which drives value up.

Students will explain what a business plan includes and will apply this knowledge to create their own business plan.

Students will discuss effective marketing strategies and will apply these strategies to design their own advertisement using technology.

Students will define and make their own budget; they will make informed decisions about their money using their budget.

Students will evaluate trade-offs and make economic decisions to maximize profit.

Students will defend why they believe saving is important or not, justifying their responses with examples. Anticipatory Set:
"Economics of Recess"

2. Demonstrate knowledge and use of the technical skills of the art form, integrating technology when applicable.

Visual Arts
4.1.1.5.2
2. Describe how the principles of visual art such as repetition, pattern, emphasis, contrast and balance are used in the creation, presentation or response to visual artworks.

Media Arts
4.1.2.2.1
1. Describe a variety of tools, materials and techniques used with software and hardware for creation in media arts. MN English Language Arts Standards Reading
4.2.5.5 Describe the overall structure (e.g., chronology, comparison, cause/effect, problem/solution) of events, ideas, concepts, or information in a text or part of a text.

Writing
4.6.4.4 Produce clear and coherent writing in which the development and organization are appropriate to task, purpose, and audience. (Grade-specific expectations for writing types are defined in standards 1–3 above.)

Speaking, Viewing, Listening and Media Literacy
4.8.8.8 Create an individual or shared multimedia work for a specific purpose (e.g., to create or integrate knowledge, to share experiences or information, to persuade, to entertain, or as artistic expression.) Assessment: Write a reflection piece describing your experience with their coffee shop and how it applies to the unit. http://www.moneyandstuff.info/lessons/2BBudgetingLesson_Allowance.pdf Assessment: Teacher will collect the budgeting sheets at the end of the lesson to review for concept comprehension. Students will complete a reflection answering the question: "I believe it is/is not important to budget your money because __________." http://www.youtube.com/watch?v=D7WPeUpcBlg Bibliography teachingkidsbusiness.com
moneyandstuff.info
kidsmoney.org/teachers4.htm
hoodamath.com/games/coffeeshopgame.php
money.cnn.com/galleries/2011/smallbusiness/1105/gallery.kid_entrepreneurs/index.html
"Perfect Soup" by Lisa Moser
"Chicken Sunday" by Patricia Polacco
"Anna the Bookbinder" by Andrea Cheng
"Caps for Sale" by Esphyr Slobodkina
"Piper Reed Gets a Job" by Kimberly Willis Holt
"Strega Nona Meets Her Match" by Tomie dePaolo
Ox-Cart Man by Donald Hall Students play a game called
"Coffee Shop" in which they try to make the most money they can in 14 days. They buy different-priced ingredients, tinker with the recipe to save money but still ensure customer satisfaction, and set prices in order to maximize profit. Closure: Students discuss the results from "Coffee Shop," as well as their thoughts on the unit. The teacher asks H.O.T. questions to guide their conversations, encouraging all students to respond. She should also
use this time to evaluate student
learning. Objectives MN Arts Standards Buyers, Sellers, & Trading Economic Concepts Covered: http://money.cnn.com/galleries/2011/smallbusiness/1105/gallery.kid_entrepreneurs/index.html Link to CNN Money: "8 Kid Enterpreneurs to Watch" Differentiation There are many opportunities to differentiate instruction along the way. In lesson one we've selected a variety of books of differing Lexiles that all cover the same concepts. Students should be encouraged to choose one that is "just right" for their reading level.

In lesson two, students could choose to draw an example of a good or service rather than write it. Pictures could also be provided for ELL students so they could complete the slip by circling the correct option.

In lessons three and four students are placed in heterogeneous groups of students of varying ability levels in order to ensure success for all students.

Lesson five provides many visual supports for students; those needing a challenge could go above and beyond to create a budget without a template, designing their own budget in a spreadsheet or through other means.

For the final reflection for lesson six, students could choose to give an oral interview instead of a written one. Gifted students would be asked to research an entrepreneur that has been successful and one that has not, comparing and contrasting their approaches. They could also choose to design their own mini-unit covering the same economic concepts. Assess prior knowledge through short multiple choice quiz on key terms: goods, services, entrepreneur, profit, market, advertising, producer, consumer, budgeting

Have students define "economics" in their own words

Introduce essential questions: What is the difference between a good and a service? What is the difference between a producer and a consumer? What is an entrepreneur and how does he or she decide what goods or services to market? What makes a good or service marketable? What are effective marketing strategies? What is a business plan? What is a budget and why is it important? Pre-Unit Activities
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