Exploring Economics. Standards. Multiple Intelligences Utilized. Teaching Lightning Bolt Books. Titles in this series: Economics.

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1 Teaching Lightning Bolt Books Exploring Economics TM K 2nd Grade Interest Level 2nd Grade ing Level Titles in this series: Do I Need It? Or Do I Want It? Making Budget Choices What Can You Do With Money? Earning, Spending, and Saving What Do We Buy? A Look at Goods and Services What Is Money Anyway? Why Dollars and Coins Have Value Where Do We Keep Money? How Banks Work Who s Buying? Who s Selling? Understanding Consumers and Producers Economics Understands basic features of market structures and exchanges Understands the concept of prices and the interaction of supply and demand in a market economy Understands that scarcity of productive resources requires choices that generate opportunity costs Standards Mathematics Uses basic and advanced procedures while performing the processes of computation Understands and applies basic and advanced properties of the concepts of measurement ing Uses the general skills and strategies of the reading process Uses reading skills and strategies to understand and interpret a variety of informational texts Life Skills Thinking and Reasoning Applies decision-making techniques Multiple Intelligences Utilized Linguistic, logical mathematical, intrapersonal ISBN

2 2 T E A C H I N G E X P L O R I N G E C O N O M I C S Assessment Exploring Economics Students will demonstrate knowledge gained from reading the Exploring Economics series. Exploring Economics: Agree or Disagree? p. 7 pens or markers Copy Exploring Economics: Agree or Disagree? p. 7 for each student. Have students read each statement on Exploring Economics: Agree or Disagree? p. 7 and decide whether they agree or disagree. With a pen or marker, have them record an A for agree or a D for disagree in the correct box in the first column. (Using a pen or marker will discourage them from changing their answers later.) Collect the papers, and skim the answers. Do not correct individual answers. Use data to prioritize unit lessons students need. Retain papers until the end of the unit. the Exploring Economics series when directed in the teaching guide. Follow the lesson plans to effectively utilize the Exploring Economics series. Return students copies of Exploring Economics: Agree or Disagree? p. 7. Stress to the students that they shouldn t pay attention to or correct the answers they marked in the first column. Students read each statement and decide whether they agree or disagree. They record an A or D into the correct box in the second column. For statements they disagree with and mark with a D, students should record the number of the statement and explain what is incorrect about that statement at the bottom of the page. Have students look at their answers in the first column and compare them to their answers in the second column. Are their answers the same? Are their answers different? Why? each student s Exploring Economics: Agree or Disagree? p. 7 for completeness and accuracy.

3 T E A C H I N G E X P L O R I N G E C O N O M I C S 3 Lesson 1 Shopping Spree Students will use a budget and checkbook when making imaginary purchases. book order forms grocery store circulars blank checks and registers Budget Scenarios p. 8 paper Collect a variety of book order forms and grocery store inserts. Copy and cut Budget Scenarios p. 8 for each student to receive one scenario. Copy checks and a check register for each student. Printable checks and registers are available from this website, Create a budget scenario for both the book order and grocery store circular to use as a whole class activity. Create a price list for some general grocery items. What is a budget? Why is a budget important? Exploring Economics series. Use your budget scenarios to demonstrate how to use the book order and the grocery store circular. If students cannot find an item in their circulars, show them how to use the price list. Explain how a check works as payment. Demonstrate how to fill out a check to pay for a purchase and how to record the check in the check register. Students use their materials to follow their budget scenarios. Students staple their work to their materials. What was the easiest part of this assignment? Was it hard to stay under your budget? What choices did you have to make? Compare results for the scenarios. how the variation in materials as well as students preferences would result in different answers Why are budgets important? Why do you need to write information in the register? shopping spree projects for completeness and accuracy.

4 4 T E A C H I N G E X P L O R I N G E C O N O M I C S Lesson 12 Animal Supply Needs and Demand Chairs Students will analyze how supply and demand Students will learn what animals need in order to survive. affects an object s price. index cards whiteboards for each student dry-erase markers dry eraser or cloth chairs paper Write a variety of dollar amounts between $6 and $1000 on at least twenty-five index cards. Who can describe what happens during the game musical chairs? How is the game musical chairs like shopping for a special toy? Exploring Economics series. Explain the goals of the game Supply and Demand Chairs Goals: 1. Producers need to sell their chairs. 2. Consumers need to buy a chair that they can afford. Split the class into consumers and producers. The consumers need a money card. The amount on the card is how much money they can spend on a chair. They need to keep the amount secret. The producers need a chair, a whiteboard, and a dry-erase marker. The producers stand behind their chairs, which are spread around the room. How to play: The leader calls out, Prices! The producers secretly write prices for their chairs on their whiteboards. The leader calls out, Sell! The producers hold up their whiteboards. The consumers find chairs priced at or below the amount on their money cards. To buy a chair, the consumer sits in the chair and the producer puts down the sign. When all the chairs are bought or all consumers have made purchases if they can, discuss the game results. Who didn t sell a chair? Why not? Who couldn t buy a chair? Why not? Which chair was the cheapest? If chairs cost $5 to make, who made enough profit to make another chair? (Hint: producers would need to sell their chairs for $10 or more.) How could we change the game to make it harder or easier? Play another round in the same roles. Consumers get new money cards, and the producers should use what they learned to set their prices. Variations to the game play: Start with an equal number of producers and consumers. Then play with more producers or more consumers. how the supply and demand can change the price. things producers or consumers can do to reach their goals in these situations. Play with a time limit for selling. Change the cost to produce a chair. Any producers who don t make enough profit to make another chair become consumers in the next round. Give the consumers money cards with only low values or only high values. Give some producers signs to post on their chairs such as Made from Recycled Products, Made from Stone, Breaks Easily, or Made by Hand. how an item is made (its quality) can determine price and demand. Ask students what changes could be made to the game to demonstrate more economics concepts, such as capital, loans, and services. Observe student understanding and participation during the game play and culminating discussions.

5 T E A C H I N G E X P L O R I N G E C O N O M I C S 5 Lesson 31 Comprehension Animal Needs Organizers Students will learn what animals need in order to survive. Students will create organizers to help them recall key concepts. whiteboard marker paper Create a worksheet with the questions if it will take too long to create during the lesson. What is a concept web? (For examples, there are many templates and interactive concept webs available online.) Exploring Economics series. Create a concept web with money as the topic. Gather suggestions from students to branch out the topic. Remind them to use information gathered from their reading. Have each student fold a plain piece of paper in half widthwise to make two spaces on each side of the paper. Label each of the spaces on the front and back of the paper with one of these questions: 1. Why do producers need consumers? 2. How does supply and demand change the price of a good? 3. What do you need to know to make a budget? 4. Why are banks important? Have students create concept webs to answer each question. To differentiate the project, students could draw pictures or write the answers in complete sentences instead of creating a concept web. Have students share their concept webs. Analyze the information presented in the webs. student work for completeness and accuracy. Lesson 4 Family, Inc. Students and their families will identify the services or goods each family member contributes. whiteboard marker Create a family letter to explain the Family, Inc., assignment. How is a family like a business? Exploring Economics series. Brainstorm different jobs family members perform for the family. Record on the whiteboard. Identify which family members complete the jobs. Note that some jobs may be completed by many family members. As homework, students and their families list the many jobs performed in the family and identify which members complete each job. Compare the jobs performed by family members. the similarities and differences. Who produces goods for the family? Who produces services for the family? Why is each family member important? student projects for completeness and participation in discussion.

6 6 T E A C H I N G E X P L O R I N G E C O N O M I C S Lesson 15 Animal Work Cycles Needsand Chains Students will organize the stages of producers Students will learn what animals in chains need and in cycles. order to survive. whiteboard marker paper Creat a sample work cycle or chain of the creation and selling of a product. What is a cycle? Hint: think butterfly or the moon. What is the food chain? Why do we use these to organize information? books from Exploring Economics series. how a producer s job is a cycle. Have students brainstorm the steps a specific producer takes produces a good/service, sells the product/service, uses the profits, etc. Create a sample cycle. the chain of producers involved with selling a specific product or service. Create a sample chain. Have students choose a good or service to organize. Students create either the chain of producers involved or the cycle the producer follows. Encourage the students to use drawings and words to explain the parts of their chains and cycles. Share the chains and cycles with the class. student projects for completeness and quality of work. Lesson 6 Trading Fun Students will demonstrate how trading benefits both sides. colored math manipulatives Gather and group colored manipulatives. There must be at least five different colors. Have you ever traded something with a friend? Exploring Economics series. Explain how to play the trade game. Each student gets ten items (cubes, pieces of paper, blocks, etc.) all the same color. The goal is to trade with one another until each student has five same-colored pairs of items in five different colors. (For example, a student could end up with a pair of red items, a pair of blue items, a pair of yellow items, a pair of orange items, and a pair of green items.) Students need to trade with a new person for each item. The first person to get five pairs is the winner. Have students play the trade game. Try these variations to the game: 1. Create a color shortage by limiting one color and providing an abundance of another. 2. Give students ten items of random colors. Students need to collect ten items of any color they choose. This simulates unexpected demand and shows how trades need to be beneficial for each partner. People in every culture trade with themselves or people from other cultures. Why do people need to trade? What is the most important part of a successful trade? student responses and participation in the discussion for evidence of understanding.

7 7 Name Exploring Economics: Agree or Disagree? Directions: each statement. Decide if you agree or disagree. Write an A in the box if you agree or a D if you disagree. After learning, write the reasons you disagree with some statements. 1. A budget helps people spend money wisely. 2. People with a lot of money can buy everything they want. 3. A dentist is a producer. 4. Using a credit card is like getting a loan. 5. You donate money when you take it out of the bank. 6. Banks pay you to keep your money there. 7. A chef provides a service. 8. Anyone can get money from an ATM. 9. A family should pay for its wants first. 10. Income is the money a person earns or receives. Before Learning After Learning No. Reason Teaching Exploring Economics

8 8 Purchase: birthday presents for two friends Budget: $30 total Present for friend 1 Present for friend 2 Purchase: snacks for a classroom party Budget: $15 total Teaching Exploring Economics Purchase: new books for the classroom about animals Budget: $20 Purchase: a well-balanced meal for your family Budget: $20 total Purchase: two chapter books and a social studies book Budget: $25 total Chapter books Social studies book Purchase: cake and ice cream for a birthday party Budget: $30 total