Economics

Fifth Grade
Clays Mill Elementary

Organizer:

Essential Questions:

1. How do consumers use goods and services to satisfy economic wants and needs?

• Scarcity

• Opportunity costs

• Supply and demand

• Limited Resources

2. How do consumers deal with the problem of scarcity?

• Economic systems (U.S., individuals, households, financial institutions, banks)

• Free enterprise

• Profits

3.  What are markets and why do we need them?

• Institutional arrangements

• Exchange goods and services

• Bartering

• Money

4. How do societies deal with questions about production, distribution and consumption?

• Producers

• Consumers

• Government services

• Private business

• Specialization

5. What skills are needed to acquire a job?

• Interviewing

• Writing resumes (goals)

• Completing job applications

• Mentoring

Academic Expectations:  

2.18 - Students understand economic principles and are able to make economic decisions that have consequences in daily living

2.30 - Students evaluate consumer products and services and make effective consumer decisions 

2.38 – Students demonstrate skills such as interviewing, writing resumes, and completing applications that are needed to be accepted into college or other postsecondary training or to get a job

Culminating Evaluation:

Using technology, students will design and present a multimedia presentation about a business they have created and may be able to implement, such as:

•           Lawn mowing

•           Lemonade stand

•           Babysitting

•           Walking dogs

•           Dog sitting

•           Snow shoveling

•           Washing cars

•           Pooper scooping

•           Cleaning garages

•           Ice cream shop

Rubric:

Lesson Goals  

Resource:  "Econ and Me" materials

Activity #1: Scarcity (One Hour)

• Show video segment – introduce vocabulary (scarcity, economic problem, resources, limited resources, choices, supply & demand)

• Personal narrative – writing about something you wanted, but you couldn’t get due to scarcity including the economic vocabulary words

Activity #2: Opportunity Costs (One Hour)

• Show video segment – introduce vocabulary (opportunity costs, advertising)

• Introduce the Decision Tree – work in groups to practice decision-making

• Using ads from newspaper students will be given a set amount of money and have to choose two items from the ad that they really want. Cut out ads and attach to decision tree handout and follow decision making process to make best choice - or -

• Students choose between two games they really want to play using the decision tree handout, then play game of choice at recess

Activity #3: Consumption (One Hour)

• Show video segment – introduce vocabulary (consumer, good, income, services, government services, taxes)

• Consumption charades – students come to the front of the class and choose a good or service to act out from the consumer basket. Student says, “I am a consumer/provider of a good or service.” Whoever guesses the correct answer gets to be the next “consumer/provider” .

Activity #4: Production (One Hour + Field Trip)

• Show video segment – introduce vocabulary (production, producer, human resources, natural resources, capital resources, sole proprietorship, partnership, stock, mass production, unit production, profit, enterprise, distribution)

• Demonstrate assembly line production in classroom or field trip or virtual field trip.

• Play “Econ says - Play the game “Econ Says,” with students.  Explain that the game will be played like “Simon Says,” except that they will act out what certain producers do.  Tell students that producers use many actions when they produce goods and services.  Write examples of producers/actions on whiteboard.  Tell students that when you say, “Econ Says, be a farmer,” they are to act out planting seeds, driving a tractor and other things farmers do.  You will continue calling out different producers but sometimes you will not say  “Econ Says.”  Last student standing wins the game.

  Examples:     

  • Producers (nouns)

  • School custodian

  • Cafeteria cook

  • Secretary

  • Carpenter

  • Farmer

  • Fire fighter

  • Dentist

  • Mover

  • Artist

Activity #5:  Interdependence (One Hour)

• Show video segment-introduce vocabulary

• (interdependence, specialize, interdependent, job application, job interview, job reference)

• Play Interdependence Web Game

Activity #6: Market Day Analysis (Intro: one hour then 15 minutes/month)

• (On-going activity) – Students will use what they have learned from the Econ and Me unit to set up a spreadsheet showing goods consumed, gross sales, expenses, profit, net sales on a monthly basis per teacher class

Critical Resources:

• Computer Lab

• VCR

• SmartBoard

• LCD projector

• Television

• AverKey

• RF modulator (if using older version televisions)

• Computer with Internet access

• Desktop publishing, word processing, presentation, web page and mapping software (FrontPage, PowerPoint, Inspiration)

• Web Sites:

  • Kentucky Virtual Library:  http://www.kyvl.org - Searchasaurus

  • Puzzlemaker:  http://www.puzzlemaker.com

  • Yahooligans:  http://www.yahooligans.com

  • On Line Dictionary:  http://www.dictionary.com

  • School House Rock:  http://www.albany.net/~genxtv/rock.html

  • Fayette County Web Quest:  /

• Technology Resource Personnel (at district and school level) for training and support

• Junior Achievement Personnel

Technology Standards:

Should the students choose to use technology in the creation of their projects, the following standards will be met:

• T3.1 Use proper citations

• T3.1.2 Cite other electronic resources

• T3.1.3 Cite web pages

• T3.2.2 Use correct grammar, mechanics and spelling

• T4.4 Locate information using the Internet

• T4.4.1 Determine when Internet search may be effective

• T4.4.2.1 URL's

• T4.4.3 Use Boolean logic with various search engines/tools

• T4.4.3.1 Keywords (broadening and narrowing)

• T4.4.3.2 Index (broadening and narrowing)

• T5.2 Evaluate information using electronic references

• T5.2.1 Use keywords

• T5.2.2 Use Boolean logic

• T5.2.3 Scan for relevant information

• 5.2.4 Use appropriate bibliographic citations for electronic resources

• T6.1 Select appropriate software for a task

• T6.1.2 Develop a plan for the project

• T6.2 Publish information on the Internet (if a web page is the project chosen)

• T6.5 Create a presentation or product using application software.

• T6.5.1 Choose appropriate information for purpose and audience

• T6.6.1 Use digital media for image input and output (camera, scanner, OCR, videodisc)

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