wcpssele Web viewAssessment should be done throughout the unit, as you see student understanding of concepts through class discussion. Short quizzes can be given at any appropriate

Unit OverviewObjectives:

5.E.1 Understand how a market economy impacts life in the United States.

5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.5.E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.

5.E.2 Understand that personal choices result in benefits or consequences.

5.E.2.1 Explain the importance of developing a basic budget for spending and saving.5.E.2.2 Evaluate the costs and benefits of spending, borrowing and saving.

Essential Questions:

1. How has our market economy impacted life in the United States throughout our history?

2. How do our economic decisions affect our lives?

Assessment:Assessment should be done throughout the unit, as you see student understanding of concepts through class discussion. Short quizzes can be given at any appropriate time within the unit, based on the essential questions of the lesson. Several quizzes are embedded within the unit, but these can be altered at teacher discretion. By the end of the unit, students should be able to answer all of the essential questions listed above using the cumulative assessment. The goal is to understand concepts rather than memorize facts.

Day Standard Guiding Question Lesson Title Teacher Preparation Assessment

1-3

5.E.2.1 Explain the importance of developing a basic budget for spending and saving.

5.E.2.2 Evaluate the costs and benefits of spending, borrowing and saving.

How do our economic decisions affect our lives?

Basic Budgeting, Spending and Saving

Review powerpoint for the dayCopy worksheets for days 1-3

Worksheets

4 5.E.2.1 Explain the importance of developing a basic budget for spending and saving.



President’s Budget None Pie Chart/Informal Observation

5 5.E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.

How has a market economy impacted lives in the United States throughout history?

Division of Labor/Specialization

Form groups of four or fivePut desks into tables

InformalObservation

6-7

5.E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.


Command, Traditional, and Market Economies

Copies of – directions, student score card sheet, comparison sheetsPreparation of student groups

Student Essay Homework

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Collect materials

8 5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.

How has money linked the United States with countries around the world?

World on a String Note cards need to be prepared with countries and goods listed

Student Essay/Informal Observation during simulation

9 5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.


The Trading Game Make copies of supply cardsPrepare tokens for activities

Informal/Observation

10

Assess all standards taught days 1-9

How has money linked the United States with countries around the world?How has a market economy impacted lives in the United States throughout history?


Quiz Make copies of quiz Quiz

11-19

5.H.1 Analyze the chronology of key events in the United States.

5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.


RI.5.9. Integrate information from several texts on the same topic in order to write or speak about the subject knowledgeably.

How has history shaped our country into what it is today?



Introduce project

Students will create a tri-fold poster, DE Board Builder or Voicethread to share their research.

Historic Overview and Project Presentation Example

Students share their projects while acting as a representative from their researched time period.

Copy and cut time period cards

Copy project guidelines sheet

Reserve research materials and/or computer lab time

Familiarize yourself with Discovery Education Board Builder and Voicethread

Project Presentation Rubric

20

All objectives All Questions Unit Test Copy Test Test – Key is not provided for open-ended questions. It is suggested that these be graded with a team in order to ensure consistency and objectivity across the grade level.

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Lesson Concept and Purpose:Basic Budgeting, Spending, and Saving

Essential Question:How do our economic decisions affect our lives?

Prior Knowledge:This unit builds upon economic skills taught in the fourth grade curriculum.Essential Standards:5.E.2.1 Explain the importance of developing a basic budget for spending and saving.


ELA Objectives:SL5.1bSL5.1c.RI5.3SL5.1a

Format of the lesson:Direct InstructionClass Discussion

Materials:Powerpoints – “Tim’s Time to Learn” and “Heather Learns About Earning”Worksheets

Necessary Prep:Review powerpoint for the dayCopy worksheets for days 1-3

Phases of the LessonIntroduction

**If you are setting up a classroom money or point system, try to use the vocabulary from this unit.

http://www.busyteacherscafe.com/worksheets/smart.pdfProject the poem “Smart” by Shel Silverstein. Either project or copy the question sheet for students to work on independently or with a partner.Ask students to work as teams to discuss why it is important to understand money and any key money vocabulary words that they know.

***If you are trying to get ELA observation grades, here are possible jobs for the various activities in this unit:

- CKO (Chief Knowledge Officer - writes the team answers and leads any research)- CFO (Chief Financial Officer, in charge of all numbers – time, money…)- CIO (Chief Information Officer, in charge of sharing information with people outside of the group)- CEO (Chief Executive Officer, leads the discussion)

Direct Instruction/Activities

Day One:Read the story Tim’s Turn to Learn and answer the questions on the worksheet entitled Tim’s Turn to Learn. When students finish their work, review the worksheet answers with the class.

Day Two:Tim and Money Mouse reduced their spending in order to save money for the future. Another way they could have saved more money is by increasing their income. Read the story Heather Learns About Earning to find out how Heather increased her income.

Then, have students answer these questions about the story independently:

1. What was Heather’s problem?2. How did she earn the money she needed?3. What else might Heather have done to earn the money she needed?

Review the answers to the questions with the class.

http://www.busyteacherscafe.com/worksheets/smart.pdf

Tim’s Turn to Learn

1. What is Tim’s problem?

2. What is the first thing Money Mouse advises Tim to do?

3. How does spending money today affect what Tim spends tomorrow?

4. What did Money Mouse do to save money for the new Monster Mouse video game?

5. What were Tim’s biggest expenses?

6. What is the total amount Tim spent on movies and video games? Show your math.

7. What other things did Tim have on his list? Name the items and how much he spent.

8. What three things did Money Mouse do to spend less and save more?

9. What did Tim do to spend less and save more?

10. How much do you think Tim was able to save by doing these things? Show your math.

Name ______________________________ # _____

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Your Weekly Budget

Weekly In Weekly OutIncome Amount Expenses Amount

Allowance $15.00 School Notebook

$3.00

Extra Chores $3.00 Snacks $5.00Tropical Fish $5.00

Total Expenses $13.00+Savings $5.00

Total In Total Out $18.00

Checking Understanding –5.E.2.1 Explain the importance of developing a basic budget for spending and saving.5.E.2.2 Evaluate the costs and benefits of spending, borrowing and saving.

Use the back of this sheet or another sheet of paper to answer the following questions in complete sentences that explain how you arrived at your answer.

1. How much is earned each week? How much is spent this week? ____________ How much is saved? ___________

2. Assuming you get your allowance on Saturday, on what date will you have your $50? If you continue with this saving/spending pattern, how many weeks will it take to save $150? Show your work.

3. Explain how wants and needs may affect your savings plan.

4. Why is it important to develop a basic budget for spending and saving?

5. What are the ‘costs’ of using money? (spending, borrowing and saving)

Essential Question:How do our economic decisions affect our lives?

Prior Knowledge:The unit builds upon economic skills taught in the fourth grade common core curriculum.

Essential Standards:5.E.2.1 Explain the importance of developing a basic budget for spending and saving.


Format of the lesson:Direct InstructionWhole Group DiscussionSmall Group Work

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Materials:Paper and PencilCommunity Maps (optional)Phone Directories (optional)Computers (optional)

Necessary Prep:NA

Phases of the LessonIntroductionStart with Discovery clip on taxes. Go to the movie “America at Its Best: We All Contribute and Make a Difference,” show the 1:02 clip, “Taxes: How They Help the Government”

Tell students that this school costs money to run. Roads also cost money. Most schools and roads are paid for by the government. Ask students if they know where the government finds money for schools and roads. Allow students time to respond. Then explain that every person who works in our country pays a part of his or her income to the government. This payment is called a tax. Then the people who make up the government have to make decisions about how to spend that money. These decisions eventually are expressed in a written plan that tells how the tax payments, or revenue, will be spent. Ask students if they know what this written plan is called. After a couple of minutes, tell them that this plan is called a budget.Direct Instruction/Whole Class Discussion

1. With your class, decide what kinds of things we need to pay for in our country. Remember that you are not focusing here on things that people use privately--movie tickets or tires for their cars, for example. These are things people usually pay for themselves. Instead, you are trying to identify things that lots of people will use, as a member of the public--schools and roads, for example. These are things that are usually provided by the government and paid for out of tax revenue. Ask students if they can think of other things that the government might include in its budget? [Try to solicit several responses including hospitals, national parks, social services, and the military.]

2. Now, allowing sufficient time for answers, discuss these questions with your class:

Schools1. Why do we need schools?2. What would happen if there were no schools?

Hospitals1. Why do we need hospitals?2. What would happen if there were no hospitals?

Roads1. Is there a need to build new roads and fix the old ones?2. What do you think would happen if the roads were in poor repair?

Nature Conservation1. How do you think the area we live in would look without trees and grass?2. What would happen if all the water around us was polluted?

Military1. Why do we need armed forces?2. What would happen if there were no armed forces?

ActivityRevised July 20147

Explain to the students that they will each be given $1,000 to spend on local community expenses, and that they will be working in teams of four to make pie charts and show their spending. Have them find out the following:

• How many schools, hospitals, highways, parks and military bases are in your community?• Are any of these more important to your community than others?• Are there other things that your community uses that should be included in your budget?

(It would be helpful to have both community maps and local phone directories on hand to help students locate community services in the evaluation activity.)

Then have the students decide how much of the $1,000 to spend on each area.ConclusionThe students should be able to explain why they spent more money for some resources than for others in their community. Make sure to have the students describe their allocations (for example, 'We spent the most on hospitals...'). Once the students have discussed their pie charts, introduce the concept of tradeoffs/opportunity cost. Ask the students what would happen if all the money were given to the schools. What/who would suffer? What/who would benefit? Discuss similar situations with the various government-funded programs within the community.

AssessmentThe pie charts that are created can be used as a graded assignment or a quick check for understanding

Tell students that there has been a natural disaster (similar to Hurricane Katrina). The Federal Government needs to divert $100 from the budget that the students made. Where should this money come from? Why? Individual writing can be evaluated.

Works Citedhttp://www.econedlink.org/lessons

Financial Literacy: Teaching Economics in the Elementary Classroom Guide:http://www.wcpss.net/curriculum-instruction/resources/curriculum/elem/ss/resources/per-fin-lit-guide.pdf

Lesson Concept and Purpose:Division of Labor/Specialization

Essential Question:How has a market economy impacted lives in the United States throughout history?

Prior Knowledge:Students should have some foundational understanding of labor and division of labor.

Essential Standards:5.E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.

Format of the lesson:Direct InstructionHands On Activity

Materials:Boxes of crayons for each studentPaper and pencils

Necessary Prep:Form groups of four or fivePut desks into tables

Phases of the Lesson

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Introduction

Introduce with a Discovery Clip. Within the video “Economics: A Framework for Teaching the Basic Concepts,” watch the 2:01 clip “Division of Labor.”

Ask students to name some of the places of employment that their parents work and what types of products, if any, they make. Ask students to define the term labor.Direct InstructionTeach the following vocabulary to students utilizing the Harcourt Social Studies textbook:

• Interdependence• Productive resources• Specialization• Division of labor

Explain to students:1. Division of labor occurs when the production of a good is broken down into separate tasks, with different workers performing each task.2. Specialization and division of labor usually increase the productivity of workers.3. Greater specialization leads to increasing interdependence among producers and consumers.

Activity1. Students will reassemble boxes of crayons. One group of students will work on the task individually and the other team will organize themselves as an assembly line, and specialize.

2. Divide the students into teams of four or five. Have them arrange their chairs and desks to form a common work surface. You will need a new box of 8, 12 or 24 crayons per student (use boxes of all the same crayon count). Place one box of crayons per student on each table. Ask each team to open the box and spill the contents in a large pile in the middle, mixing up the crayons as they add more. Have your students carefully unfold the box so that it is flattened.

3. Explain to the students that it is their individual task to put one box of crayons back together per student and that you will time their team effort. Ask students to raise their hands when they have finished, and record the time on the board (keep track for each group). Do not keep track of which student has finished in which time; it is more important to see how long it takes to put all the boxes back together. When all the boxes have been reassembled count up the total time for each of the groups--e.g., team A took X minutes, team B took Y minutes etc.

4. Ask the students if they could think of a way to make the job easier. You will want to encourage of them the idea that they might first sort the crayons according to color, then each student could place several crayons in the box and then hand the box to the next child until the box is back together, and filled properly. All the students could work to sort the crayons and each could participate in the reloading of each box. Record the time for this round.Conclusion

To see modern assembly lines in action (including football making, cell phone assembly…): http://www.listosaur.com/miscellaneous/10-interesting-assembly-line-videos/ Ask each student to explain on paper using complete sentences why an assembly line makes the production more efficient and faster than working alone. Ask each student to also explain in three sentences what happens when one member either cannot do the job or is not there. Discuss the impact it has upon production. Students can use examples from the video or their own crayon

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http://www.listosaur.com/miscellaneous/10-interesting-assembly-line-videos/

http://www.listosaur.com/miscellaneous/10-interesting-assembly-line-videos/

experience to explain. Collect and score each paper.Assessment

Teacher observation of whole class discussion and partner workStudent answers to conclusion questions

Works CitedWake County Financial Literacy Guide: http://www.wcpss.net/curriculum-instruction/resources/curriculum/elem/ss/resources/per-fin-lit-guide.pdf

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Lesson Concept and Purpose:Command, Traditional, and Market Economies

Essential Question:How has a market economy impacted lives in the United States throughout history?

Prior Knowledge:Student comprehension of the terms production, specialization, and division of labor will help with this simulation activity.

Essential Standards:5.E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.

Format of the lesson:Simulation

Materials:6 balls of light packaging stringRed, blue, yellow, and green wooden or plastic hobby beads for each groupA ruler, scissors and bead “bowl” for each groupCopies of directions and score board sheet for each groupOverheads of the score board sheetStudent copies of the comparison sheets

If you can’t purchase materials, see the alternative lesson at the end of this one.

Necessary Prep:Copies of directionsOverheads of the student group scorecard sheetStudent copies of the comparison sheetsAssign student groups and move desks in groupsCollect materials

Phases of the LessonIntroductionTo begin the day’s lesson, have students read to partner utilizing the Harcourt Social Studies textbook pgs. 282-284. Students will read these sections to answer the questions, “What is a market economy? What is a traditional economy? What is a command economy?”

After allowing students to answer the questions above, complete the simulation listed below in order to help students further understand each economy. Prepare the students for the day’s activity by explaining that today they will simulate what labor would look like in a market, traditional, and command economy. As students complete the simulation today, their mission should be to figure out which economy is being demonstrated by the current activity. Remind students of their mission continuously as the day progresses.Day One

1. Have the room set up in six small groups, 4 or 5 students per group.2. Each group should have a ball of string, a bead bowl, a pair of scissors and a copy of one of

the 3 direction sheets. (See sheets attached)3. Three 10-minute rounds will be played. The values and goals sheets are rotated from group to

group so that each group will be able to experience each system within the hour.4. Groups are to follow whatever directions are on their values and goals sheet. The teacher will

distribute the beads each round and act as the quality control person.5. Have a student mark the monetary value they receive for each quality product on their sheet

after each round.6. After each production round, the groups’ scores are posted on the student group score card.

The winning group is the one that has the most dollars per person after the third round.

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1. If students have not completed the simulation from the day prior, use a portion of today’s lesson time to finish the simulation.

2. When the simulation has wrapped up, lead a class discussion about how each activity corresponded with either a market, traditional, or command economy.

3. After completing class discussion, ask groups to complete the economies comparison chart.4. Conclude day two with a review of each group’s chart and an explanation of the night’s

homework. Allow students time work on their essay with any additional time left over.ConclusionFor homework, have students respond to an essay question which asks, “Which economic system is best?” Any answer will be accepted as long as they offer support for their position. Assess student understanding of the task and the three economies through the reasoning offered in their essay.

AssessmentStudent Essay

Works Cited

Wake County Financial Literacy Guide: http://www.wcpss.net/curriculum-instruction/resources/curriculum/elem/ss/resources/per-fin-lit-guide.pdf

Alternative Lesson:

Give students the terms market economy, traditional economy, and command economy. They need to use Discovery Education to research and create a board explaining the definitions, similarities and differences.

Assessment: Use the conclusion question above.

Student Score CardSimulation Title Money EarnedMake as Much as you Want

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Don’t Ask Questions, Just do What You’re Told

That’s the Way We’ve Always Done it

Student Group Score CardSimulation Title Money Earned Per GroupMake as Much as you Want

Group1 Group2 Group3 Group4 Group5 Group6

Don’t Ask Questions, Just do What You’re


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Told

That’s the Way We’ve Always Done it


“That’s The Way We’ve Always Done It”

Values: Your group is really concerned with the way things were done in the past. Positions of authority and jobs are handed down according to tradition. You value the past and see no need to change anything. You see no need to worry about the economic growth of your community. Basically everything in your society is determined by beliefs and customs.

Goals: To produce what your ancestors did and in the same way that they did it. You only want to follow tradition.

Situation: Other countries make necklaces, bracelets and rings, but your country only makes bracelets. That’s all. You will earn $5 for each bracelet that you make.

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Directions for making bracelets: Each person must make an entire bracelet by himself. There is no specialization of labor in this country. Since resources are limited, one person gets to have all the resources (beads, ruler, string, scissors, etc.) until he is finished. Then he passes the materials to the next person to his left to begin. After each bracelet is finished, the finished product is passed around the group. Each member of the group must tell the maker how beautiful it is. (This is a tradition of this country.) The maker hands the bracelet to the quality control person (the teacher). If the procedures are followed correctly, the team earns $5.

Cut a piece of string 12 inches long. Then add 8 beads on the string in the following order (because that’s the way you’ve always done it): 3 reds, 2 yellows and 3 greens. Tie a knot at each end of the string. Then trim the knot neatly with the scissors.

“Don’t Ask Questions. Just Do What You’re Told”

Values: Your country has a government that is very strong and strict. This government has figured out a way to organize money-making by assigning everyone a job. The plan is meant to be a quick and efficient way to improve the standard of living for your country. It is up to your government leaders to decide what is needed for your country and how the resources will be used.

Goals: The leader of your country knows what’s best for everyone. You must take whatever job you are given, work as quickly as you can, and don’t be wasteful with your resources. If everyone works hard at his assigned job, economic growth will occur for your country.

Situation: Your leader has decided that your team will make only bracelets. Arrange yourself in alphabetical order (by your last name) around the table. The first person (by alphabetical order) will be the string cutter. The next person will be the bead sorter, then comes the bead stringer, the knot tier, and the knot trimmer. After each bracelet is finished and neatly trimmed, it is handed to the quality control person (the teacher), and the money earned is recorded. If your group makes 4 bracelets (the quota) in the allotted time, everybody in your group earns $10. If your group makes more than 4 bracelets, you still only get $10 because extra bracelets will go to the leader of your government. If your group

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makes less than 4 bracelets, then everybody in your group will have to work extra hours tonight to fill the quota.

Directions for Making Bracelets:Cut a piece of string 12 inches long. Then add 8 beads on the string in the following order (because that’s the way you’ve been told to do it): 2 reds, 2 yellows, 2 blues and 2 greens. Tie a knot at each end of the string. Then trim the knot neatly with the scissors.

“Make As Much As You Want”

Values: Your country values individual decisions. It is up to each person to make himself/herself richer than other people. Your country is interested in selling whatever will make the most money in a way that costs the least. Workers who help their companies earn lots of money get money bonuses, longer vacations and promotions.

Goals: Your group gets to decide which product it wants to make. Your group can organize however it wants, so long as it doesn’t waste time and resources and makes money fast. Profit is the key.

Situation: With the resources you have been given (beads, string, ruler, scissors, etc.) your group can create rings, necklaces or bracelets. Your group gets $10 for a necklace, $5 for a bracelet and $2 for a ring. Your group produces whatever it wants.

Directions:

It’s up to you to organize your group and choose jobs in whatever fashion you want. (You should have a string cutter, bead sorter, bead stringer, and knot tier). Requirements must be met for each of the following in order to pass quality control.

A ring must be made from a 6-inch piece of string with 4 beads in this order: 1 red, 1 yellow, 1 blue and 1 green.

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A bracelet must be made from a 12-inch piece of string with 8 beads on it in this order: 2 reds, 2 yellows, 2 blues and 2 greens.A necklace must be made from a 20-inch piece of string with10 beads on it in this order: 3 yellows, 3 blues, 2 greens and 2 reds.

After the beads are strung, tie a knot at each end. You may trim the knot neatly if you want. Hand your finished product to the quality control person (your teacher). Your group will get paid in full for as many products as you make correctly within the time limit.

Economy Comparison ChartSimulation Market Command Traditional

Was that country

interested inmaking

progress?

Did the workershave a choice

of jobs?

Were the workers

eager to makemany products

to sell?

Did the workershave a choice

of what to produce?

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Were the products of high

quality?

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Lesson Concept and Purpose:World on a String - Interdependence

Essential Question:How does money link the United States with countries around the world?

Prior Knowledge:Students should have an understanding of vocabulary related to the lesson. They will also build upon economics skills taught in the fourth grade economics common core curriculum.

Essential Standards:5.E.1.1 Summarize the role of international trade between the United States and other countries.

Format of the lesson:Whole Class DiscussionGroup Activity

Materials:Index cards with instructionsBall of stringList of countries and goods (for teacher only)

Necessary Prep:Notecards need to be prepared with countries and goods listed

Phases of the LessonIntroductionAsk, “How much does a gallon of unleaded gas cost today? Ask, “If the gas prices tripled today, how would that affect your family?” Create a cause/effect graphic organizer to show student responses. Explain that much of the nation’s oil supply is imported. Discuss how these prices might affect local businesses. Prior to beginning the activity, be sure to review the definition of interdependence with the class.Direct Instruction/Activity1. Give each student a card with the country’s name, export and trading partner. (See attached list)2. Have the group stand in a circle at random (26 students max.)3. The first country (Afghanistan) throws string to its trading partner (Libya), who in turn throws it to its trading partner (Norway).4. Keep throwing the string until it has crisscrossed the circle and each person is holding a part of the string.5. The first person relates some problem that affects his country’s export (i.e., “Drought hurt the fruit crop. Exports of dried fruit are drastically reduced.”) Then the person tugs on the string.6. Each person who feels the tug raises his/her hand, and then tugs his/her string.7. Tugs continue until the effect travels around the world.

ConclusionAfter the activity, guide students in a class discussion on interdependence using the following questions:

What did you notice as you continued to pass the string to other trading partners? How did the trades that occurred early in the activity affect those that occurred at the end? How does this relate to trading that occurs in the economies around the world? How does this activity show interdependence? What would happen if an event occurred which caused one of the links in the chain to be

broken? (i.e. storms, war, economic downfall, etc.)Assessment

Class discussion or essay: How can factors such as changes in oil prices, hurricanes or war affect international trading partners?

Extension/HomeworkAs a follow-up, students can complete the following assignment as an extension and/or homework

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assignment.

Have students collect news articles about significant international events. Have them write about how this event might affect the U. S. and its trading partners.

Works Cited

Financial Literacy: Teaching Economics in the Elementary Classroom Guide:http://www.wcpss.net/curriculum-instruction/resources/curriculum/elem/ss/resources/per-fin-lit-guide.pdf

Interdependence Simulation Game

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Lesson Concept and Purpose:The Trading Game – Supply and Demand

Essential Question:How has money linked the United States with countries around the world?

Prior Knowledge:Students should have an understanding of vocabulary related to the lesson. They will also build upon economics skills

Essential Standards:5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.

Format of the lesson:Whole Group DiscussionSimulation

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Country Product To

1. Afghanistan Dried Fruit Libya

2. Libya Oil Norway

3. Norway Fish Sweden

4. Sweden Wood Germany

5. Germany Machinery France

6. France Textiles Italy

7. Italy Footwear United States

8. United States Machinery Canada

9. Canada Wheat Venezuela

10. Venezuela Gold Brazil

11. Brazil Coffee Djibouti

12. Djibouti Hides Somalia

13. Somalia Food Saudi Arabia

14. Saudi Arabia Oil Switzerland

15. Switzerland Watches Albania

16. Albania Wheat Greece

17. Greece Tobacco Portugal

18. Portugal Cork Britain

19. Britain Manufactured Goods Netherlands

20. Netherlands Chocolate Japan

21. Japan Machinery Hong Kong

22. Hong Kong Manufactured Goods Algeria

23. Algeria Wine Austria

24. Austria Iron Kuwait

25. Kuwait Oil Australia

26. Australia Coal Argentina

taught in the fourth grade economics common core curriculum.Materials:Tokens of at least two different colors for introduction activityItem to be auctionedTokens to represent goods (counters, cubes, etc.)Tokens to represent money (counters, play money, etc.)Supply Cards

Necessary Prep:Teacher will need to make copies of supply cards prior to playing the gamePrepare tokens for activities

Phases of the LessonIntroductionStudents will be given a box of tokens with at least two different colors in it. They are asked to select any number of them from 1 to a handful. Place a value on the tokens. (Make certain this is done AFTER students have already selected their tokens.)

Pull out an object that students would desire to win, and let the students know that they will only receive a “3” on this lesson if they own the selected item of which there is only one. You will announce the bidding to be opened at 10 and they may use their tokens to purchase the item. Continue the auction until a student has paid a high price for this item and received it. Then pull out a large supply of the very same item just sold while announcing that you do just happen to have a few more of these items and you’re willing to open the bidding at 1. Wait and watch their reactions.

Write supply and demand on the board. Ask the student who bought the overpriced item to define what these terms mean to him in light of the experience he just had. Explain why he was motivated to pay such a high price for it. Ask the student if he would have paid so much had he known there were enough items to go around.ActivityExplain to the students that today that will take part in a simulation that will require them to assume the roles to merchants and traders.

Half of the group will become traders, and begin with ten goods (represented with a token) each. They will be able to move about the classroom. The other half of the group will become merchants and begin with ten units of money (represented with a token) each. They will be seated at a desk for the duration of the game. There should be extra goods and money available that will come into play when supply cards are pulled.

There are two steps to each turn. First, the teacher will pull a supply card and read it aloud. If the card increases supply, the teacher will pay students with the extra goods or money. If the card decreases supply, students pay the teacher immediately. If anyone cannot pay, they go bankrupt and have to leave the game. Make sure to have students pay attention to what happens after supply cards are put into effect.

Next, the students trade. Traders can visit as many merchants as they want, but may only trade once per turn. When they conclude a deal, they must return to the teacher to await the next turn. When all trades are finished (you may want to set a timer for two minutes), the next turn begins. Repeat the process by pulling a new supply card, and then trading again.

At the end of five turns, the game is over. Everyone counts up to see which merchant and trader did

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the best!ConclusionAfter the game has ended, guide students through a discussion of the following questions:

What strategy did you have for buying and selling? Did this change during the game? What happened to the price of commodities when the money or commodity supply was

increased or decreased? Did prices increase or decrease at the end? Why or why not? Who was your best customer and why? How did you decide whether or not to make a deal? Did it help to be able to visit different merchants before deciding which deal to take? Was it

hard to stay in one place and wait for traders to visit you?

Alternative Activity/Follow-Up – Teacher Directions on page 26, Student activity on page 85 of the following PDF will take you to a NEED activity (www.need.org) that has students making economic choices in order to make a profit drilling for oil. Students need to decide to save or spend, hire or keep their business small, and the cost of mistakes in business. * Note – instead of using the electronic balances, you can just count the beans each round. http://www.need.org/files/curriculum/guides/ExploringOilandGas.pdf

AssessmentInformal observation of student participation and discussion.

Works CitedFinancial Literacy: Teaching Economics in the Elementary Classroom Guide:http://www.wcpss.net/curriculum-instruction/resources/curriculum/elem/ss/resources/per-fin-lit-guide.pdf

Teaching Basic Economics with the Trading Game by Jason O’Harehttp://jason-o-hare.suite101.com/teaching-economics-with-the-trading-game-a119954

Supply and Demand Cards

Hurricane Strikes!

Traders lose 3 goods

Your country is at war!

Merchants lose 3 coins

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http://www.need.org/files/curriculum/guides/ExploringOilandGas.pdf

http://www.need.org/

Chrysler recalls thousands of Jeeps

Traders lose 4 goods

Stock Market plummets!

Merchants lose 5 coins

Local scientist finds cure for the

common cold

Merchants gain 6 coins

Earn interest from the bank


Your city will host the Olympics


Stock Market rises!


New toy invented

Traders gain 8 goods

Tax Free Weekend


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New production process created


Ford Goes Green! Car Sales Increase


Economy ProjectWe have studied how economy works within our country and around the world. Now you will use what you know to research how this has changed over the years. Individuals or small groups will act as diplomats from a specific period in time to create a research presentation. Small groups will explore, with guiding questions, trading partners with United States during that time period, imports and exports at the time, and economic growth as well as impact of social and political decisions of the time.

Assigned Time Period __________________________________Group Members (if working in a group) __________________________________

Part 1 – ResearchUse the questions on the back of this page* to help guide your research. You will need to use both print resources as well as computer resources to locate the answers to these questions. Use the chart to record your information, as well as to cite your sources. Make sure to take detailed notes and cite ALL of your

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sources. If you run out of room in the chart, you may use notebook paper. This sheet will be turned in upon completion of your project.

*If your time period is a time prior to the formation of the United States, answer the questions using the colonies and/or territories that existed where the present day United States are located.

Part 2 – Project Creation/PresentationAfter completing your research, you will begin working on the creation of your project that will be presented to the class.

You will need to choose a presentation method using one of the options below or request permission from your teacher for an alternative that you would prefer. Your presentation should last for approximately 5 minutes, so make sure to practice with a timer prior to your final presentation to the class.

Create a Voicethread including all of the required information Create a board maker display on Discovery Education including the required information Create a tri-fold board display with visual aids including all of the required information

Your project will be scored based on the criteria listed in the rubric on the back of this page. Please be sure to use this rubric as a guide while you work on the creation of your final product.

Early Exploration

Colonial Settlement

American Revolution

A New Country Begins (1776-1860)

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Civil War Reconstruction

WestwardExpansion

Choice

TIME PERIOD CARDS

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Name ________________________________ Date ___________

Economy Unit Test

5.E.1 Understand how a market economy impacts life in the United States.5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.5.E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.

5.E.2 Understand that personal choices result in benefits or consequences.5.E.2.1 Explain the importance of developing a basic budget for spending and saving.5.E.2.2 Evaluate the costs and benefits of spending, borrowing and saving.

Directions: Answer each of the following questions in complete sentences on separate sheets of paper. You may use your notes and/or handouts as a reference. Be sure to include specific support from these documents to prove your theories.

1. In what ways has trade helped or harmed our country’s development in the world?

2. Explain, with examples, how our market economy has impacted life in the development of the United States?

3. How do our economic decisions affect our lives?

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ECONOMY PROJECT RUBRICRubric 4 3 2 1

Content Objectives:

5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction.


Student is able to summarize and explain the impact and connection of our economy on trade and growth during a specified time period to the class synthesizing the information into new understandings and connections.

Student is able to summarize and explain the impact of an economy on trade and growth during a specified time period to the class, and shows an understanding of the content throughout the entire presentation.

Student, with assistance, is able to summarize and explain the impact of an economy on trade and growth during a specified time period to the class, and shows a basic understanding of the content throughout the entire presentation.

Student lacks understanding of the topic and is unable to adequately present the information to the class.

Reading ResearchObjective:

RI.5.9. Integrate information from several texts on the same topic in order to write or speak about the subject knowledgeably.

Student is able to integrate multiple sources skillfully and is able to clearly communicate information about his/her topic, showing an advanced understanding of the material.

Student is able to read and understand multiple sources on the topic in order to answer research questions accurately. Student is able to appropriately cite where the information was located.

Student is able to read and understand information with assistance. Student is able to answer some of the research questions accurately.

Student is unable to understand information about the topic. Student Is not able to answer the research questions accurately, even with teacher assistance.

W.5.7 The writer synthesizes and The writer is able to The writer, with The writer is unable

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Conduct short research projects that use several sources to build knowledge through investigation of different aspects of a topic.

conveys new ideas and information about a subject/topic. Sometimes incorporating essays, explanations, stories, procedural passages or how-to sections in the writing.

build knowledge through investigation of different aspects of a topic using several sources including little essays, stories, or how-to sections in the writing.

assistance, is able to build knowledge through investigation of different aspects of a topic using several sources including little essays, stories, or how-to sections in the writing.

to build knowledge from research on a topic.

W.5.8 Recall relevant information from experiences or gather relevant information from print and digital sources; summarize or paraphrase information in notes and finished work, and provide a list of sources.

The writer chooses words carefully to explain information and ideas incorporating domain-specific vocabulary with explanation.

The writer includes exact phrases, comparisons, analogies, and/or images to explain information and concepts.

The writer provides a list of sources.

The writer chooses words carefully to explain information and ideas incorporating specific vocabulary with explanation.

The writer includes exact phrases, comparisons, analogies, and/or images to explain information and concepts.The writer provides a list of sources.

The writer, with assistance, chooses words carefully to explain information and ideas incorporating specific vocabulary with explanation.

The writer includes exact phrases, comparisons, analogies, and/or images to explain information and concepts.

The writer provides a list of sources.

Student is unable to recall relevant information from experiences or gather relevant information from print and digital sources; summarize or paraphrase information in notes and finished work, and provide a list of sources.

Work Habits Student works collaboratively and independently to complete work. He/she serves as a role model for other students in the class.

Student is able to work independently and asks for help when needed.

Student is off task often and sometimes needs reminders in order to complete the assignment.

Student is off task and needs constant reminders to complete the assignment.

Speaking and Listening Objectives

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S&L.5.4 Report on a topic or text or present an opinion, sequencing ideas logically and using appropriate facts and relevant, descriptive details to support main ideas or themes; speak clearly at an understandable pace.

Completed Not completed.

S&L.5.5 Include multimedia components (e.g., graphics,sound) and visual displays in presentations when appropriate to enhance the development of main ideas or themes.

Completed Not completed.

S&L.5.6 Adapt speech to a variety of contexts and tasks, using formal English when appropriate to task and situation. Completed Not completed.

Instructional Technology Essential Standards

5.SI.1 Apply criteria to determine appropriate information resources for specific topics and purposes.

5.SI.1.1 Use various types of resources to gather information (including print and online media).

5.SI.2 Use relevant sources of information for an assigned task.

5.SI.3 Use reliable sources of information.

5.IN.1 Analyze appropriate strategies when reading for enjoyment and for information.

5.IN.1.1 Differentiate strategies when reading informational text in a variety of formats (e.g., print, online, audio, etc.) to complete assigned tasks.

5.TT.1 Use technology tools and skills to reinforce and extend classroom concepts and activities.

5.TT.1.1 Use a variety of technology tools to gather data and information (e.g., Web-based resources, e-books, online communication tools, etc.).

5.TT.1.2 Use a variety of technology tools to organize data and information (e.g., word processor, graphic organizer, audio and visual recording, online collaboration tools,

5.TT.1.3 Use technology tools to present data and information (e.g., multimedia, audio and visual recording, online collaboration tools, etc.)

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etc.).

5.RP.1 Apply a research process as part of collaborative research.

5.RP.1.1 Implement a research process by collaborating effectively with other students.

5.SE.1 Understand issues related to the safe, ethical, and responsible use of information and technology resources

5.SE.1.1 Understand the guidelines for responsible use of technology hardware.

5.SE.1.2 Understand ethical behavior (e.g., copyright, not plagiarizing, netiquette) when using resources.

5.SE.1.3 Understand internet safety precautions (e.g., personal information, passwords, etc.).

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Documents

wcpssele Web viewAssessment should be done throughout the unit, as you see student understanding of concepts through class discussion. Short quizzes can be given at any appropriate