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Virtual Economics

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Lesson 27: Job Application
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
The students discuss the jobs on the production line that will be necessary to produce the books. They consider personal strengths and abilities that would qualify them for particular jobs. They also complete a job application form.
Grade(s): 3-5
Concepts: Human resources, Productivity, Specialization, Interdependence,

Lesson 28: Preparation for Production
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
This lesson prepares the class for assembling the books. You will review the steps in production with the class. The students will then develop a list of rules for the workers to follow. At the conclusion of the lesson the workers will make the identification cards they will wear in the next lesson.
Grade(s): 3-5
Concepts: Human resources, Productivity, Specialization,

Lesson 29: The Production Process
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
Students produce their class book and thereby experience first-hand how people specialize and cooperate in a business. The children discuss the results of the production process and relate the experience to other businesses in their community.
Grade(s): 3-5
Concepts: Human resources, Interdependence, Productivity, Specialization,

Lesson 7: Widget Production
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
In order to produce an output of goods or services, a firm needs inputs or factors of production. Businesses must purchase natural, human, and capital resources. Entrepreneurship is provided by the owner or manager of the firm. These inputs can be combined in different ways to produce the firm's product.
Grade(s): 3-5
Concepts: Factors of production, Productivity, Increasing productivity, Opportunity cost, Division of labor, Specialization, Investment,

Lesson 5: Getting More Out of Less
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Many decisions must be made to produce a good or service. For example, producers must make decisions about what to produce, what kind of building and tools are needed, what workers are needed, what materials are needed, what the costs of acquiring these resources will be, and what price to charge for the finished product.
Grade(s): 3-5
Concepts: Productivity, Specialization, Division of labor,

Lesson 19: Leave the Cooking to Me
Teaching Economics Using Children's Literature
Leave the Cooking to Me is a humorous, yet touching story of a young girl's responsibility for keeping meals on the table for her single-parent mother and her little sister. Shirley Merton decides to take this daily chore a step further. Without her mother's knowledge. Shirley, a.k.a. Vanessa, opens her own catering business. Her enthusiasm for her new job keeps her from becoming discouraged w...
Grade(s): 3-5
Concepts: Entnrepreneur, Opportunity Cost, Human Capital, Profit, Productive Resources, Human Resources, Specialization, Costs

Lesson 14: Orange Juice Jubilee
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The simulation is a two-lesson unit designed to serve as a culminating activity for the review of economic concepts taught in the pervious thirteen lessons.
Grade(s): 3-5
Concepts: Division of labor, Decision making, Productive resources, Human capital, Interdependence, Market economy, Supply, Demand, Price, Collateral, Interest, Entrepreneurship,

Lesson 28: Assembling The News Journal
The International News Journal, Inc.
By producing their own news journal, students experience firsthand how people divide work and cooperate in business. They discuss the assembly process and relate the experience to businesses in their community.
Grade(s): 3-5, 6-8
Concepts: Division of labor, Interdependence, Human resource, productivity, specialization

Lesson 27: Preparation for the Assembly Process
The International News Journal, Inc.
In this lesson the classroom corporation (students, teachers, volunteers) prepares the news journal for assembly. They review the steps to follow in assembly and make a list of rules for workers to follow. Students apply for various jobs in the assembly process by completing a job application form.
Grade(s): 3-5, 6-8
Concepts: Division of labor, Human resource, Interdependence, Productivity, Specialization

Lesson 8: Specialization - Making Production More Efficient
Play Dough Economics
In this lesson, students will learn that specialization and division of labor increase productivity, resulting in higher incomes; the disadvantages of specialization and division of labor.
Grade(s): K-2, 3-5
Concepts: Specialization, Productivity, Division of labor, Efficiency, Productive resources, Output, Input

Unit 2: Lesson 9 - I Am a Bundle of Human Capital
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
Students will recognize that they have many skills.
Grade(s): K-2, 3-5
Concepts: Alternative, Human capital, Knowledge, Skill,

Lesson 13: The Working World
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Human capital consists of the skills, knowledge, and other factors, such as health, that improve an individual's ability to produce goods and services. One reason people earn different incomes for different jobs is that they differ in the quantity and quality of their human capital.
Grade(s): 3-5
Concepts: Work, Employment, Human capital, Unemployment,

Theme 1: Lesson 1 - Earning Income
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students play a guessing game to identify various occupations. Then they consider some of the education, skills, and talents required for those occupations. They analyze the connection between human capital and wages.
Grade(s): 3-5
Concepts: Income, Human resources, Human capital, Wage, Investment in human capital, Goods and services,

Lesson 4: Why Do People Go to School?
Learning, Earning and Investing: Grades 4-5 Lessons
The students look at a simple chart relating education level with average annual income. From the data the students generalize that people with more education usually earn more income. They learn that human capital refers to the knowledge, skills, talent, health, values and experience that people bring to the workplace. Working in small groups, the students receive information about the budgets of...
Grade(s): 3-5
Concepts: Budget, Expenses, Fixed expenses, Human capital, Income, Variable expenses

Unit 2: Lesson 10 - School Is an Investment in Human Capital
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
Students will recognize that development of human capital increases the quantity and quality of alternatives available to them now and in the future. They will also take responsibility for their education.
Grade(s): K-2, 3-5
Concepts: Human capital, Investment in human capital, Knowledge, Skills,

Lesson 11: The Badge Factory
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
The students participate in a production-line simulation. They produce a badge that will be given to the people they interview and to those who buy their books. The students discover the need for specialization during production and learn how people depend on one another.
Grade(s): 3-5
Concepts: Producer, Specialization,

Lesson 15: An Entrepreneurial Experience Extraordinaire
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
In the previous lesson students established a company and participated in various preproduction activities. This lesson involves the implementation of production, marketing, and distribution decisions for Orange Juice Jubilee. Students will conclude the lesson by evaluating their entrepreneurial experiences.
Grade(s): 3-5
Concepts: Division of labor, Decision making, Profit, Incentives, Entrepreneurship,

Unit 3: Lesson 11 - Workers Use Other Resources
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
Students will define resources as things that people can use to produce goods or services. They will identify human capital as a resource, identify examples of land, and identify examples of physical capital. Students will also recognize how capital resources help workers do their jobs faster, easier, and/or better.
Grade(s): K-2, 3-5
Concepts: Entrepreneur, Entrepreneurship, Human capital, Land resources, Physical capital, Resources,

Unit 1: Lesson 2 - Alternatives
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
In working on Choices and Changes, students should learn that they can ordinarily respond to events in their lives by alternative means, and that it is up to them in these cases to find an alternative that will result in a beneficial outcome. In Lesson 2, students begin to develop the skill of discovering alternatives. The point to be grasped is that people who find alternatives are more active ...
Grade(s): K-2, 3-5
Concepts: Alternatives, Goal, Obstacle,

Unit 4: Lesson 16 - Entrepreneurs and the Interdependence of Buyers and Sellers
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
People often think of themselves as consumers, but not as producers. In this lesson, students will meet business owners, managers, and entrepreneurs so that they can identify with them and perhaps aspire to start their own business someday. Students should recognize that business owners depend on consumers to help them earn a living. Students should come away from this lesson realizing that "We...
Grade(s): K-2, 3-5
Concepts: Alternative, Choice, Consequence, Consumer, Entrepreneur, Human capital, Innovation, Interdependence, Invention, Interview, Opportunity cost, Physical capital, Production, Work,

ONLINE LESSONS:

online Hawaiian Economics: Barter for Fish & Poi
In ancient Hawaii, chiefs managed the economy by creating a land division system, the Ahupua'a, which divided the islands into pie slice shapes. Each Ahupua'a covered the three main regions of the islands: the mountains, the valleys, and the beach. This system was designed to allow all Hawaiian communities equal access to the limited natural resources of the islands. However, it took a lot...
Grade(s): 3-5
Concepts: Barter,Division of Labor,Exchange,Interdependence,Natural Resources,Specialization,Productivity

online WIDGET PRODUCTION: Producing More, Using Less
In the first part of the lesson students take a quiz to review the major concepts taught in Lesson 7, "Widget Production," from Master Curriculum Guide in Economics: Teaching Strategies 5-6. Students then search the web for examples of the many ways in which productivity has been increased over the years. Finally, they identify a situation where an increase in productivity could ...
Grade(s): 3-5, 6-8
Concepts: Division of Labor,Specialization,Investment,Productivity

online Banks, Bankers, Banking
Students will demonstrate understanding of the processes associated with banking by role- playing as customers, tellers, and guards.
Grade(s): 3-5
Concepts: Banking,Division of Labor,Specialization,Savings,Economic Institutions

online Old Business, New Business
In this lesson students are introduced to several businesses from the past. They see that, while the names for these businesses are different, many of the elements of that job are seen in occupations today. The web site, "Business Cards..." explains that many of our family names may have come the occupations of preceding generations. The activity at the end of this lesson allow...
Grade(s): 3-5
Concepts: Advertising,Business,Division of Labor,Goods,Interdependence,Specialization,Technological Changes,Services

online Economic Spotter: Trade in Colonial History
Students take a trip back in time and spot economic concepts in a historical fiction tale. This time frame features Boston Harbor around 1680.
Grade(s): 3-5
Concepts: Exchange,Specialization

online Specialists Light Up Our Lives!
Peppe and his family moved to America to pursue the American dream. His mother has passed away, his father is ill,and all the children need to find work to help provide for basic essentials. Peppe is excited to find a job, only to be told by his dad that it is not a job he should be proud of. This lesson will challenge students to consider specialists in the community and the valuable goods and s...
Grade(s): K-2, 3-5
Concepts: Goods,Human Resources,Income,Interdependence,Specialization,Services

online Where Did You Come From?
In this multiple intelligences lesson the students figure out why the United States imports some goods that we can grow right here!
Grade(s): 3-5
Concepts: Exports,Interdependence,Specialization,Imports

online Lean on Me -- We depend on each other!
The purpose of this activity is to demonstrate that the production of most goods can be broken down into a number of specific tasks (division of labor), with each of these tasks assigned to specific workers (specialization.)
Grade(s): K-2, 3-5
Concepts: Division of Labor,Interdependence,Productive Resources,Specialization

online Trouble is Brewing in Boston - "Colonial Voices: Hear Them Speak"
It's December 16, 1773 and many of the citizens of Boston are furious with King George's new tax on tea. Young Ethan, a printer's errand boy, has been given the task of conveying information concerning an upcoming protest meeting. As he makes his rounds through the city the reader is introduced to the goods and services provided by colonial merchants. [NOTE: These lessons are based on ...
Grade(s): K-2, 3-5
Concepts: Choice,Decision Making,Goods,Incentive,Opportunity Cost,Producers,Scarcity,Specialization,Services,Wants

online How Labor Got Its Day
If you asked students what comes to mind first when they think of Labor Day, what do you think they would say? The last days of summer? A family picnic? Shopping the Labor Day sales? The purpose of this lesson is to broaden and deepen student understanding of the Labor Day holiday. Students will learn why workers organized unions during the nineteenth century to fight for higher pay and better wor...
Grade(s): 3-5
Concepts: Producers,Production,Labor,Labor Market,Labor Union,Profit,Insurance

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