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Virtual Economics

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Chapter 3: Lesson 14 - Why Did the English Colonies Prosper?
The Great Economic Mysteries Book: A Guide to Teaching Economic Reasoning, Grades 4-8
Students describe an economic mystery and discuss various explanations of it. They use economic principles and true/false clues in reasoning out a solution to the mystery.
Grade(s): 3-5, 6-8
Concepts: Property Rights, Trade Exchange and Interdependence

Chapter 3: Lesson 9 - Why Do the Cups Disappear from Room 103?
The Great Economic Mysteries Book: A Guide to Teaching Economic Reasoning, Grades 4-8
Students describe an economic mystery and discuss various explanations of it. They use economic principles and true/false clues in reasoning out a solution to the mystery.
Grade(s): 3-5, 6-8
Concepts: Property Rights

Chapter 3: Lesson 12 - Why Is the School Lunchroom Always Dirty?
The Great Economic Mysteries Book: A Guide to Teaching Economic Reasoning, Grades 4-8
Students describe an economic mystery and discuss various explanations of it. They use economic principles and true/false clues in reasoning out a solution to the mystery.
Grade(s): 3-5, 6-8
Concepts: Property Rights

Theme 1: Lesson 3 - People Pay Taxes
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students participate in an activity to help them understand that people pay taxes. They learn about income, gross income, income taxes, and net income. They also learn that governments provide goods and services with the taxes they collect. These are goods and services that are important for many people to have and use. Businesses are not likely to provide them.
Grade(s): 3-5
Concepts: Tax, Income tax, Gross income, Net income, Sales tax, Property tax,

Lesson 3: What Happens When a Bank Makes a Loan?
Learning, Earning and Investing: Grades 4-5 Lessons
The students play roles in a simulation activity designed to show how bank loans made to individuals can have an impact on others in the community. Then, working in small groups, the students analyze other hypothetical loans, using flow charts or other diagrams to describe the probable impact of each.
Grade(s): 3-5
Concepts: Bank, Income, Interest, Loan, Profit

Theme 2: Lesson 5 - Why? How? Where?
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
This lesson provides some practical activities to extend students' understanding about how to make saving choices. Children set a goal, determine a strategy for saving, and decide how they will save to best achieve that goal. They can also learn the basics of using savings accounts.
Grade(s): 3-5
Concepts: Incentives, Opportunity cost, Saving, Saving goal,

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

Lesson 10: Saving and Investing - Planning For the Future
Play Dough Economics
In this lesson, students will learn that individuals either save or consumer after-tax income; that saving has an opportunity cost - giving up current consumption; that consuming has an opportunity cost - giving up greater future consumption; that savings which are invested in the production or purchase of capital result in increased productivity, and create the possibility of greater future incom...
Grade(s): K-2, 3-5
Concepts: Saving, Investment, Income, Consumption, Opportunity cost, Choice, Productivity

Lesson 4: Arthur's Pet Business
Teaching Economics Using Children's Literature
To prove he is responsible enough to own a pet and to repay a debt of money to his sister, Aruther decides to start a pet business - providing pet care service to community members. He advertises by putting up signs around the neighborhood. Business is very good. Arthur not only earns a wage (from which he pays his debt), but also gains a pet when one of his "clients" has puppies under his bed.
Grade(s): 3-5
Concepts: Goods, Income, Choices, Services, Wage, Entrepreneur

Lesson 6: Work Pays
Resources A to Z
Discussing parent jobs and reading a story help students learn about human resources. Students work at home and produce goods and services by helping their families. They receive beans from the teacher as income for their work. This experience allows students to link the idea that income is received for work performed.
Grade(s): K-2, 3-5
Concepts: Human Resources, Goods, Services, Income

Lesson 14: Inflation - When All Prices Rise
Play Dough Economics
In this lesson, students will learn that inflation is an increase in the general price level of goods and services caused by the supply of money increasing relative to the supply of goods and services; that an incease in money income does not necessarily mean an increase in one's ability to acquire goods and services.
Grade(s): K-2, 3-5
Concepts: Inflation, Price, Goods and services, Income

Lesson 8: Children in the Marketplace.
Children in the Marketplace: Lesson Plans in Economics for Grades 3 and 4
People have relatively unlimited wants. When the necessary resources to fulfill them are scarce, a strategy to satisfy those wants in the best way possible must be designed. The strategy must include answers to the basic economic questions: What goods and services will be produced? How will they be produced? And for whom will they be produced?
Grade(s): 3-5
Concepts: Marketplace, Consumer, Income, Taxes, Workers, Markets, Producer, Interdependence, Citizen, Exchange, Goods, Services,

Lesson 2 - Folding Our Way to Productivity
Roosters to Robots: Lesson Plans from Writers around the World
Students role-play workers producing origami cups. They participate in two production rounds, one without training and one with training. Students
Grade(s): K-2, 3-5
Concepts: Productive resources, Income, Productivity

Lesson 3: Dandy Dollars Takes a Trip
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
A market (price) system coordinates economic activity through markets. There are hundreds of thousands of different markets that are interrelated and usually dependent upon one another. The circular flow of economic activity is a model of the flow of goods and services and resources in the marketplace.
Grade(s): 3-5
Concepts: Goods, Services, Resources, Market, Circular flow of economic activity, Income, Revenue,

Lesson 5: In a Market Economy, the Forces of Supply and Demand Set the Prices at Which Exchanges Take Place.
Children in the Marketplace: Lesson Plans in Economics for Grades 3 and 4
Consumers wish to purchase goods and services so that they can satisfy their wants. Producers wish to supply goods and services to consumers in order to earn the profits with which producers can satisfy their own wants. Both sellers and buyers are better off when they willingly make exchanges in the market. To facilitate exchange, systems have evolved to coordinate the actions of suppliers and ...
Grade(s): 3-5
Concepts: Supply, Demand, Price, Markets, Opportunity cost, Value, Exchange, Consumer, Producer, Income, Profit,

Theme 3: Lesson 8 - How Would You Like to Pay?
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students are introduced to various methods of payment, such as cash, check, debit card, money order, and credit card. They learn some of the advantages and disadvantages of each method of payment. They also practice writing a check and recording information in a check register.
Grade(s): 3-5
Concepts: Consumer, Cash, Check, Credit card, Debit card, Money order,

Theme 4: Lesson 15 - It's a Balancing Act
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, the students use manipulatives to learn about income, expenses (variable, fixed), and budgeting.
Grade(s): 3-5
Concepts: Income, Expenses, Fixed expenses, Variable expenses, Budget, Human resources, Wage, Taxes, Saving,

Theme 3: Lesson 7 - To Choose is to Refuse
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students use the concept of opportunity cost to help decide which wants to satisfy with their limited income. Practicing decision making helps build consumer skills and develop an understanding of the importance of good decision making.
Grade(s): 3-5
Concepts: Wants, Income, Opportunity cost, Consumer spending decisions, Goods and services, Wage, Profit, Productive resources,

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,

Theme 1: Lesson 2 - Urban Mouse & Rural Mouse
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, children use an index of businesses for a fictitious community to learn that people provide goods and services in the community. They read an adaptation of the fable "City Mouse, Country Mouse." Children use the story to learn about entrepreneurs, opportunity recognition, income, costs of production, and profit.
Grade(s): 3-5
Concepts: Goods, Services, Entrepreneur, Opportunity recognition, Revenue, Costs of production, Income, Profit,

ONLINE LESSONS:

online President Obama's Allowance
In this lesson, students will identify different expenses in the US budget and will decide on the order of importance for different expenses.
Grade(s): 3-5
Concepts: Budget,Choice,Cost/Benefit Analysis,Government Expenditures,Taxation

online Tic Tac Taxes!
This lesson will assist students in identifying various taxes and the services they help governments provide.
Grade(s): 3-5
Concepts: Government Expenditures,Government Revenues,Income,Role of Government,Taxation

online Big Banks, Piggy Banks
When choosing a place to put their money, people consider how safe their money will be, how easy it is to access, and whether it will earn more money. Students explore how well different savings places achieve these objectives. Students learn that people who don’t want to carry money with them or keep it at home often choose to put their money in a savings account at a bank or credit union. ...
Grade(s): K-2, 3-5
Concepts: Banking,Choice,Decision Making,Money Management,Interest,Savings

online Beatrice's Goat
This lesson from the Federal Reserve Bank of St. Louis' EconLowdown site teaches students what it means to save and reach savings goals through the book Beatrice's Goat by Page McBrier.
Grade(s): 3-5
Concepts: Income,Opportunity Cost,Saving

online The ABCs of Saving
We save money to get things we can’t afford to buy now. Saving for the future requires patience but it can be worth it when we get what we want the most. Successful savings depends on three elements which are presented to students as the ABCs of saving. A is for Aim: setting a goal. B is for Bank: creating a place to put savings. C is for Coins and currency: making saving money a habit. Stud...
Grade(s): K-2, 3-5
Concepts: Money Management,Opportunity Cost,Trade-off,Savings,Trade-offs among Goals

online One Hen: How One Small Loan Made a Big Difference
The picture book One Hen: How One Small Loan Made a Big Difference, written by Kate Smith Milway, takes place in Africa. Here in a Ghanan village, young Kojo cannot afford to go to school after the death of his father. His resourceful mother takes out a small loan and with a few leftover coins he buys a chicken. Soon he is selling eggs and with the profit slowly acquires a large flock. Kojo is a...
Grade(s): 3-5
Concepts: Entrepreneurship,Income,Money,Profit,Borrow,Save

online Clickety Clack, Let's Keep Track!
This lesson will show students the importance of keeping track of their savings.
Grade(s): 3-5
Concepts: Banking,Budget,Choice,Economic Security,Functions of Money,Money Management,Savings

online You Can BANK on This! (Part 2)
As in the first 'You Can BANK on This,' you will learn that banking should not be confusing - it should be INTERESTING! Lesson Two will continue learning with Zing, but this time we will learn all about budgeting - and budgeting means making choices!
Grade(s): 3-5
Concepts: Budget,Choice,Decision Making,Economic Wants,Scarcity,Benefit,Costs,Taxes,Wants

online Money Doesn't Grow on Trees
Money doesn’t grow on trees. This lesson introduces students to four ways people get money—they find it, win it, receive it as a gift or earn it. Finding, winning and receiving money often depend on chance and luck. Most people get money by earning it. Students explore allowances and doing work for pay as sources of extra money to buy something they want. They also differentiate betwee...
Grade(s): 3-5
Concepts: Income

online Do I Look Like I'm Made of Money?
One of the most common replies given by parents when their children ask for money is “Do I look like I’m made of Money?” This lesson is designed to educate students about the need for money as a generally accepted medium of exchange. The students will also learn how money is earned. Finally, the students will identify useful endeavors they can be a part of.
Grade(s): 3-5, 6-8
Concepts: Business,Functions of Money,Income,Money

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