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Virtual Economics

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Lesson 6: Circles within Circles
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
A market is a setting in which people buy and sell goods and services and resources. A market economy is an economic system in which most goods, services, and resources are exchanged by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets. Americans live in a market-oriented economy.
Grade(s): 3-5
Concepts: Goods, Services, Resources, Market, Income, Revenue, Consumers, Producers, Profit,

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

Lesson 4: People's Wants Stimulate Production.
Children in the Marketplace: Lesson Plans in Economics for Grades 3 and 4
Consumers are those who buy goods or services in order to satisfy personal or household wants, rather than in order to produce a good or service. Consumers may be adults or children. Producers make goods or create and supply services. If producers believe that consumers want or value certain products, producers will find, pay for, and use the resources necessary to produce those products. Good...
Grade(s): 3-5
Concepts: Demand, Supply, Profit, Consumer, Producer, Advertise,

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,

Lesson 9: A Cracker Jack Lesson
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The basic consumer problem is how to achieve maximum satisfaction given limited resources. Consumers see many goods and services they want to buy, but constraints force them to choose. Many factors influence consumer decisions, such as personal preferences, prices, and convenience.
Grade(s): 3-5
Concepts: Price, Consumer, Costs of production, Profit,

Lesson 32: Choice Making
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
Once the books have been sold, the class decides what to do with the money left over (if any) after paying back the loan or credit and any other expenses incurred in the business. The teacher emphasizes that the money left over is payment to the class for all its hard work in the company. The students consider what choices are available to them, for such as charity or to buy more or new educatio...
Grade(s): 3-5
Concepts: Choice, Credit, Interest, Investment, Loan, Opportunity cost, Profit,

Lesson 12: Market Price II - Changes in Supply and Demand
Play Dough Economics
In this lesson, students will learn how changes in demand affect market price; what events would cause an incease or decrease in demand; that the market price serves as a guide to help producers determine what to produce.
Grade(s): K-2, 3-5
Concepts: Supply, Demand, Market price, Profit, Advertising

Lesson 8: Creative Toy Production
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
In a market (price) system, economic decisions are made in the marketplace through the interaction of consumers and producers. Businesses produce and sell the goods and services consumers desire. Firms buy factors of production (resources or inputs), such as labor, capital goods, and supplies, and produce goods and services to sell so they may earn profit--the reward to the entrepreneur.
Grade(s): 3-5
Concepts: Cost of production, Total revenue, Profit, Loss,

Lesson 23: Production and Pricing Decisions
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
You and your class make the final decisions regarding the production costs and price of the book. The Market Survey results are discussed and analyzed to help make these decisions. The use of three transparencies aids the teacher in explaining pricing and production decisions. If computers are available, we suggest you develop a simple computer program for students use in determining production...
Grade(s): 3-5
Concepts: Consumer, Market survey, Profit, Resources, Sales,

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,

Lesson 7: People Must Decide How to Allocate Income.
Children in the Marketplace: Lesson Plans in Economics for Grades 3 and 4
Economics involves the study of how people make choices necessitated by the condition of universal scarcity of resources in relation to human wants. One basic choice individuals must make when they earn or otherwise receive money is whether to spend their entire income on goods and services for consumption in the present or to put aside -- that is, save -- at least a portion of that income. Savi...
Grade(s): 3-5
Concepts: Saving, Investment, Profit, Resources,

Lesson 32: Profits and the Annual Report
The International News Journal, Inc.
Once the news journal has been produced and sold, the success or failure of the corporation is determined. Profits or losses are calculated, a financial report is developed, and students write a letter summarizing their involvement in the corporation. The financial statement and letter for the corporation's annual report.
Grade(s): 3-5, 6-8
Concepts: Annual report, Dividend, Profit, Stock

Chapter 3: Lesson 16 - The Big Piggy Bank Mystery
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: Profit, Saving and Investing

Chapter 3: Lesson 17 - How the People of Churchill Came to Be Fond of Polar Bears
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: Incentives, Profit

Lesson 15: Board of Directors and Corporate Officers
The International News Journal, Inc.
In this lesson the board of directors meets with the corporate officers to help make production decisions. The board also helps the officers choose the kind of news journal, estimate the cost of producton, determine the price and quantity of news journals to produce, and decide on the number and price of share of stock. Students observe and learn from the decision making, complete and activity s...
Grade(s): 3-5, 6-8
Concepts: Demand, Market, Price, Profit, Stock, Supply

Lesson 13: Business Ownership
The International News Journal, Inc.
In this lesson students learn about three types of business ownership -- sole proprietorship, partnership, and corporation -- with the focus on corporations. An activity sheet checks their understanding of th purpose and organization of a corporation.
Grade(s): 3-5, 6-8
Concepts: Capital resources, Corporation, Dividend, Entrepreneur, Natural resources, Human resources, Partnership, Profit, Sole proprietorship, Stockholders

Chapter 3: Lesson 15 - Mariah Visits a Petting Zoo
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: Profit

Lesson 29: Reading The News Journal for Information
The International News Journal, Inc.
In this lesson students read the news journal and take notes on important information to highlight when advertising and selling it.
Grade(s): 3-5, 6-8
Concepts: Advertising, Profit

Chapter 3: Lesson 5 - Could Buying Trees at Christmas Be Forest-Friendly?
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: Markets and Prices, Productive Resources, Profit

Chapter 3: Lesson 6 - What Genius Figured Out How to Get Food from the Farms to The Market?
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: Markets and Prices, Profit

ONLINE LESSONS:

online Spotlighting Entrepreneurs: The Sweet Success of Milton Hershey
Looking for a lesson that ties Common Core Standards in Reading Informational Text with Economics? This lesson spotlights the life of Milton S. Hershey and allows students to learn about the risks and rewards of entrepreneurship through a biographical sketch of one who experienced many bitter disappointments and sweet successes.
Grade(s): 3-5
Concepts: Business,Entrepreneurship,Benefit,Costs,Entrepreneur,Profit,Risk,Capital

online Spotlighting Entrepreneurs: A Technology "iCon"
What better way to address Common Core standards in Reading Informational Text than by meeting a gentleman that changed the world of technology!
Grade(s): 3-5
Concepts: Business,Economic Growth,Entrepreneurship,Benefit,Costs,Entrepreneur,Profit,Risk

online You Can BANK on This! (Part 4)
This lesson deals with credit and wraps up this unit on finance.
Grade(s): 3-5
Concepts: Credit,Interest,Profit

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

online I Can Be an Entrepreneur
Learners are given advice on how they can earn extra money by becoming an entrepreneur. After investigating several web pages that offer examples of what other people their age have done to earn money, students identify three money-making ideas for themselves such as: considering what they would enjoy doing, what they do well, what people are willing to buy, the need to set a price that will be pr...
Grade(s): 3-5, 6-8
Concepts: Accounting Profit,Advertising,Business,Entrepreneurship,Goods,Price,Production,Costs,Entrepreneur,Profit,Risk,Services,Accounting Loss

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 An Entreduction
This lesson illustrates the differences between inventions and innovations. It discusses what entrepreneurs are and their role with inventions and innovations.
Grade(s): 3-5
Concepts: Entrepreneurship,Investing,Opportunity Cost,Profit Motive,Innovation

online Old Toy - New Market
Students explore the LEGOLAND theme parks and demonstrate an understanding of how new markets can be created and that cultural and social differences can affect these markets.
Grade(s): 3-5
Concepts: Goods,Markets,Profit Motive,Services

online Where did that pencil come from? The Study of Natural Resources
The students will determine what goods can be produced from physical features such as rivers, lakes, mountains, and plains by looking at maps. Additionally, they will discuss the process these goods go through from nature to consumer.
Grade(s): 3-5
Concepts: Natural Resources,Production,Profit

online From Butterflies to Buffaloes
Nature tourism, also known as ecotourism, is a fast growing segment of the tourism industry. In this lesson, students learn what ecotourism is and explore how conservation of our natural resources can be profitable.
Grade(s): 3-5, 6-8
Concepts: Markets,Natural Resources,Producers,Profit Motive

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