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Virtual Economics

PRINT LESSONS:

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 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 14: Organizing The Corporation
The International News Journal, Inc.
In this lesson students (entrepreneurs) decide who the officers of the corporation will be and who will be invited to bo on the board of directors.
Grade(s): 3-5, 6-8
Concepts: Corporation, Entrepreneur

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,

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

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,

Lesson 22: Rough Draft
The International News Journal, Inc.
Students write rough drafts of their articles from outlines. They also discuss and write lead sentences and identify descriptive words to use.
Grade(s): 3-5, 6-8
Concepts: Entrepreneur, Human resources

Lesson 4: Entrepreneurs Exist Everywhere
Resources A to Z
Students consider how many goods and services were created to make their lives better. This lesson examines the role of inventions, innovations, and entrepreneurs in our economy. Working in groups, students engage in problem solving and think about innovations to make people's lives better.
Grade(s): K-2, 3-5
Concepts: Invention, Innovation, Economic Value, Entrepreneur

Lesson 12: Resources for The News Journal
The International News Journal, Inc.
In this lesson students begin to make decisions about the kind of new journal they will produce. They also speculate on the necessary resources and their costs. The questions, "How much will people pay for the news journal?" and "How many should be produced?" are raised. Students learn how to use a market survey to get answers to these questions.
Grade(s): 3-5, 6-8
Concepts: Business, Consumer entrepreneur, Market survey, Opportunity cost, Production, Productive resources

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

Lesson 18: Kid Power Strikes Back
Teaching Economics Using Children's Literature
Kid Power Strikes Back focuses on a neighborhood business organized by Janie Golden. Janie and her friends decide to expand their Kid Power summer business of grooming lawns, walking dogs, and running errands to shoveling driveways and sidewalks during winter. Throughout the book, Janie and her friends learn valuable lessons ineconomics. They confront concepts such as open market, monopoly, and...
Grade(s): 3-5
Concepts: Markets, Specialization, Monopoly, Market Survey, Profit, Competition, Advertising, Entrepreneurship

Lesson 2: Production - How We Get the Goods and Services We Want
Play Dough Economics
In this lesson, students will learn that to get goods and services people must engage in production; that producers use productive resources to provide goods and services; the difference between the three basic productive resources: natural resources, human resources (labor), and capital resources.
Grade(s): K-2, 3-5
Concepts: Goods and services, Production, Productive resources, Entrepreneur, Producer, Consumer

Lesson 7: Trade Among Businesses
The International News Journal, Inc.
In this lesson students discuss the resources used in the production of a specific product -- Hershey's Kisses. In addition, students locate the countries that provide resources to the manufacturer and discuss ways people are dependent on other countries for the resources needed to make products they want and enjoy.
Grade(s): 3-5, 6-8
Concepts: Capital resources, Entrepreneur, Export, Human resources, Import, Natural resources

Lesson 16: Cally's Enterprise
Teaching Economics Using Children's Literature
Cally's Enterprise features Cally Lippincott and Chuck Foster as the main characters. Cally first meets Chuck while she is at home recuperating from a broken leg. Chuck appears at her door as part of a newspaper selling contest asking people to buy a subscription to the local paper. Chuck is trying to win a trip to Ocean City and wants Cally to become his partner in the contest. He agrees to g...
Grade(s): 3-5
Concepts: Goods/Services, Partnership, Opportunity Cost, Marketing Strategies, Starting a Business, Entrepreneur, Market Economy, Competition

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,

Lesson 22: Production Questions
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
In this lesson you and your class discuss the production questions that must be answered before a classroom book can be produced. As owners of the publishing company, your students must discuss how much people will pay for the book and how many books should be produced.
Grade(s): 3-5
Concepts: Business, Consumer, Entrepreneur, Marketplace, Market survey, Partnership, Price, Profit,

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 1: Everybody Wants Everything
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Scarcity is the basic economic problem. Because human wants are unlimited and resources are limited, people cannot have all of the goods and services they want. Scarcity requires people to make choices about which wants they satisfy.
Grade(s): 3-5
Concepts: Scarcity, Wants, Resources, Goods, Services

Lesson 3: Wooden Opportunities
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Opportunity cost is the highest valued alternative given up when another option is chosen. Because people can't have everything they want, there is always an opportunity cost when they choose to buy a good or service. The same is true for productive resources. When people choose to use a resource to produce a good or service, the opportunity cost is not being able to use the resource to produce...
Grade(s): 3-5
Concepts: Resources, Alternative, Opportunity cost,

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,

ONLINE LESSONS:

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 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 Open for Business!
This engaging lesson gives students the opportunity to identify risks and rewards of entrepreneurship and distinguish between entrepreneurs who start a business to produce a good or provide a service.
Grade(s): K-2, 3-5
Concepts: Business,Capital Resources,Consumers,Goods,Human Resources,Natural Resources,Opportunity Cost,Productive Resources,Benefit,Entrepreneur,Risk,Services,Goal

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 Ben & Jerry's Flavor Graveyard
Ben & Jerry are producers of ice cream. Even if they produce ice cream for the entire nation, they still must make choices on which flavor to produce! Scarce resources force them to make a choice!
Grade(s): 3-5
Concepts: Choice,Entrepreneurship,Producers,Productive Resources,Scarcity

online US History: Inventors & Entrepreneurs
Students will learn the difference between inventors and entrepreneurs. From talking with adults they will learn some of the benefits inventors and entrepreneurs have provided for society in the last 40 years.
Grade(s): 3-5, 6-8
Concepts: Consumers,Entrepreneurship,Incentive,Producers

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 The Little Red Hen
The Little Red Hen is a classic story for nearly all adults, and many children. Here it is retold and enhanced in order to provide a framework for illustrating and reviewing the concepts of productive resources and incentives. After reading the story, students will categorize resources into land, labor, capital and entrepreneurship and be able to identify what future incentives the dog, th...
Grade(s): K-2, 3-5
Concepts: Capital Resources,Entrepreneurship,Human Resources,Incentive,Natural Resources,Production,Productive Resources

online What's Your Angle?
This lesson is last in a series of lessons on entrepreneurship for 3-5. Students will learn about market research and ways to influence consumer behavior through non-price competition. They will look for ways to make their products or innovations more appealing to consumers through advertisement.
Grade(s): 3-5, 6-8
Concepts: Advertising,Competition,Entrepreneurship,Inventors,Markets,Non-price Competition,Price

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