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Virtual Economics

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Lesson 10: A Taxing Situation
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Some goods and services are provided by government. There are over 87,000 different governments in the Unites States, ranging from the federal government, to state governments, to many types of local governments (such as county, city, and township governments, as well as school districts). All of these governments are permitted to spend money on goods and services and resources and to raise reve...
Grade(s): 3-5
Concepts: Taxes, Sales tax, Income tax, Property tax, Excise tax,

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 2 - Goods and Services: Some Are Private, Some Are Not
Old MacDonald to Uncle Sam: Lesson Plans from Writers around the World
Students make construction paper cutouts of businesses and structures and create a community map bulletin board. Students analyze the goods and services available in their community to determine that some are privately produced and governments provide others. Students learn that taxes, fees, and loans pay for government goods and services.
Grade(s): 3-5, 6-8
Concepts: Government goods, Government services, Private goods, Private services, Taxes,

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,

Lesson 10: Ant Cities
Teaching Economics Using Children's Literature
This is a nonfiction story about different kinds of ants and how they live and work together. Ants live in colonies, and all ants have particular jobs to do, much like workers in our cities. Working together, ants keep their "cities" growing and surviving almost anywhere.
Grade(s): 3-5
Concepts: Jobs, Workers, Taxes, Wages, Services, Government

Lesson 20: Beetles Lightly Toasted
Teaching Economics Using Children's Literature
The subjet for this year's contest at school is "Conservation." Ten-year-old Andy Moller, who lives on an Iowa farm, and his cousin Jack are both determined to win the $50 prize. The two boys devise hilarious ways to conserve resources -- including eating insects and cooking hamburgers on a car engine.
Grade(s): 3-5
Concepts: Conservation, Productive Resources, Boycott, Role of Government, Scarcity, Price, Productivity

Lesson 15: Regulation Rigmarole
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
Decisions about what, how, and for whom to produce depend on the economic goals of a society. Since resources are limited, Americans must examine alternatives regarding production, consumption, and distribution of goods and services as terms of their economic goals.
Grade(s): 3-5
Concepts: Government regulation, Costs, Benefits,

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 3 - Gross Domestic Pizza
Roosters to Robots: Lesson Plans from Writers around the World
This lesson explores how gross domestic product (GDP) is determined. The major components of GDP are described. Students create and compare GDP pie charts for the countries of Pepperonia and Anchovia.
Grade(s): 3-5, 6-8
Concepts: GDP, Consumer goods, Investment goods, Government spending

Lesson 21: Night of the Twister
Teaching Economics Using Children's Literature
This story, based on a real event, tells how the Hatch family and the people of Grand Island, Nebraska, survive a night of terror when their town is devastated by several tornadoes. Toghther they not only live through the tragedy but rebuild their lives and the community.
Grade(s): 3-5
Concepts: Productive Resources, Government Agencies, Specialization, Scarcity, Taxes, Public Goods

Lesson 14: If This, Then That
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
In the U.S. economy, markets function to establish prices and quantities for goods, services, and resources. Through this price system, scarce resources are allocated to the production of goods and services most desired by consumers who are able to pay for them. Governments, however, cannot be ignored since they play a critical role in our economy.
Grade(s): 3-5
Concepts: Economic government policies, Costs, Benefits,

Lesson 14: All the Money in the World
Teaching Economics Using Children's Literature
Quentin Stowe is an ordinary boy who catches a leprachaun. His wish for all the money in the world is granted, and ends up causing many unexpected problems. As Quentin helps to solve these problems, he learns much about the important economic concept of money.
Grade(s): 3-5
Concepts: Money, Market Price, Role of Government, Barter, Scarcity, Inflation

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 4: Olympic-Minded Decisions
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The basic economic question is how do people use their scarce resources to satisfy their unlimited wants wisely. They must make choices.
Grade(s): 3-5
Concepts: Decision making, Opportunity cost, Alternatives, Criteria,

Lesson 2: Service with a Smile
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
People satisfy relatively unlimited wants by consuming goods and services produced with limited resources. A good is something tangible, such as a book or an apple. A service is something that one person does for someone else. Productive resources are used to produce a good or services.
Grade(s): 3-5
Concepts: Goods, Services, Productive resources, Natural resources, Human resources, Capital resources,

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 34: Evaluating Learning Outcomes
The International News Journal, Inc.
Students complete an essay exam in which they apply and synthesize what they learned in previous lessons.
Grade(s): 3-5, 6-8
Concepts: All major concepts and generalizations presented in the unit

Lesson 33: Unit Review
The International News Journal, Inc.
Through discussion and completion of a crossword puzzle, students review the unti and their experiences in the corporation.
Grade(s): 3-5, 6-8
Concepts: All major concepts and generalizations presented in the unit

Lesson 2: What? How? For Whom?
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
An economic system is the way society organizes the production and consumption of goods and services. Every economic system answers three basic economic questions: What to produce? How to produce? And For whom to produce? How a society answers the three basic economic questions determines the society's economic system.
Grade(s): 3-5
Concepts: Economic system, Basic economic questions,

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 Taxation without Representation?
This lesson will take students through the series of tax acts that were enacted by the British government and disputed by the original 13 colonies of America prior to the American Revolution. Students will discuss the concept of government-provided services in exchange for taxes. Students will explain the specific taxes and the right of the English government to levy them in the context of...
Grade(s): 3-5, 6-8
Concepts: Economic Freedom,Exports,Government Expenditures,Government Revenues,National Debt,Role of Government,Taxation,Imports

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 Believe it or Not?
Advertisements can tell consumers about prices and other information that may help them in the decisions they make about what to buy. But students also should know that ads are slanted by sellers to show a product in the best light. This lesson reveals to students how advertisers use words and images to make goods and services look their best. To protect consumers and make sure that competition...
Grade(s): 3-5, 6-8
Concepts: Advertising,Competition,Decision Making,Maintaining Competition,Markets,Role of Government,Regulation

online Who Pays for City Hall?
The students take a virtual field trip to City Hall in this kid-friendly site. This beginning civics/economic lesson will introduce your students to city government and teach economics on the way!
Grade(s): K-2, 3-5
Concepts: Role of Government,Taxation,Communities and Cities

online Clean Land - Thanks to US!
In this lesson about the EPA, students will find out that their government pays for goods and services by taxing people and companies.
Grade(s): 3-5
Concepts: Externalities,Role of Government,Taxation

online Competition Works in Our Flavor
Competition provides benefits for consumers. First, more competition means consumers have more choices of goods and services. Second, when more firms are offering goods and services, competition often leads to lower prices.
Grade(s): 3-5, 6-8
Concepts: Competition,Role of Government,Monopolies

online Goods and Services: Some are Private, Some are Not
The role of government is to provide for the common defense, define and protect property rights, and enforce contractual arrangements. Throughout the 20th and early 21st century, government has increased its role in economic life. The role of government has expanded to address so-called market failures and externalities by expanding their regulatory reach to address environmental concerns, monopol...
Grade(s): 3-5, 6-8
Concepts: Goods,Role of Government,Public Goods,Services,Taxes

online Free Ride
Free Ride helps students identify goods and services provided by the government and evaluate the cost of government provided goods and services.
Grade(s): 3-5
Concepts: Goods,Government Expenditures,Government Revenues,Taxation,Services

online Making Sense of the Census
The United States takes a Census every 10 years. How does the country use those statistics?
Grade(s): 3-5
Concepts: Role of Government

online Buy A Bond, James!: A Lesson on U.S. Savings Bonds
Students will find out what savings are and will be introduced to U.S. Savings Bonds.
Grade(s): 3-5
Concepts: Role of Government,Savings

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