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Virtual Economics

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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 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 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 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,

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 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,

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 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,

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 1: From Boxes to Sheep
Resources A to Z
Productive resources are the natural resources, human resources, and capital goods (capital resources) available to make goods and services. In this lesson, students participate in two group activities that involve distinguishing among types of resources and identifying intermediate goods (ingredients) used in production. Through the activities students also learn that people use resources in di...
Grade(s): K-2, 3-5
Concepts: Productive Resources, Human Resources, Natural Resources, Capital Goods (Capital Resources), Intermediate Goods

Lesson 3: Porridge from an Ax
Resources A to Z
In this lesson, students learn about natural, human, and capital resources, as well as ingredients (intermediate goods). They classify various resources and ingredients. Students listen to a Kyrgyz folk tale, learn about the resources used in the folk tale, and classify those resources.
Grade(s): K-2, 3-5
Concepts: Productive Resources, Human Resources, Natural Resources, Capital Goods (Capital Resources), Intermediate Goods (Ingredients)

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 5: Dacian Masks
Resources A to Z
After learning about the Dacians who lived about 2000 years ago in the area now known as Romania, students make ancient Dacian masks. Students classify the different productive resources used to produce masks as natural resources, human resources, and capital goods, and identify the intermediate goods they used in the production process. Although this lesson focuses on Dacian masks, other ancien...
Grade(s): K-2, 3-5
Concepts: Producers, Productive Resources, Human Resources, Natural Resources, Capital Goods (Capital Resources), Intermediate Goods

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 2: Pyramids in Production
Resources A to Z
The Egyptians built pyramids for their rulers with four sloping outside walls shaped like triangles. These structures were tombs and could take twenty or more years to build. Workers used sleds, wooden rollers, and levers to move heavy stones of about 5,000 pounds. The fine stones for the outside walls of the pyramids came from as far away as Nubia and were loaded on barges and carried along th...
Grade(s): K-2, 3-5
Concepts: Productive Resources, Human Resources, Natural Resources, Capital Goods (Capital Resources), Intermediate Goods

Lesson 2: Community Resources
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
This lesson aims to develop an understanding of natural, human, and capital goods resources through a mapping exercise. The students study a map of a model community and begin to understand that a community is a place where people live, work, and play. In addition, the students list goods and services available to the people in the Communityville and discuss how these goods and services satisfy ...
Grade(s): 3-5
Concepts: Capital resources, Economic wants, Goods, Human resources, Natural resources, Resources, Services,

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 21: Resources for the Publishing Company
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
In this lesson, you and your class begin to make decisions about the kid of book you will produce. The class also speculates on the resources necessary to produce the book and the cost of the resources.
Grade(s): 3-5
Concepts: Business, Consumer, Opportunity cost, Producer, Production, Resources,

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

ONLINE LESSONS:

online To Be or Not To Be?
This lesson guides students through web sites that examine careers that are typically of interest to 3rd- through 5th-grade students. By completing the steps outlined in the lesson, the students will explore careers and report their findings.
Grade(s): 3-5
Concepts: Human Resources,Human Capital,Investment

online Why Work Now?
Why do people work so hard? Why aren't you just assigned a job that you are interested in and get paid as much as the next guy? This lesson will show you why employers want the best workers that their money can buy!
Grade(s): 3-5, 6-8
Concepts: Human Resources,Human Capital,Investment

online A Chair for My Mother
In the story, A Chair for My Mother, a little girl and her family save money in a jar to buy a chair after their furniture is destroyed in a fire. In this lesson, students will learn that characters in the book are human resources who save part of the income they earn. Students will identify other human resources and state how the mental and physical work of those human resources allows them to ea...
Grade(s): K-2, 3-5
Concepts: Human Resources,Income,Saving

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 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 Hawaiian Economics: From the Mountains to the Sea
Ancient Hawaii was ruled by chiefs, who were responsible for the well-being of their people and for managing the islands' resources. The chiefs divided the islands into land districts shaped like pie slices called Ahupua'a (ah-who- pu-ah-ah.) Each Ahupua'a covered the three main regions of the islands: the mountains, the valleys, and the shore. This system was designed to allow all Hawaiian commun...
Grade(s): 3-5
Concepts: Choice,Decision Making,Economic Systems,Natural Resources,Scarcity,Trade-off

online Mystery Workers
In this lesson students review the concepts of goods, services, and producers using the Internet to locate examples of each in a teacher's classroom. They learn about the three kinds of resources necessary to produce goods and provide services locating examples from a picture tour of the Crayola Factory. Through interviews they learn about the work of the people in their families and draw ...
Grade(s): K-2, 3-5
Concepts: Goods,Natural Resources,Producers,Services

online Economic Spotter: Resources During World War II
In World War II pennies were made of steel and zinc instead of copper and women were working at jobs that men had always been hired to do. Why? Because during war times, scarcity forces many things to change!
Grade(s): 3-5
Concepts: Capital Resources,Choice,Human Resources,Natural Resources,Opportunity Cost,Productive Resources,Scarcity,Technological Changes,Human Capital,Investment

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 Paraffin-alia
All resources are limited. It is this simple fact--scarcity--that forces us to make decisions. When we do make a choice, we pass up some other opportunity. Opportunity cost is defined as the next best alternative not chosen, or the alternative given up, when we make a decision. There are opportunity costs in making decisions about which movie you'd like to see at a certain time, how to spe...
Grade(s): 3-5
Concepts: Choice,Decision Making,Opportunity Cost,Productive Resources,Scarcity

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