[close window]
Virtual Economics

PRINT LESSONS:

Theme 2: Lesson 4 - The Grasshopper and the Ant
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, children use an adaptation of Aesop's fable, "The Grasshopper and the Ant," to learn about the trade-off between satisfying wants today and planning for the future. Children use the fable to examine their own behaviors and decisions about saving. They learn how interest provides an incentive to save. Writing their own fable provides the children with a creative way to express th...
Grade(s): 3-5
Concepts: Opportunity cost, Trade-offs, Saving, Interest,

Unit 1: Lesson 2 - Alternatives
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
In working on Choices and Changes, students should learn that they can ordinarily respond to events in their lives by alternative means, and that it is up to them in these cases to find an alternative that will result in a beneficial outcome. In Lesson 2, students begin to develop the skill of discovering alternatives. The point to be grasped is that people who find alternatives are more active ...
Grade(s): K-2, 3-5
Concepts: Alternatives, Goal, Obstacle,

Lesson 1: Choosing a House
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
Economics is a decision-making science based on the concept of scarcity. Scarcity occurs when economic wants are greater than the resources available to satisfy them. Scarcity requires decision making, and economizing is the process of choosing among alternatives in order to achieve particular goals.
Grade(s): 3-5
Concepts: Alternatives, Criteria, Opportunity cost, Trade-off,

Lesson 8: Mini-Mall
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
Students participate in a market simulation. They assume the roles of consumers and producers as they buy and sell goods and/or services in the marketplace.
Grade(s): 3-5
Concepts: Consumer, Choice, Marketplace, Opportunity cost, Producer,

Lesson 10: The Pencil Choice
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
In this lesson the students assume the role of consumers and choose among three pencils. They discuss wants, acceptable substitutes, and other factors that influence consumer decisions such as price, personal satisfaction, and knowledge of alternatives.
Grade(s): 3-5
Concepts: Choice, Opportunity cost, Price,

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 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,

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,

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 18: Topics For The News Journal
The International News Journal, Inc.
In this lesson students review news magazines to decide on some topics consumers might like to read about in a new journal. Students discuss various topics and decide which topics might make a balanced and interesting news journal. They then decide which topics to research.
Grade(s): 3-5, 6-8
Concepts: Choice, Corporation, Opportunity cost

Lesson 7: Mitchell Is Moving
Teaching Economics Using Children's Literature
Mitchell the dinosaur is bored and wants to move away. His decision to move costs him something, something very important left behind. Mitchell solves the dilemma, builds a new home, and keeps an old friend.
Grade(s): 3-5
Concepts: Choices, Scarcity, Human Resources, Capital Resources, Opportunity Cost, Productive Resources, Natural Resources

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: People Live in a World of Relative Scarcity.
Children in the Marketplace: Lesson Plans in Economics for Grades 3 and 4
We all live in a world of relative scarcity. Things that we need or want can be as hard to find as gold or as difficult to catch as deep-sea fish or as elusive as time. We do not have an unlimited supply of all the things that would satisfy our relatively unlimited wants. This condition of scarcity means that people must make choices in order to acquire whatever they desire most. Scarcity also...
Grade(s): 3-5
Concepts: Scarcity, Choice, Opportunity cost, Wants,

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

Unit 1: Lesson 5 - Opportunity Cost
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
In this lesson students will: Recognize the importance of identifying the opportunity cost of a potential choice; Use the concept of opportunity cost before making decisions; Avoid using the word "free."
Grade(s): K-2, 3-5
Concepts: Opportunity cost,

Unit 1: Lesson 3 - Alternatives Have Advantages and Disadvantages
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
In this lesson students will: Realize that alternatives have advantages and disadvantages; Accept responsibility for advantages and disadvantages of alternatives selected; And identify the advantages and disadvantages of alternatives before making choices.
Grade(s): K-2, 3-5
Concepts: Advantage, Consequence, Disadvantage,

Theme 3: Lesson 13 - Buddy, Can You Spare a Dime?
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students role-play how they would respond to various lending situations and analyze how to make better decisions about lending. By assuming the role of lender, students will analyze the qualities necessary to receive a loan. They will recognize that these are qualities they may wish to develop to improve their opportunities to borrow in the future.
Grade(s): 3-5
Concepts: Credit, Debt, Lending, Borrowing, Costs, Benefits, Interest,

Unit 1: Lesson 4 - Choice
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
In this lesson, students should recognize that they have the power to choose and that they do make many choices. Many people feel powerless because they think they don't make choices.
Grade(s): K-2, 3-5
Concepts: Choice, Responsibility,

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,

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,

ONLINE LESSONS:

online Dynamic Decision Making
Students will be introduced to the PACED Model and learn to use the parts of the model-- Problem, Alternatives, Criteria, Evaluation, and Decision -- in solving problems and making decisions. They will practice using the model in decisions about meals and career possibilities.
Grade(s): 3-5
Concepts: Cost/Benefit Analysis,Decision Making,Opportunity Cost

online Toys for Me: A Lesson on Choice
Students encounter the concept of scarcity in their daily tasks but have little comprehension as to its meaning or how to deal with the concept of scarcity. Scarcity is really about knowing that often life is 'This OR That' not 'This AND That'. This lesson plan for students in grades K-2 and 3-5 introduces the concept of scarcity by illustrating how time is finite and how life involves a s...
Grade(s): K-2, 3-5
Concepts: Choice,Opportunity Cost,Scarcity,Costs,Wants

online You Decide!
Think about a difficult decision you have had to make. After you decided did it work out? Why or why not? Why do you think decisions and choices are hard to make? We make personal decisions and we make decisions as groups. There is a tool you can use to improve your decision making that will help you reach a better outcome.
Grade(s): 3-5
Concepts: Choice,Cost/Benefit Analysis,Decision Making,Opportunity Cost,Scarcity

online Jelly Belly Jam
In this lesson students will make a decision making chart and use it to help them in deciding which flavor of Jelly beans to buy.
Grade(s): 3-5
Concepts: Decision Making,Opportunity Cost

online Learning Economics with Minecraft: Choices, Costs and Benefits
Students will explore making choices by evaluating the costs and benefits and identifying the opportunity cost of decisions in the real world and by building in Minecraft. This lesson is also posted on Minecraft Education's website of lesson plans.  For more lesson plans using Minecraft, please visit: [EEL-link id='5259' title='https://education.minecraft.net/class-resources/lessons...
Grade(s): 3-5
Concepts: Choice,Decision Making,Opportunity Cost,Benefit,Costs

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 Destination: Mars
Look up! Can you ever imagine standing on another planet and looking down at earth? We've been to the moon - now lets launch an expedition to Mars. Imagine all the preparation you will have to go through in order to have a safe and successful mission! You must decide what you should take, how you will prepare yourself and carefully think through each and every choice – once you lift ...
Grade(s): 3-5
Concepts: Choice,Human Resources,Opportunity Cost,Scarcity

online Trouble is Brewing in Boston - "Colonial Voices: Hear Them Speak"
It's December 16, 1773 and many of the citizens of Boston are furious with King George's new tax on tea. Young Ethan, a printer's errand boy, has been given the task of conveying information concerning an upcoming protest meeting. As he makes his rounds through the city the reader is introduced to the goods and services provided by colonial merchants. [NOTE: These lessons are based on ...
Grade(s): K-2, 3-5
Concepts: Choice,Decision Making,Goods,Incentive,Opportunity Cost,Producers,Scarcity,Specialization,Services,Wants

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

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

top ^