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Virtual Economics

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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 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 11: Those Golden Jeans
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Supply and demand are concepts that students can easily understand when the concepts are demonstrated with products familiar to them. The Law of Demand states that consumers are willing and able to buy less of a product at higher prices and more of a product at lower prices. The demand curve is a graphic representation of the quantity of a product consumers are willing and able to buy at differe...
Grade(s): 3-5
Concepts: Supply, Demand, Consumer, Businesses, Price, Equilibrium price, Shortage, Surplus,

Lesson 13: Mind Your P's and Q's
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
Market-clearing prices and quantities exchanged can change if fluctuations in demand or supply or both occur. Demand and supply will change when the non-price determinants change. How these changes affect the equilibrium price and quantity exchanged in the market are described below.
Grade(s): 3-5
Concepts: Changes in market equilibrium,

Lesson 14: Inflation - When All Prices Rise
Play Dough Economics
In this lesson, students will learn that inflation is an increase in the general price level of goods and services caused by the supply of money increasing relative to the supply of goods and services; that an incease in money income does not necessarily mean an increase in one's ability to acquire goods and services.
Grade(s): K-2, 3-5
Concepts: Inflation, Price, Goods and services, Income

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 12: A Classy Competition
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
People experience competition every day. Competition challenges people to try harder, practice more, and invest more time and energy in order to do their best. Competition not only encourages individuals to do their best, it also encourages businesses to do their best to gain more customers and thus make greater profits.
Grade(s): 3-5
Concepts: Competition, Incentives,

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 2: The Giving Tree
Teaching Economics Using Children's Literature
This a tender story about a tree and a boy. The tree loves the boy so much that it is willing to give the boy everything that it has (apples, shade, branches, and trunk). This story represents the ultimate sacrifice of love and the serene acceptance of another's capacity to love in return.
Grade(s): 3-5
Concepts: Natural Resources, Scarcity, Economic Wants, Price

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 11: Market Price I - Changes in Supply
Play Dough Economics
In this lesson, students will learn the Law of Supply - that producers will supply more at high prices than at low prices; and that they will supply less at low prices than at high prices; that an increase in supply of a good or service, with demand staying the same, will cause its price to fall; and that a decrease in supply of a good or service, with demand staying the same, will cause its price...
Grade(s): K-2, 3-5
Concepts: Production, Supply, Demand, Specialization, Market price

Lesson 11: Market Balance
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
The market (price) system answers the basic economic questions of what, how, and for whom to produce in the marketplace. The demand decisions of consumers and the supply decisions of producers interact to establish prices and quantities exchanged. Demand and supply analysis is useful to explain how a price system guides these decisions.
Grade(s): 3-5
Concepts: Market, Market equilibrium, Shortage, Surplus,

Lesson 12: Market Madness
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
The market (price) system answers the basic economic questions of what, how and for whom to produce in the marketplace. The demand decisions of consumers and the supply decisions of producers interact to establish prices and quantities exchanged. Demand and supply analysis is useful to explain how a price system guides these decisions.
Grade(s): 3-5
Concepts: Market equilibrium, Shortage, Surplus,

Lesson 3: Scarcity - We Can't Have Everything We Want
Play Dough Economics
In this lesson, students will learn the concept of scarcity.
Grade(s): K-2, 3-5
Concepts: Scarcity, Economic wants, Price

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 24: Obtaining Resources on Credit
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
You must decide whether the publishing company will obtain the resources (materials) from the school principal on credit, or obtain a loan from a bank to buy the resources. If you decide to obtain the resources from the school principal, proceed with this lesson. Otherwise, move directly to lesson 25.
Grade(s): 3-5
Concepts: Credit, Credit fee, Price,

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,

Unit 4: Lesson 17 - Markets and Exchange
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
Students will feel empowered when they make voluntary exchanges.
Grade(s): K-2, 3-5
Concepts: Market,

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 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,

ONLINE LESSONS:

online Clipping Coupons
In this lesson, students will calculate savings for different products when using coupons. They will also decide what factors will influence the choices they make when choosing products.
Grade(s): K-2, 3-5
Concepts: Decision Making,Incentive,Price,Producers

online The Best Deal
Students will learn how to determine 'price per unit' to help make decisions when comparing products.
Grade(s): 3-5, 6-8
Concepts: Choice,Consumer Economics,Decision Making,Incentive,Price

online Car Shopping in a Command Economy
Contrary to US methods of distribution (namely prices), the Soviet Union used different methods of distribution of its goods during the reign of Communism. This lesson will explore the benefits and consequences of each of those methods of distribution.
Grade(s): 3-5
Concepts: Economic Systems,Incentive,Price,Command Economy

online Competition: Pizza!
Students will learn about competition in the market place. They will understand that competition takes place when there are many buyers and sellers of similar products. They will discuss how competition among sellers results in lower costs and prices, higher product quality, and better customer service.
Grade(s): 3-5
Concepts: Choice,Competition,Consumers,Decision Making,Goods,Incentive,Markets,Price,Services

online Lemon Squeeze - The Lemonade Stand
Everyone has at one time or another opened a lemonade or Kool-Aid Stand. What a great place to begin an economics lesson. Students can taste test three brands of lemonade and compare prices with taste – is the most expensive the best? Using a reader’s theater students will construct a supply and demand schedule and can create a bar or line graph to demonstrate market interactio...
Grade(s): 3-5, 6-8
Concepts: Demand,Equilibrium Price,Markets,Price

online To Market To Market
This lesson will help students become good consumers and producers by taking turns buying and selling things in a classroom-created market. Students will establish prices for items and observe what happens during the sale of those items.
Grade(s): K-2, 3-5
Concepts: Choice,Consumers,Decision Making,Demand,Markets,Price,Producers,Supply

online Did You Get the Message?
Advertising is the primary tool used by businesses to tell consumers about the goods and services they sell in the marketplace. Businesses also use advertising to try to convince consumers to buy what they are selling. Advertisements do this by pointing out how consumers will benefit if they buy a product. These benefits are called incentives. In this lesson, these two basic functions of advertisi...
Grade(s): 3-5, 6-8
Concepts: Advertising,Competition,Consumer Economics,Markets

online How E-Commerce Influences Consumer Choice
In this lesson students learn decision making skills that will help them become better consumers. As consumers they have a variety of alternatives from which to choose. They learn about the importance of price information in making their decisions. First, students gather information on different brands of athletic shoes and determine which one is the best buy for them and explain why. The...
Grade(s): 3-5, 6-8
Concepts: Choice,Price

online NOT your Grandma's Lemonade Stand
After a review of elementary economic concepts, students will apply their understanding by playing an online computer game, Lemonade Stand. This game has the students competing against themselves and others to earn the biggest profit in 25 days time (approximately 15 minutes computer time). "Daily" economic advice helps students find out where they fail in understanding the deman...
Grade(s): 3-5, 6-8
Concepts: Choice,Consumers,Demand,Price,Producers,Scarcity,Supply

online Who Get's More than Their Fair Share?
This lesson has students continue to explore a variety of ways to share, particularly when an obvious solution is not apparent.
Grade(s): K-2, 3-5
Concepts: Economic Systems,Market Structure,Economic Institutions

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