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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: 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

Unit 4: Lesson 18 - The Labor Market: My Human Capital Pays Off
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
Students will envision themselves as future workers, business owners or managers, professionals, or entrepreneurs.
Grade(s): K-2, 3-5
Concepts: Labor market,

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 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,

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 8: Creative Toy Production
Master Curriculum Guides in Economics: Teaching Strategies - 5-6
In a market (price) system, economic decisions are made in the marketplace through the interaction of consumers and producers. Businesses produce and sell the goods and services consumers desire. Firms buy factors of production (resources or inputs), such as labor, capital goods, and supplies, and produce goods and services to sell so they may earn profit--the reward to the entrepreneur.
Grade(s): 3-5
Concepts: Cost of production, Total revenue, Profit, Loss,

Theme 3: Lesson 6 - Consumers Want Goods and Services
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
This lesson focuses on consumer spending decisions that students make and the different roles they assume in making those decisions. The activities establish a rationale for studying personal finance decision making.
Grade(s): 3-5
Concepts: Scarcity, Wants, Consume, Consumer, Spending, Goods, Services,

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 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 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 7: Let's Trade
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Barter is the direct exchange of goods and services between people, without using money. People voluntarily exchange goods and services because they expect to be better off after the exchange. When people use barter to facilitate exchange, a "double coincidence of wants" must occur, that is, a person who wants to trade a good or service must find a trading partner who wants that good or service ...
Grade(s): 3-5
Concepts: Barter, Specialization, Interdependence,

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 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 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 8: Money Is What Money Does
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The basic purpose of money is to facilitate the exchange of goods and services. For money to have value, it must be acceptable by a large number of people. Money serves as a medium of exchange; that is, people exchange money for goods and services and resources. Money also functions as a measure of value. People compare the value of goods and services by the prices charged for those items. Si...
Grade(s): 3-5
Concepts: Money, Barter, Exchange, Functions of money, Medium of exchange, Standards of value, Store of value,

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 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,

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,

ONLINE LESSONS:

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 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 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 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 Giving Credit
This lesson introduces the role and importance of the 3 C’s -- capacity, character, and collateral – to being granted credit. An online story about a girl who fails to return soccer shin guards borrowed from a friend is used to spark discussion on responsible borrowing. In a second activity, students are introduced to the 3 C’s used by lenders to determine creditworthiness. Given...
Grade(s): 3-5
Concepts: Credit,Decision Making,Risk

online How Labor Got Its Day
If you asked students what comes to mind first when they think of Labor Day, what do you think they would say? The last days of summer? A family picnic? Shopping the Labor Day sales? The purpose of this lesson is to broaden and deepen student understanding of the Labor Day holiday. Students will learn why workers organized unions during the nineteenth century to fight for higher pay and better wor...
Grade(s): 3-5
Concepts: Producers,Production,Labor,Labor Market,Labor Union,Profit,Insurance

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 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 Money Doesn't Grow on Trees
Money doesn’t grow on trees. This lesson introduces students to four ways people get money—they find it, win it, receive it as a gift or earn it. Finding, winning and receiving money often depend on chance and luck. Most people get money by earning it. Students explore allowances and doing work for pay as sources of extra money to buy something they want. They also differentiate betwee...
Grade(s): 3-5
Concepts: Income

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

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