I. OVERVIEW OF THE LESSON
B. 60 minutes
C. Dr. Dilendik
D. Grade Level: Third Grade
II. BIG IDEAS
1. All economic systems must answer what, and how, goods and services will be produced, and who will consume those goods and services.
2. Individuals and entities endeavor to obtain goods and services to accumulate wealth.
III. ESSENTIAL QUESTIONS
1. What distribution methods are most useful in solving the scarcity of goods and services?
2. Why do societies use money?
3. How do we know if an economy is going up or down?
IV. PENNSLYVANIA STATE STANDARDS
1. 6.2.3.A: Identify goods, services, consumers, and producers in the local community.
2. 6.2.3.D: Define price and how prices vary for products.
3. 6.2.3.E: Describe the effect of local businesses opening and closing.
V. GENERAL OBJECTIVES (Concepts)
1. Different methods can be used to allocate goods and services.
2. Money makes trading easier by replacing barter with transactions involving currency, coins, or checks.
3. Fluctuations of economic activity refer to an economic cycle.
VI. BEHAVIORAL OBJECTIVES (Competencies)
1. Compare the advantages and disadvantages of different methods of allocating various goods and service.
2. Explain why most societies depend on money.
3. Describe how growth and decline of economic activity predicts future trends.
VII. INSTRUCTIONAL MATERIALS
1. Paper money
2. Handout to fill in with ideas for a hypothetical small business
3. A variety of materials that are typically in the classroom will be available to the students by choice to serve as their hypothetical small business’s goods.
IX. INSTRUCTIONAL MATERIALS
a. Students will be given a handout encompassing activity instructions and a template expecting them to organize and invent their own small business.
a. Students will be instructed that they will work in teams of four in order to draw conclusions about the successes, failures, and financial and economic exchanges of their invented small businesses and how they affect the economy locally. Students will be able to relate their small business with the local world around them, comparing their results with other businesses that they are familiar with within their school district.
a. As students will be divided into groups of their choice, they will organize their ideas for creating a hypothetical small business.
b. Students will invent successes and failures of their small business, reenacting business transactions.
c. Students will apply their inventions and create an oral presentation for examination and discussion, sharing, exchanging, comparing, and analyzing their ideas with the class and how they affect the economy locally.
d. Student will write a brief summary of their results and of their oral presentation.
e. Students will discuss within and outside their groups why societies use money for business and how local businesses affect the economy. They will also discuss their definitions of goods, services, consumers, producers, and price in the local community.
D. Strategies for Diverse Learners
a. Teams will be formed heterogeneously to provide support for students who have difficulty reading the instructions and analyzing the oral presentation’s results.
E. Summary and Closure
a. Each team of students will present their ideas, findings, and analyses as an oral presentation for the class and submit their brief essay that summarizes their oral presentation. They will be encouraged to compare and analyze their presentations with each other and discuss how each hypothetical business would affect the economy and even each other.
a. Students will choose a local business and set up an interview with its owner. They will share their hypothetical findings and ask he or she how they can relate to them and how they feel their business affects the economy locally and even globally.
a. The teacher will evaluate each team’s oral presentation and provide feedback both immediately and through written comments on their brief essay, which will summarize their ideas that they presented to the class.
XI. Reflection and Self-Evaluation
XII. SUGGESTED INSTRUCTIONAL STRATEGIES (WHERE TO?)
W: How will you help your students to know where they are headed, why they are going there, and what ways they will be evaluated along the way?
The materials will be distributed at the beginning of class with an explanation, reviewing the topics covered in the last two classes two days before. The teacher will make it clear that this activity is a hands-on, creative way of reviewing this information. Students will be told that the purpose of this activity is to have students creatively relate to the topics currently covered in class. Students will also be told that they are meant to draw conclusions of their own regarding the economy and its effects on goods and services, money, bartering, etc. They will be instructed by the teacher to develop their own opinions of economics and how their hypothetical small businesses will provide them answers to the questions posed in class.
H: How will you hook and hold the students’ interest and enthusiasm through thought provoking experiences at the beginning of each instructional episode?
Students’ interest and enthusiasm will be maintained by being actively involved and creatively motivated to create their own answers to the questions posed in class, while providing them with the freedom to create their own examples. As they work together, their interest will remain sparked, as they bounce ideas off each other. They will remain enthusiastic until the end of the 60-minute lesson, since they will listen to and discuss with their fellow classmates as each group presents their ideas.
E: What experiences will you provide to help students make their understandings real and equip all learners for success throughout your course or unit?
Their assignment will make their understandings real because they will develop their findings in “the real world,” sharing their ideas and current knowledge of the topics discussed in the class outside of the classroom.
R: How will you cause students to reflect, revisit, revise, and rethink?
Other teams will challenge and pose questions toward the conclusions drawn by each team, requiring members to defend and further express their presentation.
E: How will students express their understandings and engage in meaningful self-evaluation?
Students will express their understandings of the topics at hand through verbal, graphical, and kinesthetic learning during their brainstorming and oral presentation.
T: How will you tailor (differentiate) your instruction to address the unique strengths and needs of every learner?
Students will be grouped heterogeneously in their investigative teams and will present their results in narrative (verbal/linguistic), kinesthetic (physical), and graphic (logicomathematical, visual/spatial) forms.
O: How will you organize learning experiences so that students move from teacher-guided and concrete activities to independent applications that emphasize growing conceptual understandings as opposed to superficial coverage?
The assignment will inspire the students to take this lesson out of the classroom, and from then on, it will make them think every time they walk into any business or store about how their successes and failures affect the economy.
Anderson/Krathwohl Taxonomy: In this lesson, students are analyzing the effects of a business on the economy and they are applying their analysis outside the classroom through an interview.
Directions: Divide yourselves into groups of three or four. Together, create a hypothetical small business. Prepare an oral presentation and a brief 1-2 page essay on your findings.