Stage 1- Desired Results
Students will be able to independently use their learning to…
Students will be able to independently use their learning to…
1. Demonstrate independence in reading complex texts, and writing and speaking about them.
2. Build a strong base of knowledge through content rich texts.
3. Obtain, synthesize, and report findings clearly and effectively in response to task and purpose.
4. Construct viable arguments and critique the reasoning of others.
5. Read, write, and speak grounded in evidence.
6. Use technology and digital media strategically and capably.
7. Come to understand other perspectives and cultures through reading, listening, and collaborations.
  • CS.8-Give examples of people in the school and community who are both producers and consumers.
  • CS.9-Explain what buyers and sellers are and give examples of goods and services that are bought and sold in their community.
Essential Questions


How do businesses serve their community?


What businesses are in our community and what goods and services do they provide?

What resources are used to produce goods and services in our community?
Big Ideas

Enduring Understandings

Our local community’s economy is part of our state’s economy.


Private businesses and the government provide services to the members of our community.

Businesses use resources to offer goods and services to the community.
Students will know…
  • Businesses in the local community and how they meet the economic wants of the consumer.
  • the natural, human, and capital resources needed for production of a good or service in a community.
  • An opportunity cost is what you give up when you decide to do or buy something.
  • Some goods and services are provided by local governments.

Vocabulary: consumer, cost, producer, economics, wants, trade, natural resources, human resources, capital resources, transportation, goods, services
Students will be skilled at …
  • Identifying businesses in the local community.
  • Describing the role of producers and consumers in the school and community.
  • Discussing examples to show that people cannot produce everything they want and depend on trade with others to meet their wants.
  • Describing the natural, human, and capital resources needed for production of a good or service in a community.
  • Describing the role of government as a provider of goods and services.
Stage 2- Assessment Evidence
Performance Tasks:
Choose one of your belongings or an item in your house. Write the name f it down and draw a picture of it. Next, write down as many natural, human, and capital resources you can think of that were used to make it.

Alternative: Students make an informative poster showcasing a newly designed item consisting of a natural and/or capital resources and what the purpose/benefit is.

    • Students generate questions about a business to be answered by a local business owner. The questions should demonstrate understanding of content vocabulary and concepts.

Summative: Students will write a persuasive letter using the vocabulary of the unit (good or service) and identify the natural, human, or capital resources they will need. Students need to explain to the mayor why their business would benefit the community. The mayor and the Chamber of Commerce want to know which business to invest their money in.

Student Self-Assessment:
Stage 3- Learning Plan
Week One:
Students identify local businesses on an anchor chart and write letters requesting they visit the classroom or provide information to the class. Students will extend and refine their knowledge of the requirements of various jobs, understand that most people work to produce goods or services, and understand that work provides an income. Use Social Studies Weekly 23.

Week Two:
After listening to a read aloud of The Ox-Cart Man students will understand that people cannot produce everything that they want, they depend on trade with others to meet these wants. They will also understand that while making economic decisions there is an opportunity cost involved. Students will understand the purpose of markets and the functions of a bank. They will also understand that people in different places depend on each other for goods and services. Use Social Studies Weekly 24.

Through reading and discussing Judith Viorst’s Alexander Who Used to Be Rich Last Sunday, students will understand that there is an opportunity cost to every economic decision and that these costs come as a result of limited resources.Students will extend and refine their knowledge of human, natural, and capital resources and the ways they are used. They will know that there are costs and benefits of making choices. Use Social Studies Weekly 22.

Week 3- After reading the Little Red Hen, students discuss the natural, human, and capital resources needed for making bread. (Alternate text ideas: Charlie Needs A Cloak by Tomie dePaola or Alex and the Amazing Lemonade Stand by Liz and Jay Scott.) Students will learn how trade helps families around the world meet their basic needs. They will discuss how scarcity affects the choices families make. Use Social Studies Weekly 21.
Read or review Scarcity and Goods and Services from Unit 2, Week 3 from Reading Street as an additional resource.

Week Four:Students record their learning in their social studies notebooks during visits from local business owners.
In this lesson the students will identify goods and services provided by the government. They will be able to distinguish between private and public goods and services.They will explain how taxes pay for goods and services the government provides. Read or review What's Made from Corn? from Unit 3, Week 5.


PBS - Economics Video Clips

One way of covering the standards is to create a classroom economy. Having an economy in your classroom will provide you with many opportunities to discuss the concepts of wants and needs, producer and consumer, opportunity costs, consumer decisions, trade, taxes,government services as well as many others. Frequently teachers use a classroom economy for classroom management purposes.

There are many online resources to help you get started on a classroom economy. Some of them also have templates for classroom money, paychecks, etc. The Scholastic website provides a classroom economy unit with four lessons, templates and worksheets which would serve as a terrific extension or introduction to the Economics Unit.

Learning to Give educates youth about the importance of philanthropy, the civil society sector, and civic engagement. The Learning to Give Web site offers over 1,200 K-12 lessons and educational resourcesfor teachers, parents, youth workers, faith groups and community leaders free of charge.

The following are economics lessons about banking, currency, decision making and creating a budget.

TheOx-CartMan byDonald Hall Simon’s Book/Ox-Cart Man,ReadingRainbow,REMC12, CISD, video number10403
Alexander Who Used toBe Rich Last Sunday by Judith Viorst
The Little Red Hen

Books about Money and Banking
**The Go Around Dollar** by Barbara Johnston Adams- The story describes the journey of a one dollar bill as it changes hands. Special information about our paper money is included on each page.
Classroom Tip: I read this book aloud before students design their class money. This book illustrates the "frequent flyer miles" racked up by dollar bills just like our class money, which will exchange hands many times throughout the school year. (It's fun to put a star on a single dollar bill at the beginning of the year and keep track of how many students own it at one time or another!)

**How Much Is a Million?** by David M. Schwartz
Marvelosissimo the Mathematical Magician demonstrates the meaning of a million by showing his friends that it would take 23 days to even count to a million and that a goldfish bowl large enough to hold a million goldfish could hold a whale.
Classroom Tip: This humorous and fun book is great to read during the first lesson to help students conceptualize the immensity of numbers.

**A New Coat for Anna** by Harriet Ziefert At the end of World War II, Anna needs a new winter coat, but her mother has no money. They use valuable possessions to barter for the goods and services needed to produce the coat.
Classroom Tip: Before money was invented, people traded to get the things they wanted and needed.

Round and Round the Money Goes by Melvin and Gilda Berger This is a brief history of the development of money and our economy.
Classroom Tip: A great resource for teaching students about the movement of money, earning, saving, spending, and giving. It also provides clear information about how money is made.

Books About Consumer Decision Making
**The Big Buck Adventure** by Deborah Tobola A little girl figures out what she can get with her dollar in a candy shop, a toy store, a deli, and a pet department.
Classroom Tip: It focuses on making decisions when funds are limited.

Books About Saving Money

**Alexander Who Used to Be Rich Last Sunday** by Judith Viorst Alexander tries to save a dollar that he has received from his grandparents to buy a walkie-talkie, but his poor spending decisions result in his not saving anything. Classroom Tip: I use this book to illustrate impulse buying, a common consumer behavior. Students have a hard time not spending all the money they make each week when they shop at the class store. This book helps them evaluate their decisions and monitor their spending.

**A Chair for My Mother** by Vera Williams After losing all of their belongings in a house fire, a young girl and her mother save coins in a jar until they can afford a comfortable chair to share.
Classroom Tip: This is a great book for teaching kids the importance of saving their money over a period of time when there's something really worth buying.

**Chicken Sunday** by Patricia Polacco A young white girl and her two black "brothers" devise a plan to raise money to buy the boys' grandmother an Easter bonnet.
Classroom Tip: This book teaches the importance of saving. It can also generate ideas for working together as a class so more items can be purchased for the class store.

**Uncle Jed's Barbershop** by Margaree King Mitchell
Uncle Jed saves his money and lives for the day when he can open his own barbershop. After overcoming many obstacles, he finally opens his own store.
Classroom Tip: This book motivates students to set a monetary goal when deciding what to buy at the class store. I always include some more expensive items in my store that require students to save their money over multiple pay periods. The story teaches students to plan for the future rather than always satisfying their immediate desires.

Books With Examples of Scarcity
**Bringing Rain to the Kapiti Plain** by Verna Aardema
This book tells the story of how a young boy, Ki-pat, brings much needed rain to the dry Kapiti Plain.
Classroom Tip: In this book, students should be able to determine that rain is what's scarce in the story.

**The Doorbell Rang** by Pat Hutchins
Victoria and Sam are forced to share—or distribute—a limited number of cookies. Each time the doorbell rings, more friends arrive and the children face a cookie scarcity problem.
Classroom Tip: I use this book to teach the economic principle of scarcity while teaching lessons about saving.

**Sam and the Lucky Money** by Karen Chinn
Sam is given the traditional gift of "lucky money" to spend in any way he chooses! He's unhappy when he realizes he doesn't have enough money to purchase the things he wants.
Classroom Tip: Students are often very excited about having money, but their excitement can turn to disappointment when they realize they cannot buy everything they want at the class store. This book (on video) teaches students that money can be scarce, and that they must make tough consumer decisions when shopping at the class store.

Books With Examples of Opportunity Cost
**Erandi's Braids** by Antonia Herandez Madrigal
Erandi and her mother are poor and need money to purchase a new fishing net. Erandi also hopes that her mother will buy her a new dress for the upcoming fiesta. One option is to sell their hair to the hair buyer, who will use it for wigs, eyelashes, and fine embroidery. The hair represents the opportunity cost.
Classroom Tip: Use this book to reinforce the concept of opportunity cost.