Read each sentence and circle either true or false.
1. Buyers have to make choices, but sellers do not.
True..........False
2. When you make a choice, the thing that you do not pick has no worth.
True..........False
3. The opportunity cost of a choice is the worth of the thing that you choose.
True..........False
4. Consumers are people who make goods and provide services.
True..........False
5. Sellers are also called producers.
True..........False
Read each sentence and circle the letter that is the right answer.
6. Which one of these things is done by a buyer?
a. hire workers
b. buy machines to make goods
c. choose which good or service to buy
d. build a building that people work in
7. A simple example of a choice is having to pick between
a. one hundred things.
b. fifty things.
c. two things.
d. thirteen things.
8. The worth of the thing given up is called
a. opportunity worth.
b. opportunity cost.
c. seller cost.
d. making a choice.
9. People whose wants are satisfied by using goods and services are
a. workers.
b. producers.
c. sellers.
d. consumers.
10. People who make goods and provide services are
a. producers.
b. workers.
c. buyers.
d. consumers.
[Teacher's Notes]
Assessment Key
1. False
2. False
3. False
4. False
5. True
6. c
7. c
8. b
9. d
10. a
____________________________________
Be the first to comment on this blog. Just below the post there is a small link that says "0 comments." Click it to send me a comment. I would love to hear from elementary school teachers
.____________________________________
COPYRIGHT © 2009 by Robert D. Sandman
ALL RIGHTS RESERVED. Teachers and their students may use these elementary economics lesson plans as follows: Robert D. Sandman hereby grants you a nontransferable license to use the content in connection with your classes. The content is for your personal, noncommercial use only and may not be reproduced, or distributed, except that portions of the content may be provided to your students in connection with your instruction. You must include this notice on all copies that you provide to students. You may not sell, license, auction, or otherwise redistribute the content in any form. Your use of the content indicates your acceptance of these conditions. Thank you.
Saturday, May 2, 2009
Wednesday, April 1, 2009
Lesson 2, Part 4: Reteach and Enrichment
Reteach
Your teacher will put you in groups of five or six. You and your group are going to write a play. One or two students will be Maria's parent or parents. Maria’s parents are thinking about how to use their land. The other students will be producers. One student will be a builder of houses. One student will be a storekeeper. One student will be a worker for the county. The county wants to build a swimming pool. One student will be a farmer. Each of you should write a short speech. Producers should explain why their plans for the land are the best plans. Then the parents should say who can use the land. Think about opportunity cost and the wishes of consumers and producers. Your teacher will tell you when to perform your play for the rest of the class.
Enrichment
Economists study how people make choices by making an assumption (eh-sump'-shen) about how people make decisions. The assumption is that most people most of the time use rational (rash'-uh-nul) decision-making by comparing payoffs to costs. Imagine that you are walking from a forest toward a river. In between lies a hill. If your goal is to get to the top of the hill, how would you know when you were on top of the hill?
You could use a scientific tool that measures altitude. Or you could look around you until you get to a place where there is no ground above you. Another way is to use what economists call marginal (mar'-jeh-nuhl) analysis (uh-nal'-i-sis). This means studying one step at a time. If the next step takes you upward, take the step and keep going. If the next step takes you downward, stop and back up. If you use this trick, you will stop at the top of the hill. Try it sometime!
So, any time that you are trying to decide how many oranges to buy or to whom to sell your land, you can use marginal analysis. Think of the payoff or worth of your decision and think of the opportunity cost. If the payoff is greater than the cost, make the decision. If the payoff is less than the cost, do not make the decision. This is rational decision-making.
____________________________________
Teacher's Notes
Reteach
If student performance on Independent Practice is unsatisfactory, use the Reteach activity. In addition, you may choose to use Reteach if your students best learn kinesthetically and auditorily. Follow the instructions in the text for dividing the class into groups. Circulate among the groups as they write their speeches. Make sure that the students who are the parents make a choice among the alternative productive uses for their land. Ask each group to perform its play. Encourage shy students. Be sure to praise each performance. Lead a class discussion about the roles of consumers, producers, and opportunity cost.
Enrichment
Use Enrichment for more advanced students. Students will learn vocabulary terms associated with higher-level study of economics. This lesson introduces the terms assumption, rational, marginal, and analysis. Explain to students that economists assume that people make decisions logically or rationally by comparing benefits to costs. Sometimes costs are measured with money, but even in the absence of money, opportunity cost can be used in the decision-making. Students will return to marginal analysis in Lesson 5.
____________________________________
Be the first to comment on this blog. Just below the post there is a small link that says "0 comments." Click it to send me a comment. I would love to hear from elementary school teachers.
____________________________________
COPYRIGHT © 2009 by Robert D. Sandman
ALL RIGHTS RESERVED. Teachers and their students may use these elementary economics lesson plans as follows: Robert D. Sandman hereby grants you a nontransferable license to use the content in connection with your classes. The content is for your personal, noncommercial use only and may not be reproduced, or distributed, except that portions of the content may be provided to your students in connection with your instruction. You must include this notice on all copies that you provide to students. You may not sell, license, auction, or otherwise redistribute the content in any form. Your use of the content indicates your acceptance of these conditions. Thank you.
Your teacher will put you in groups of five or six. You and your group are going to write a play. One or two students will be Maria's parent or parents. Maria’s parents are thinking about how to use their land. The other students will be producers. One student will be a builder of houses. One student will be a storekeeper. One student will be a worker for the county. The county wants to build a swimming pool. One student will be a farmer. Each of you should write a short speech. Producers should explain why their plans for the land are the best plans. Then the parents should say who can use the land. Think about opportunity cost and the wishes of consumers and producers. Your teacher will tell you when to perform your play for the rest of the class.
Enrichment
Economists study how people make choices by making an assumption (eh-sump'-shen) about how people make decisions. The assumption is that most people most of the time use rational (rash'-uh-nul) decision-making by comparing payoffs to costs. Imagine that you are walking from a forest toward a river. In between lies a hill. If your goal is to get to the top of the hill, how would you know when you were on top of the hill?
You could use a scientific tool that measures altitude. Or you could look around you until you get to a place where there is no ground above you. Another way is to use what economists call marginal (mar'-jeh-nuhl) analysis (uh-nal'-i-sis). This means studying one step at a time. If the next step takes you upward, take the step and keep going. If the next step takes you downward, stop and back up. If you use this trick, you will stop at the top of the hill. Try it sometime!
So, any time that you are trying to decide how many oranges to buy or to whom to sell your land, you can use marginal analysis. Think of the payoff or worth of your decision and think of the opportunity cost. If the payoff is greater than the cost, make the decision. If the payoff is less than the cost, do not make the decision. This is rational decision-making.
____________________________________
Teacher's Notes
Reteach
If student performance on Independent Practice is unsatisfactory, use the Reteach activity. In addition, you may choose to use Reteach if your students best learn kinesthetically and auditorily. Follow the instructions in the text for dividing the class into groups. Circulate among the groups as they write their speeches. Make sure that the students who are the parents make a choice among the alternative productive uses for their land. Ask each group to perform its play. Encourage shy students. Be sure to praise each performance. Lead a class discussion about the roles of consumers, producers, and opportunity cost.
Enrichment
Use Enrichment for more advanced students. Students will learn vocabulary terms associated with higher-level study of economics. This lesson introduces the terms assumption, rational, marginal, and analysis. Explain to students that economists assume that people make decisions logically or rationally by comparing benefits to costs. Sometimes costs are measured with money, but even in the absence of money, opportunity cost can be used in the decision-making. Students will return to marginal analysis in Lesson 5.
____________________________________
Be the first to comment on this blog. Just below the post there is a small link that says "0 comments." Click it to send me a comment. I would love to hear from elementary school teachers.
____________________________________
COPYRIGHT © 2009 by Robert D. Sandman
ALL RIGHTS RESERVED. Teachers and their students may use these elementary economics lesson plans as follows: Robert D. Sandman hereby grants you a nontransferable license to use the content in connection with your classes. The content is for your personal, noncommercial use only and may not be reproduced, or distributed, except that portions of the content may be provided to your students in connection with your instruction. You must include this notice on all copies that you provide to students. You may not sell, license, auction, or otherwise redistribute the content in any form. Your use of the content indicates your acceptance of these conditions. Thank you.
Tuesday, February 10, 2009
Lesson 2, Part 3: Practice
Guided Practice
1. It is time to play store! Watch your teacher play the consumer and one of your classmates play the producer. The producer will offer your teachers four goods. Vote for which good your teacher should buy. Ask your teacher to talk about the worth of the good bought compared to the worth of the goods not bought.
2. Your teacher will show you pictures of consumers and will help you name the goods or services being bought.
Independent Practice
1. Your teacher will put you in groups of two or three. Your teacher will tell you who is the producer and who is the consumer. The producer will write the names of four toys on a piece of paper. The consumer will draw some money on a piece of paper. The consumer should pick one of the toys. Now switch places. Working on your own, write a paragraph with at least four sentences about your choice. What was the worth of the toy that you chose? What was the worth of each toy that you did not choose? Put your name on your paper and turn it into your teacher.
2. Your teacher will show you pictures of producers. For each picture, write the name of the goods or services being sold. Put your name on your paper and turn it into your teacher.
____________________________________
Teacher's Notes
Guided Practice
1. Bring four goods to class. Try to choose items that your students might purchase: a pencil, sunglasses, candy, a banana, and so on. Choose a volunteer to play the storekeeper ("producer"). Have the class raise hands or call out to vote for which good you should buy. Be prepared to explain to the class the value to you of each good. It might be interesting to show that the class chose a good for you that has a lower value than one or more of the goods not chosen.
2. Find five or six online photos of consumers. Project the photos one at a time. With each photo, ask student volunteers to name the goods or services being bought. Give hints if necessary. An alternative is to bring in magazine or newspaper ads.
Independent Practice
1. Divide the class into groups of two or three. Designate one student in each group as the producer. The other student will be the consumer. Tell the producer to write the names of four toys on a piece of paper. The consumer should draw a picture of a dollar bill or any form of imaginary money. The consumer should choose and pay for one of the toys. Have the students switch places and repeat the exercise.
Students should work independently to write paragraphs describing the value of the chosen toy compared to the value of each toy not chosen. Students should focus on estimating value and comparing values across goods. It should be clear that the chosen toy has the highest value. The paragraphs should have at least four sentences, including topic and closing sentences. This is an interdisciplinary exercise that requires students to use composition and grammar skills. Collect the paragraphs and read them to gauge student understanding.
2. Find five or six online photos of producers. Project the photos one at a time. With each photo, students should work independently to write the name of the goods or services being offered for sale. Collect the papers to gauge student understanding of the role of producers.
____________________________________
Be the first to comment on this blog. Just below the post there is a small link that says "0 comments." Click it to send me a comment. I would love to hear from elementary school teachers.
____________________________________
COPYRIGHT © 2009 by Robert D. Sandman
ALL RIGHTS RESERVED. Teachers and their students may use these elementary economics lesson plans as follows: Robert D. Sandman hereby grants you a nontransferable license to use the content in connection with your classes. The content is for your personal, noncommercial use only and may not be reproduced, or distributed, except that portions of the content may be provided to your students in connection with your instruction. You must include this notice on all copies that you provide to students. You may not sell, license, auction, or otherwise redistribute the content in any form. Your use of the content indicates your acceptance of these conditions. Thank you.
1. It is time to play store! Watch your teacher play the consumer and one of your classmates play the producer. The producer will offer your teachers four goods. Vote for which good your teacher should buy. Ask your teacher to talk about the worth of the good bought compared to the worth of the goods not bought.
2. Your teacher will show you pictures of consumers and will help you name the goods or services being bought.
Independent Practice
1. Your teacher will put you in groups of two or three. Your teacher will tell you who is the producer and who is the consumer. The producer will write the names of four toys on a piece of paper. The consumer will draw some money on a piece of paper. The consumer should pick one of the toys. Now switch places. Working on your own, write a paragraph with at least four sentences about your choice. What was the worth of the toy that you chose? What was the worth of each toy that you did not choose? Put your name on your paper and turn it into your teacher.
2. Your teacher will show you pictures of producers. For each picture, write the name of the goods or services being sold. Put your name on your paper and turn it into your teacher.
____________________________________
Teacher's Notes
Guided Practice
1. Bring four goods to class. Try to choose items that your students might purchase: a pencil, sunglasses, candy, a banana, and so on. Choose a volunteer to play the storekeeper ("producer"). Have the class raise hands or call out to vote for which good you should buy. Be prepared to explain to the class the value to you of each good. It might be interesting to show that the class chose a good for you that has a lower value than one or more of the goods not chosen.
2. Find five or six online photos of consumers. Project the photos one at a time. With each photo, ask student volunteers to name the goods or services being bought. Give hints if necessary. An alternative is to bring in magazine or newspaper ads.
Independent Practice
1. Divide the class into groups of two or three. Designate one student in each group as the producer. The other student will be the consumer. Tell the producer to write the names of four toys on a piece of paper. The consumer should draw a picture of a dollar bill or any form of imaginary money. The consumer should choose and pay for one of the toys. Have the students switch places and repeat the exercise.
Students should work independently to write paragraphs describing the value of the chosen toy compared to the value of each toy not chosen. Students should focus on estimating value and comparing values across goods. It should be clear that the chosen toy has the highest value. The paragraphs should have at least four sentences, including topic and closing sentences. This is an interdisciplinary exercise that requires students to use composition and grammar skills. Collect the paragraphs and read them to gauge student understanding.
2. Find five or six online photos of producers. Project the photos one at a time. With each photo, students should work independently to write the name of the goods or services being offered for sale. Collect the papers to gauge student understanding of the role of producers.
____________________________________
Be the first to comment on this blog. Just below the post there is a small link that says "0 comments." Click it to send me a comment. I would love to hear from elementary school teachers.
____________________________________
COPYRIGHT © 2009 by Robert D. Sandman
ALL RIGHTS RESERVED. Teachers and their students may use these elementary economics lesson plans as follows: Robert D. Sandman hereby grants you a nontransferable license to use the content in connection with your classes. The content is for your personal, noncommercial use only and may not be reproduced, or distributed, except that portions of the content may be provided to your students in connection with your instruction. You must include this notice on all copies that you provide to students. You may not sell, license, auction, or otherwise redistribute the content in any form. Your use of the content indicates your acceptance of these conditions. Thank you.
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