Introduction
Welcome: Understanding Economics
Description: Economics is preparing for your future. How many times do we ask our parents for needs and wants.Where does the money come from? Helping you understand the value of money, will prepare you for the future.
Grade Level: 3-5 Curriculum: Social Studies
Keywords: Budget, Economics, decision making, future planning, Economy
Task
Students please answer the questions below by completing a worksheet:
Do you think money has value?
What can you do with money?
Why should I save it?
How much do things cost?
Process
Students refrence the book Lemonade Wars for this lesson
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Students you will be using Math, Reading, and Social Studies for this assignment.
Groups are: 4 groups of 7 students.
Each group will create a lemonade recipe, start with five dollars and make a presentation. You can use Power-Point, poster board, or something else. Creativity is encouraged.
Student’s presentations will consist of
Budget
(Ingredients, Products needed to purchase (cups, pitchers ect. . .)
How much your group will charge for lemonade ( by cup, pitcher, gallon ect.. decide what you will be charging for)
Estimated expenses
Estimated profit
Students you will have the opportunity to buy ingredients, and sell your lemonade during lunch. I (teacher) will help create a flyer for the whole school stating when and where we will have lemonde for sale. Each group will need a flyer, and ask for help if you need it. The group with the most money will decide what do with the funds ( pizza party, movie, ect..)
Go over guidelines, and a complete worksheet. The worksheet is to budget ingredients, cups, pitchers, and other expenses. Then at the end your group will calculate expenses versus their profit. Worksheeht is worth 50% of grade please turn it in at the end.
Evaluation
Students you will write a paper on the process, what you learned individually and as group. State in your paper why economics is imporant.
Conclusion
Created by Pamela Sullivan
This worksheet goes with your paper for the formative assessment. Students we will will be discussing why economics is so important as a class, and go over the project for feedback.
Teacher Page
Economics/Financial Literacy Understand economic concepts and principles and how available resources are allocated in a market and other economies. Understand and apply knowledge and skills to manage one’s financial resources effectively for lifetime financial security.
3.16. Describe the relationship between producers and consumers.
3.17. Explain the issue of scarcity to personal, community, regional, and world resources.
Math
3.OA.A Represent and solve problems involving multiplication and division.
3.OA.1 Interpret products of whole numbers, e.g., interpret 5 × 7 as the total number of objects in 5 groups of 7 objects each. 3.OA.2 Interpret whole-number quotients of whole numbers, e.g., interpret 56 ÷ 8 as the number of objects in each share when 56 objects are partitioned equally into 8 shares, or as a number of shares when 56 objects are partitioned into equal shares of 8 objects each.
Writing
3.W.2 Write informative/explanatory texts to examine a topic and convey ideas and information clearly. a. Introduce a topic and group related information together; include illustrations when useful to aiding comprehension. b. Develop the topic with facts, definitions, and details. c. Use linking words and phrases (e.g., also, another, and, more, but) to connect ideas within categories of information. d. Provide a concluding statement or section.
Anchor Standard 3: Write narratives to develop real or imagined experiences or events using effective technique, well-chosen details, and well-structured event sequences.
3.W.3 Write narratives to develop real or imagined experiences or events using effective technique, descriptive details, and clear event sequences. a. Establish a situation and introduce a narrator and/or characters; organize an event sequence that unfolds naturally.