UNIT TITLE: Economics I.Q.

Author: Dawn E. Pettit

E-Mail Address: dpettit@enc.k12.il.us
School: Chelsea Elementary: Frankfort, IL
School Home Page URL: www.fsd157c.org

THEME: Economics

BROAD CONCEPT: Making it on my own 

GRADES: 4th grade

INTEGRATED SUBJECTS: Language Arts (Reading and Writing), Math, and Social Studies

UNIT GOALS AND PURPOSE:

Students will become familiar with important aspects of our economy.

Students will research careers of interest to them.

Students will better understand what decisions they will need to make in order to live on their own successfully.

 

This unit will be evaluated in an ongoing manner by the teacher and student as a team since every class has an activity that allows the teacher to monitor student work or that allows the student to judge their own work.  In regards to evaluation, the unit is also performance-based since the students will be completing many authentic tasks.  With the extremely open-ended culminating project, the unit will also be evaluated in a summative manner.

 

TIME FRAME: Approximately ten class periods of one hour each

                                    Suggested time allotted: minimum of three weeks              
 

OBJECTIVES:

In this unit, students will:

MATERIALS:

Paper

Writing Instruments

 

Computers (preferably networked)

T.V. with converter/Projector with screen/Smart Board

Internet access

Digital Camera

Scanner

Floppy discs/CD-R’s

Printer

Video Camera

VCR/DVD

 

_X_ Desktop Publishing = Print Shop                          _X_ Brainstorming = Inspiration

_X_ Word Processing = MS Word                               _X_ Spreadsheet = MS Excel

_X_ CD-ROM Encyclopedia = Encarta                      _X_ E-mail = MS Outlook Express

_X_ Multimedia = PowerPoint & Kid Pix                   _X_ Calculator = MS Windows

_X_ Internet = MS Explorer                                        ___  Other (depending on student choice)
 
 

STATE STANDARDS ADDRESSED BY THIS UNIT:

 

Language Arts

 

1.C.2d Summarize and make generalizations from content and relate to purpose of material.

1.C.2f Connect information presented in tables, maps and charts to printed or electronic text.

2.B.2a Respond to literary material by making inferences, drawing conclusions and comparing it to their own experience, prior knowledge and other texts.

 

3.A.2 Write paragraphs that include a variety of sentence types; appropriate use of the eight parts of speech; and accurate spelling, capitalization and punctuation.

 

3.B.2a Generate and organize ideas using a variety of planning strategies (e.g., mapping, outlining, drafting).

3.B.2b Establish central idea, organization, elaboration and unity in relation to purpose and audience.

3.B.2c Expand ideas by using modifiers, subordination and standard paragraph organization.

3.B.2d Edit documents for clarity, subjectivity, pronoun-antecedent agreement, adverb and adjective agreement and verb tense; proofread for spelling, capitalization and punctuation; and ensure that documents are formatted in final form for submission and/or publication.

3.C.2b Produce and format compositions for specified audiences using available technology.

4.B.2a Present oral reports to an audience using correct language and nonverbal expressions for the intended purpose and message within a suggested organizational format.

4.B.2b Use speaking skills and procedures to participate in group discussions.

5.A.2a Formulate questions and construct a basic research plan.

5.A.2b Organize and integrate information from a variety of sources (e.g., books, interviews, library reference materials, web- sites, CD/ROMs).

5.B.2a Determine the accuracy, currency and reliability of materials from various sources.

5.B.2b Cite sources used.

5.C.2a Create a variety of print and nonprint documents to communicate acquired information for specific audiences and purposes.

5.C.2b Prepare and deliver oral presentations based on inquiry or research.

Mathematics

 

6.B.2 Solve one- and two-step problems involving whole numbers, fractions and decimals using addition, subtraction, multiplication and division.

 

6.C.2a Select and perform computational procedures to solve problems with whole numbers, fractions and decimals.

10.B.2c Analyze the data using mean, median, mode and range, as appropriate, with or without the use of technology.

10.B.2d Interpret results or make relevant decisions based on the data gathered.

Social Science

 

15.A.1a Identify advantages and disadvantages of different ways to distribute goods and services.

15.A.1b Describe how wages/salaries can be earned in exchange for work.

15.A.2a Explain how economic systems decide what goods and services are produced, how they are produced and who consumes them.

15.A.2b Describe how incomes reflect choices made about education and careers.

15.A.2c Describe unemployment.

15.B.2a Identify factors that affect how consumers make their choices.

15.B.2b Explain the relationship between the quantity of goods/services purchased and their price.

15.B.2c Explain that when a choice is made, something else is given up.

15.C.2a Describe the relationship between price and quantity supplied of a good or service.

15.C.2b Identify and explain examples of competition in the economy.

15.C.2c Describe how entrepreneurs take risks in order to produce goods or services.

15.D.2a Explain why people and countries voluntarily exchange goods and services.

15.D.2b Describe the relationships among specialization, division of labor, productivity of workers and interdependence among producers and consumers.

 

STUDENT ACTIVITIES WHICH WILL PROMOTE ENGAGED LEARNING:

Brainstorming on Economics

During lesson one, the students and teacher will discover how much prior knowledge they possess on the topic of economics.  Using a pre-made KWHL chart template on MS Word, students will work in groups of 3-4 students to type in the K section about what they know and the W section about what they want to find out.  The teacher will offer a definition of economics to groups who are completely unaware.  As the teacher monitors each group’s progress, the teacher will judge when it is appropriate stop the first part of the activity (~10 min.)  As a class discussion, groups will share their column entries starting with what they know.  During the discussion the students may add items to the W section that they pick up from other groups.  Next the students will decide what sources they use to find the answers, share them in a whole group, and place those ideas in the H column.  Students will print out one copy for each student and continue to use the chart to add to the L section that shows what they learned throughout the entire unit.  If time permits, students will visit Kids Bank at http://www.kidsbank.com/index_3.asp to discover new information about economics.  This website will now become a sponge activity for the remainder of the unit.

Vocabulary Strength Builders

In lesson two, students individually will “pump themselves up” with new economic terms from the KWHL chart and Kids Bank.com.  For any new words that cannot be adequately defined, the students will have a choice of using www.dictionary.com, Webster’s Dictionary, MS Encarta, or World Book Encyclopedia. The students will use Inspiration to record the vocabulary and definitions.  Also students will organize their definitions as they deem helpful.  Finally, students will share definitions and their organization methods with the class.  At this time the teacher as well as peers will give feedback to one another.  Students will be encouraged to add to their Inspiration webs and fix any errors.

Stan’s Economy Presentation

Lesson three revolves around a PowerPoint presentation at http://library.thinkquest.org/J003305F/slideshw.htm about the basics of economics.  The character named Stan introduces students to more new economic terms.  In groups of 3-4 students, they will watch the presentation while adding to one of their Inspiration webs.  The teacher will check each recorder’s web for accuracy and thoroughness.  Then the recorder will help the other group members to add the information to their webs.  The groups can then watch one of the other PowerPoint presentations of their choice and add any new terms discovered.  The remaining presentation material can be used as a sponge activity for the remainder of this unit.

 

Career Carousing

 

During lesson four, students will work individually to research a career that they may want to pursue in the future.  Using the Bureau of Labor Statistics website, http://stats.bls.gov/k12/html/edu_over.htm, students can choose school subjects they like in order to lead to multiple career choices.  After they have found the career of their dreams, they will write a report using MS Word.  In this report they need at least five paragraphs which at minimum must include a job description, preparation, pay, future prospects, positive attributes, and negative attributes of this career.  Students will peer proofread each other’s reports for publishing on the school’s intranet.  The teacher will review the career choices and contact professionals in that field using community contacts to prepare for lesson six.

 

Jeopardy!

Lesson five has students at http://www.quia.com/cb/5473.html in pairs playing an economic version of Jeopardy!  Before the partners play against one another, they will review their Inspiration webs.  During play students may add new terms to their webs.  After one game is played, each person will access flashcards at http://www.quia.com/jg/348142.html to practice before switching to a new partner and repeating the process.

 

E-mail Interview

Students will be grouped by career choice for lesson six.  Each group will contact a professional via e-mail using MS Outlook Express with interview questions.  The questions will be brainstormed as a whole class with the teacher using Inspiration for the students to continue to view them.  Letter writing skills will be reviewed.  Then groups will write and send e-mail messages to their career professionals. 

 

Budget for Fun

 

In lesson seven, students will work in groups of 3-4 to make a monthly budget.  Students will come to class with information from their relatives regarding types and amounts of monthly expenses.  Using the MS Windows calculator, students will average each type expense.  The average will become the figure used for the budget spreadsheet on MS Excel.  The students will fill in the first column with the type of expense and the second column with the amount of that expense.  The students will learn how to keep information in rows together, how to sort columns, and how to create a formula to sum the expenses.  As a class the importance of budgets will be discussed.

 

ABC’s of Economics

 

During lesson eight, students will create a personal ABC book of economic terms and people.  Using their Inspiration webs, MS Encarta, and World Book encyclopedias, each student will find a term or person’s name that starts with the each letter in the alphabet.  This information will be made into a slide show using Kid Pix Deluxe.  Each slide needs the letter, a corresponding term or person, its definition or explanation in sentence form, and a visual to accompany it.

 

Out of this World Economy

Lesson nine uses a simulation at http://www.escapefromknab.com/ to teach vocabulary and decision-making skills.  Students will use the simulation, Escape From Knab:  The Adventure, individually, in pairs, or in groups of three.  The number of group members is the student’s choice.  The last ten minutes of class will be devoted to discussing the adventure in terms of new discoveries and questions.

 

Career-O-Rama

 

Students will start lesson ten in career groups by sharing the e-mail responses they received from the career professionals with the class.  Each student will then make a business card using Print Shop.  Finally, with the help of MS Excel each student will make a monthly budget based on the career chosen, the cost of necessities, and the cost of wants.


SHARE YOUR IDEAS:

                        Holy Information Overload, Batman!

In this culminating activity students will create a technology presentation to demonstrate what they learned during this unit and how it will help them in the future.  The students have full creative control.  To help start the creative juices flowing, the class will break up into groups of 4-5 students each.  Each group will brainstorm as many projects as possible (e.g. commercials, newspapers, written reports, etc…) using Inspiration.  Then all the groups will combine their ideas to form one web.  Any new ideas will be added.  The final web will be printed and distributed to each student.  Finally, each student will start to decide how the presentation will look and what information will be included.  The economic technology presentations will be made at a Technology Night for students, parents, and other community members to enjoy.

Rubric

Student gave summary of major concepts learned in Economic Unit.                              25

Student explained how the Economic Unit will help her/him in the future.                        25

Student used appropriate grammar/language.                                                                 25

Student used creativity in presentation.                                                                          25

Total possible points                                                                                                   100
 

STUDENT AND TEACHER ROLES:

Students will be explorers as evidenced by their career search.  Students will act as cognitive apprentices during this unit.  For example, students will discuss budgets with family members, the teacher, and other students.  Then they will take that information and apply it to a personal budget based on their chosen career.  Students will also become producers of knowledge. For example, the creation of the final project allows them much freedom to demonstrate the knowledge they accrued during the unit.

The teacher is a facilitator of learning by creating well-developed lessons that have a problem-solving aspect to them, such as, the Escape from Knab simulation.  The teacher will also facilitate group set-up by ensuring the groups are flexible and heterogeneous.  The teacher will be a guide.  In not one lesson does the teacher lecture to the class.  The teacher supports the students’ journey through the unit by giving feedback based on student need.  Whole class discussions as well as group work help facilitate learning.  The teacher focuses not controls student learning.  Finally, the teacher is a co-learner.  Many activities, such as, the career search require the teacher to follow the students’ lead and modify the unit accordingly.  The teacher and students learn together.
 
 

ADDITIONAL REFERENCE PRINT RESOURCES STUDENTS MAY USE :

Roget’s Thesaurus

Webster’s Dictionary

World Book Encyclopedia
 
 

THE FOLLOWING BOOKS CONTAIN INFORMATION ABOUT THIS TOPIC:

Economic and Children’s Literature              by SPEC Publishers

Economics for the Elementary Classroom     by SPEC Publishers

The Kid’s Guide to Money: Earning It, Saving It, Spending It, Growing It, Sharing It         by Steve Otfinoski

Neale S. Godfrey's Ultimate Kids' Money Book         by Neale S. Godfrey

 
 

FOR ADDITIONAL ONLINE INFORMATION AND MEDIA PERTAINING TO THIS UNIT, TEACHERS MAY WANT TO USE THE FOLLOWING INTERNET ARTICLES: 

Title1: Mrs. Sievers’ Social Studies Page

URL1: http://www.ecarter.k12.mo.us/dept/elementary/fourthgrade/jsievers/socialstudies.html

Description1: This web page has links to many different social studies sites including a section specifically for economics links.
 
 

Title2: Money and Economics

URL2: http://www.oocities.org/lmautz3417/money_economics_quest.html

Description2: This is a WebQuest  in which students (suggested 3rd-5th graders) learn about money and economics.  They also become Junior Detectives to try to find America’s Most Wanted Counterfeiter. 
 
 

Title3: Economics on the Internet

URL3: http://www.cba.uc.edu/econed/econinternetfr.htm

Description3: This web page includes three sections of Internet links.  The first set is general Internet sites for teachers to visit.  The second set is classroom activities.  The third set is government resources.
 
 
 

Title4: Econ-o-mania

URL4: http://cte.jhu.edu/techacademy/fellows/Medvetz/webquest/index.html

Description4: This WebQuest covers basic economic concepts while using simulations to reinforce the concepts.  (The Lemonade Stand had been down.)  The final project requires the creation of a new good or service.
 
 
 

Title5: A Budget WebQuest for Economics Classes                            

URL5: http://www.coralspringshigh.com/webquests/explore_a_webquest.htm

Description5: This WebQuest is slightly more advanced.  Students are now on their own financially, and they need to come up with a budget with a predetermined salary.
 

Title6: Cool Bank For Kids

URL6: http://www.coolbank.com/Elementary/3To5/welcome.htm

Description6: This web site allows students (suggested grades 3-5) to learn about banking concepts.  The text is simple to read and would be beneficial for students who struggle with reading.  For each section there are worksheets that reinforce the concepts and bring in multiple disciplines such as math and language.
 
 
 

RELEVANT INFORMATION, STUDENTS WILL VISIT THE FOLLOWING WEB SITES:

 

Title1: Kids Bank.com

URL1: http://www.kidsbank.com/index_3.asp

Purpose of Use1: Students will learn about banking.

Description1: Kids Bank.com is a tutorial that teaches about money, savings, interest, checks, and electronic funds transfers (EFT).  It also has two types of quizzes for each section.  One is regular, and the other is more challenging (“Professor Quiz”).
 
 

Title2: Dictionary.com

URL2: www.dictionary.com

Purpose of Use2: Dictionary.com will help students define words.

Description2: In Dictionary.com the user types in a word to be defined and the site returns one or more definitions.  This site can also be used as a thesaurus.  In addition there are games, language resources, a text translator, and more.
 
 

Title3: Economics Slide Show Library

URL3: http://library.thinkquest.org/J003305F/slideshw.htm

Purpose of Use3: Students will discover more basic economic terms.

Description3: This site has three PowerPoint slide shows about economics.  They include “The Basics”, “Stock Market”, and “Money Comparison”.

 

Title4: BLS Career Information

URL4: http://stats.bls.gov/k12/html/edu_over.htm

Purpose of Use4: Students will research careers of interest to them.

Description4: The Bureau of Labor Statistics gives information on many careers.  There are eight sections to each career: what these workers do, jobs, the future, similar jobs, what the job is like, preparing for the job, pay, and where to look for more information.
 
 
 

Title5:

URL5: http://www.quia.com/cb/5473.html

Purpose of Use5: Students will review economic vocabulary.

Description5: This site is a web version of game show Jeopardy!  There is a choice of one or two player games.  The students type in economic terms in answer to the definitions given.
 
 
 

Title6: Economics Terms

URL6: http://www.quia.com/jg/348142.html

Purpose of Use6: Students can quiz themselves on economic terms.

Description6: This site allows students to practice using economic terms in three ways.  Students can match, play concentration, or use flashcards.
 
 
 

Title7: Escape From Knab: The Adventure

URL7: http://www.escapefromknab.com/

Purpose of Use7: Students will explore more economic concepts through decision-making.

Description7: Students enter this simulation having won a one-way trip to Knab.  The challenge is how to earn and save the money to buy a ticket back to Earth.