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Here’s a big Economics Unit that is standards-based and titled “Classroom Business”
Language Arts, Math, Social Studies
2, 3, 4, 5
Title – Economics Standard Based Unit
By – Sherry Dick
Primary Subject – Social Studies
Secondary Subjects – Math, Language Arts
Grade Level – 2-5
Note from LessonPlansPage.com: This lesson plan uses a “Market Price Worksheet” that is not included. You may be able to create your own version of the worksheet, do without the worksheet, or contact the author at the email address at the bottom of this lesson plan to request a copy.
Level: 3rd – 5th
Approximate Time: 4 Weeks
Organizer: Becoming an entrepreneur
1.1 Students use reference tools such as dictionaries, almanacs, encyclopedias, and computer reference programs and research tools such as interviews and surveys to find information they need to meet specific demands, explore interests, or solve specific problems.
1.11 Students write using appropriate forms, conventions, and styles to communicate ideas and information to different audiences for different purposes.
1.13 Students make sense of ideas and communicate ideas with the visual arts.
2.7 Students understand number concepts and use numbers appropriately and accurately.
2.8 Students understand measurement concepts and use measurements appropriately and accurately.
2.10 Students understand measurement concepts and use measurements appropriately and accurately.
2.17 Students interact effectively and work cooperatively with the many ethnic and cultural groups of our nation and world.
2.18 Students understand economic principles and are able to make economic decisions that have consequences in daily living.
1) What motivates an entrepreneur to develop a business?
2) Why are resources necessary to develop a classroom business and what role do they play?
3) How can a survey influence business decisions?
4) How does profit and production cost affect a business?
You are entrepreneurs of a classroom business. You have decided to open your business at school. You want to make products that will sell well with your classmates. You also want to make a profit from your capital venture.
The classes’ task is to:
1. Design a survey as a class
2. Give the survey to an appropriate audience in the school
3. Use the information from the survey to develop ideas for products
4. Advertise your products
5. Make products to sell at the school bake sale
6. Sell your products at the bake sale making a profit
Demonstrates an extensive knowledge of entrepreneurs. All tasks are thoroughly addressed. Presentation of survey and the results are well organized, well developed, and advertising campaign is displayed.
Demonstrates an understanding of entrepreneurs. All tasks are addressed. Presentation of survey and the results are adequate. An advertisement is displayed.
Demonstrates some understanding of entrepreneurs. At least two tasks are addressed. Presentation of survey was fairly well organized. An advertisement was developed.
Still A Consumer
There is little or no understanding of entrepreneurs. Tasks were done incorrectly or not at all. Advertisement was poorly developed or not developed at all.
What motivates an entrepreneur to develop a business?
Targeted Standards: 1.1, 1.11, 2.18
Resources: Entrepreneurs in Kentucky video series, chart paper, open-response question, over-head projector, over-head transparency, transparency markers
1. Begin class discussion by asking what an entrepreneur is. Have students generate a definition.
2. Record the answers on chart paper or chalkboard.
3. Show video clips from Entrepreneurs in Kentucky.
4. Break students into groups. Allow students to brainstorm ideas for businesses. Have students put ideas on transparency.
5. Students select a reporter to present their brainstorming ideas the rest of the class. Use over-head projector to present their businesses.
6. Students work independently to answer the open-response question, Entrepreneurs. Rubric is attached.
Why are resources necessary to develop a classroom business and what role do they play?
Targeted Standards: 1.1, 1.11, 2.17, 2.18
Resources: Play Dough Economics (Resources unit), construction paper, markers/crayons, role-playing cards, chart paper
1. Begin lesson by reviewing the three types of resources. Use chart paper to list examples of the three under the headings of Natural, Human, and Capital.
2. Use Play Dough Economics Resources activity for review of the three typed of resources (natural, human, capital).
3. Students will be given directions on how to use the role cards labeled Natural, Human, and Capital Resources. Resources are on one side and the business role is on the other side of the paper.
4. Place students into groups of three to six. Each student chooses one role card. Have them get into a group with the other students who received the same business role card. They then must act out their business role with their cooperative group peers.
5. After students have had adequate practice time, have each group act out their business roles for the class.
6. Students will be given the assignment using the role cards with a rubric attached.
Role Playing Assignment
Using your Research Role Cards act out a short business skit with your cooperative group members. Be sure to include your resources, Human, Natural, and Capital, business involved, and your dialogue. Use economic vocabulary.
Role Play Rubric
Demonstrates a clear understanding of types of resources. Develops dialogue with rich economic vocabulary. Uses role card ideas in skit.
Demonstrates some understanding of types of resources. Has dialogue with some economic vocabulary. Uses role card ideas in skit.
Has little or no understanding of types of resources. Uses one idea from role cards with little or no dialogue using economic vocabulary.
Has wrong or no ideas from role card. Uses no economic vocabulary.
1. How can a survey influence business decisions?
Targeted Standards: 1.1, 1.11, 2.18
Resources: Sample Surveys, Transparency, Over-head Projector, Transparency Markers
1. Begin class discussion talking about surveys. Ask students if they have ever seen a survey. Have students tell about the surveys they have answered before in school.
2. Put students into groups of two or three. Have students brainstorm reasons that businesses would give surveys to consumers. Have one student record answers on a transparency.
3. Have each group select a person to explain displayed results on an over-head transparency using a projector.
4. Show sample surveys to students. Have students generate ideas for a classroom business survey.
5. Break students into groups of two or three and have them design a survey and decide on a name for the classroom business.
6. Choose one student from each group to explain and display the survey.
7. Generate a class survey for a selected classroom business. The assignment will be for the class as a whole with a rubric attached.
Business Open Response II
You have decided on a business for your school’s Bake Sale, but you need to decide on the products that you think would sell the best at the sale. You decide to make a survey for your classmates to answer so that you will effectively choose to produce products that consumers want and charge a fair cost for your products.
Develop a survey for your classmates to take and give the survey to consumers who will be at the Bake Sale. Using the results from the survey, decide on a product or products to make for the School Bake Sale. Decide on the best cost for your product or products. Develop and display and ad to help sell your product.
Business Rubric II
4 – Distinguished
Student creates a survey with the rest of the class and displays it. Student gives the survey to other students in the school and displays results. Student decides on product or products to sell at the School Bake Sale. Student chooses reasonable prices for the product or products. Student develops and displays an ad for their chosen product or products.
3 – Proficient
Student gives the created survey to other students in the school and displays results. Student chooses product or products to sell using some results. Student decides on reasonable prices for the product or products. Student designs and displays and ad for their product or products.
2 – Apprentice
Student participates in creating a class survey. Student chooses a product. Student decides on a price for their product. Student makes an attempt at an ad.
1 – Novice
Student helps give survey to other classmates. Student chooses a product with assistance.
1. How does profit and production cost affect a business?
Targeted Standards: 1.1, 1.11, 1.13, 2.7, 2.8, 2.10, 2.17, 2.18
Resources: Play Dough Economics lessons on Market Price and Costs and Profits, Recipes for Gooey Gunk, Lemonade Koolaid, and Lemonade, Chart Paper, Calculator (optional), Measuring Spoon, Measuring Cup, Recipe Ingredients
1. Discuss profits and production cost vocabulary. Have students generate a definition for each term and write it on chart paper.
2. Introduce students to the math concept of ‘Number of Products Produced X Market Price’. Use Market Price Worksheet.
3. Begin Play Dough Economics lessons on Market Price. These are similar except that you use Cost Cards on the first lesson and Cost and Demand Cards on the second lesson.
4. Next, introduce students to production cost and consumer demand. Have them create a definition for these terms. Put answers on chart paper.
5. Next use the Costs and Profits lesson from Play Dough Economics. Use Cost and Demand Cards to help students understand those concepts.
6. Ask students how the cost of a product would affect the demand for that product. Have students brainstorm products and their prices. Include ones that would increase demand and decrease demand. Place on a chart with the headings, Increase Demand/Decrease Demand.
7. Have students use results from the classroom business survey to decide on products to make for their business.
8. During the week that students will be selling their made products, have students read recipes and make products with bought material. Assign prices to products. Have them calculate the cost to make the product and the profit they would make after selling their product.
9. Students assignment is the culminating activity. They have an attached rubric.
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