In this unit students explore several economic concepts using the context of their local community. The unit begins with a review of the concepts of scarcity and choice from previous grades. Through simulation and literature such as Sam and the Lucky Money or a similar book, students are introduced to the concept of opportunity cost. Using a graphic organizer, students apply these concepts to an economic decision and identify the opportunity cost. Next, using the book The Goat in the Rug or a similar book, students explore how natural, human, and capital resources are combined to produce goods. Students then examine how businesses in a community help people meet their economic wants. Using a variety of resources, students identify businesses in their local community and connect the businesses with wants and needs they help to meet. In a culminating lesson students are introduced to the concept of specialization through an activity that compares trade from the past with the present. Using The Ox Cart Man or a similar book, all economic concepts addressed in the unit are reviewed and assessed.
Stage One - Desired Results
How do people's choices impact a community?
businessescapital resourceschoiceeconomic decision makingeconomic wantshuman resourcesnatural resourcesopportunity costproductionscarcityspecializationtrade
Cause and EffectClassifying
Describing
Stage Two - Assessment Evidence
Stage Three - Learning Plan
