Ch. 7 Economics

1. Ch. 7 Economics Elementary Social Studies; A Practical Guide Created by, Lee-Anne T. Spalding, M. Ed.

2. Why is it important to educate students in the area of economics? • Financial literacy (personal finance, financial education, financial planning), consumer literacy) Why Economics Education? Economic Vocabulary

3. SS.K.E.1.1: Describe different kinds of jobs that people do and the tools or equipment used. • SS.K.E.1.2: Recognize that United States currency comes in different forms. • SS.K.E.1.3: Recognize that people work to earn money to buy things they need or want. • SS.K.E.1.4: Identify the difference between basic needs and wants. K Economic Standards

4. SS.3.E.1.1: Give examples of how scarcity results in trade. • SS.3.E.1.2: List the characteristics of money. SS.3.E.1.3: Recognize that buyers and sellers interact to exchange goods and services through the use of trade or money. • SS.3.E.1.4: Distinguish between currencies used in the United States, Canada, Mexico, and the Caribbean. 3rd Grade Economic Standards

5. SS.5.E.1.1: Identify how trade promoted economic growth in North America from pre-Columbian times to 1850. • SS.5.E.1.2: Describe a market economy, and give examples of how the colonial and early American economy exhibited these characteristics. • SS.5.E.1.3: Trace the development of technology and the impact of major inventions on business productivity during the early development of the United States. SS.5.E.2.1: Recognize the positive and negative effects of voluntary trade among Native Americans, European explorers, and colonists. 5th Grade Economic Standards

6. National Council on Economic Education • http://www.NCEE.net • http://www.econedlink.org/lessons • 500 FREE lesson plans; most are tied to quality children’s literature (The Three Little Pigs, Town Mouse Country Mouse, Click, Clack Moo Cows that Type) or online stories (provided) National Economic Standards

7. Economic Reasoning- (problem solving) • 1. Identify the question or problem • 2. List the alternatives • 3. Identify advantages and disadvantages of each alternative • 4. Choose the best alternative • 5. Reevaluate the consequences of the decision Sample problem: Soaring fuel costs (work in cooperative groups to discuss the issue; complete the sheet) Rationale for Teaching Economics

8. Costs and Benefits • Example: pets • Production and Exchange • Example: food items; pancakes • Pancakes, Pancakes! By Eric Carle • Create a sequence chart; ask critical thinking questions Strategies for Teaching

9. Share YOUTUBE clip ie. Ads from the Super Bowl • Businesses advertise their goods and services • Students must distinguish between F and O • Complete Advertising ID Activity Advertisement Activities p. 230

10. Learning Experiences p. 232 • Currency from around the world • Earning Money p. 234 • Spending Money p.235 • Watch My Education Lab video- Economics • Share Class store idea Money

11. What are banks? Other examples of economic institutions? • What responses have you heard in your interviews? • www.kidsbank.com • Banking Activities: • Where is a Safe Place? • Bank Simulation • Field Trip Banking