Barbara Phipps Shala London Sherie Surbaugh Nadia Kardash

Barbara PhippsShala LondonSherie SurbaughNadia Kardash

Why?

• Supports cross-content literacy• Provides real-world applications • Develops habits of mind

Common Core Connections

www.classroomclues.com

Children’s

Literature for

Understanding

Economics

GradesK & 1

ECONOMICS/PERSONAL FINANCE• Goods and services• Scarcity• Opportunity cost• Saving

MATHEMATICS

Understanding addition as putting together and understanding subtraction as taking apart

Grade K

ECONOMICS/PERSONAL FINANCE• Goods and services• Scarcity• Choices• Opportunity cost• Money vs. barter• Saving vs. spending• Income• Consumers and Producers

MATHEMATICS

Solving problems involving addition and subtraction

Understanding place value

Grade 1

Follow the Money!

• Saving• Decision-making• Money

• Adding and subtracting and more (see link)

Follow the Money!

Monster Musical Chairs

• Economic want• Good• Scarcity

• Subtraction by one

http://classroomclues.com/monster-musical-chairs/9287

The Penny Pot

• Goods• Services• Choice• Opportunity cost• Scarcity

• Counting coins

http://classroomclues.com/the-penny-pot-6/5180

You Can’t Buy a Dinosaur for a Dime

• Income• Consumer• Choices• Saving & Spending• Opportunity cost

• Adding and subtracting currency

http://classroomclues.com/you-cant-buy-a-dinosaur-for-a-dime-2/5226

Grades2 & 3

• Goods and services• Economic wants• Producers and consumers• Opportunity cost• Money vs. barter• Saving vs. spending• Budgeting• Income• Decision-making

MATHEMATICS

Solving problems involving addition and subtraction

Understanding place value

ECONOMICS/PERSONAL FINANCE

Grade 2

• Scarcity• Markets• Buyers and sellers• Credit and borrowing• Public goods and services• Spending/saving• Borrowing/lending• Income

Understanding fractions

Solving problems involving measurement and estimation of intervals of time

Grade 3

MATHEMATICSECONOMICS/PERSONAL FINANCE

Little Nino’s Pizzeria

• Goods and services• Entrepreneurship• Revenue, expenses and

profit

• “Find the profit” math problems (see link)

http://classroomclues.com/little-ninos-pizzeria/5105

My Rows and Piles of Coins

• Saving• Capital resource• Market• Opportunity cost

• Adding & subtracting

http://classroomclues.com/my-rows-and-piles-of-coins/933

Uncle Jed’s Barbershop

• Human and capital resources

• Specialization• Saving• Opportunity cost

• Estimation costs and inflation

A Chair for My Mother

• Human resources• Savings• Scarcity• Opportunity cost

• Budget development

http://classroomclues.com/a-chair-for-my-mother-7/1259

Lucky Beans

• Productive resources• Human capital• Specialization• Income

• Estimation• Measurement

http://classroomclues.com/lucky-beans/9294

Grades4 & 5

MATHEMATICSECONOMICS/PERSONAL FINANCE

Grade 4

• Opportunity cost• Productive resources• Production and consumption• Specialization• Entrepreneur• Economic systems, market

economy• Human capital• Cost-benefit analysis

• Four operations w/ whole #’s• Factors and multiples• Generate/analyze patterns• Multi-digit whole numbers• Operations with fractions• Classify shapes• Draw/identify lines and angles

Grade 5 MATHEMATICS

ECONOMICS/PERSONAL FINANCE• Scarcity• Opportunity cost• Productivity and

specialization• Supply and demand• Changes supply/demand• Supply/demand for labor• Banking and interest• Taxes• Cost-benefit analysis

• Numerical expressions• Analyze patterns/relationships• Place value system• Perform multi-digit operations• Add/subtract fractions• Multiply/divide fractions• Measurement system• Volume• Graph points on the coordinate

plane to solve real-world and mathematical problems

The Bobbin Girl

• Productivity• Cost of production• Supply and demand• Costs/benefits

• Compute reduction in pay percentages

http://classroomclues.com/the-bobbin-girl/5259

Isabel’s Car Wash

• Incentives• Entrepreneurship• Productive resources• Decision-making• Investing

• Budgeting• Percentages

http://classroomclues.com/isabels-car-wash/5875

Rock, Brock and the Savings Shock

• Saving• Spending• Interest

• Percents• Graphing

http://classroomclues.com/rock-brock-and-the-savings-shock/5422

Sheila Bair (on right)

Mathematics & Economics

12 standards-based lessons

Grades 3-5

Council for Economic Education

Grade 5DOUGHTNUT DREAMING

LESSON OVERVIEW

• Students use a class survey to collect data about the quantity demanded of doughnuts at different prices.

• Students use data to construct a line graph.

• Students discuss the law of demand and apply it to the graph to understand that at lower prices, the students will purchase more doughnuts.

Grade 5 MATHEMATICS

ECONOMICS/PERSONAL FINANCE• Scarcity• Opportunity cost• Productivity and

specialization• Supply and demand• Changes supply/demand• Supply/demand for labor• Banking and interest• Taxes• Cost-benefit analysis

• Numerical expressions• Analyze patterns/relationships• Place value system• Perform multi-digit operations• Add/subtract fractions• Multiply/divide fractions• Measurement system• Volume• Graph points on the coordinate

plane to solve real-world and mathematical problems

Literature Connections

http://classroomclues.com/the-donut-chef/5906

Procedure

Walk into the classroom holding a newspaper and eating a doughnut.

Ask the students if they enjoy eating doughnuts.

Read the book The Donut Chef and discuss favorite flavors of doughnuts and record on the board where they usually purchase them.

Ask if they know how often they buy doughnuts, and discuss other ideas about doughnuts to interest them in the topic.

Procedure

Ask the students to think about the price of the doughnuts. Tell them the owners of a new shop don’t know what to charge. Ask them if they are willing to help the owners.

Have the students complete a demand schedule.

Procedure

VISUAL: MY DEMAND SCHEDULEFOR DAYDREAM DOUGHNUTS

Directions: Pretend you receive a weekly $10 allowance. Although you might want to spend all $10 on doughnuts, remember that your $10 allowance must pay for all of your expenses during the week, such as soft drinks, ice cream, books, toys, movies, video games and donations. Record the number of doughnuts you would be willing and able to buy at each price during one week, using one week’s allowance. Remember, if you are willing and able to buy a number of doughnuts at a certain price, you should be willing and able to buy at least this same number of doughnuts — and probably more — at any lower price.

Price per Doughnut Able to Buy Willing to Buy

$1.50

$1.25

$1.00

$0.75

$0.50

$0.25

Have the students work through the calculations.

Compile the data to obtain a class demand schedule.

Explain Demand.

Construct a linear graph.

Procedure

VISUAL: CLASS DEMAND SCHEDULE FOR DOUGHNUTS

Price $0.25 $0.50 $0.75 $1.00 $1.25 $1.50

Student 1

Student 2

Student 3

Student 4

Student 5

Student 6

Student 7

Student 8

Student 9

Demand: The schedule of the quantity of a good or service that people are willing and able to buy at different prices during a given time period.

Law of demand: People are willing and able to buy less of a good or service at a higher price and more of a good or service at a lower price, when income and prices of other items remain the same.

Title: Demand for DoughnutsP

$1.50

$1.25

$1.00

$.75

$.50

$.25 Demand

0 Q

Northeast Kansas Teachers:•Money, Math & Make-Believe Teacher Summit, Summer 2014, Federal Reserve Bank of Kansas City

•Lending Library and Consultations

•District In-services

Councils or Centers: Host your own training–contact us for sample agendas, handouts, etc.

An invitation…

Barbara Phipps – phipps@ku.eduShala London – shala@ku.eduSherie Surbaugh – surbaugh@ku.eduNadia Kardash – nadia@ku.edu