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Unit of Study:
Economics Where Does All The Money Go?
Cypress-Fairbanks Independent School District
Integrated Social Studies, Grade 3
Grade 3 – Unit 8
Week at a Glance
Week Instructional Focus Reading Workshop Writing Workshop
1
Economic Concepts: Earning,
Spending, Saving, Donating, Budget
(6A,B)
IRL begins, Social Issues
Book Club
Social Issues Book Club
Expository
2
Free Enterprise System Vocabulary (7B)
Scarcity (7A, 7B)
Free Market (7C)
Expository
EOY DPM Writing
3 & 4
Free Enterprise System: Simple Business
(8A, 8B, 8C, 8D)
Book Club
Drama
EOY Revising &
Editing DPM, Needs
Based Lessons,
Book Trailers
5
Free Enterprise System: Entrepreneurs
(8E)
Drama Book Trailers
6 Technology Project (in iXplore)
GENERAL INFORMATION TEACHER NEEDS TO KNOW
The lessons in this unit are geared toward the 3rd grade TEKS. Teachers are
encouraged to modify these activities as needed and choose resources that best fit
their needs. INSS objectives should be visible. In the Unit Overview, the Bloom’s verbs
have been underlined and critical skills have been color-coded.
Vocabulary & current events resources are located in iXplore in INSS Resources.
Lessons should be integrated into the reading/writing workshop schedule during the
following times; poetry, read aloud with accountable talk (20 minutes), independent
reading and writing, group or share time. See the suggested schedule in iXplore.
You can access Journey’s materials through the Think Central website. Some
examples of materials you can use for read a-louds include; the student e-book,
leveled readers, vocabulary readers, decodable readers, and the write-in reader.
Studies Weekly Free Trail – www.estudiesweekly.com – This site has some great
resources to use for integrated social studies. (username: TXteacher, password:
demo)
Grade 3, Unit 8, Draft April 2014 Page 1
Grade 3 - Integrated Social Studies Curriculum
Unit 8: Economics Unit Length: 4 Weeks Conceptual Lens: Economics
Social Studies TEKS: 3.6(A) identify ways of earning, spending, saving, and donating money
3.6(B) create a simple budget that allocates money for spending, saving, and donating
3.7(A) define and identify examples of scarcity
3.7(B) explain the impact of scarcity on the production, distribution, and consumption of goods
and services
3.7(C) explain the concept of a free market as it relates to the U. S free enterprise system
3.8(A) identify examples of how a simple business operates
3.8(B) explain how supply and demand affect the price of a good or service
3.8(C) explain how the cost of production and selling price affect profits
3.8(D) explain how government regulations and taxes impact consumer costs
3.8(E) identify individuals, past and present, including Henry Ford and other entrepreneurs in the community
such as Mary Kay Ash, Wallace Amos, Milton Hershey, and Sam Walton, who have started new businesses.
Unit Overview: Students will identify the role of the U.S. free enterprise system and understand that this system may also be
referenced as capitalism or the free market system.
Literature Selections: Teachers may choose a variety of literature for the read aloud selections to develop students’ understanding of
the social studies concepts. See Appendix A for suggested literature selections.
Grade 3, Unit 8, Draft April 2014 Page 2
Economic Concepts Overview: Week 1 Enduring Understandings/Generalizations Guiding/Essential Questions
The student understands the purposes of
earning, spending, saving, and donating
money.
Why do people need to earn money?
How do people earn money (physical & mental labor in exchange for money)
Do you get an allowance at home?
What do you do with money you have earned? How do you spend it?
Why is it important to save money?
Why is it important to donate money to worthy causes?
Have you ever benefited from someone donating their money?
What is a budget and why is it helpful?
How can you use a budget to help you with your earnings?
Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions
use primary and secondary sources to gain information about a topic
understand key vocabulary terms
identify ways of earning, spending, saving, and donating money
create a simple budget that allocates money for spending, saving, and donating
Grade 3, Unit 8, Draft April 2014 Page 3
Instructional Resources: Week 1 Teacher Materials Teacher Notes Assessments (%) Technology
Horizons Textbook (Unit 6)
pp. 418-419: How People Earn &
Use Money
p. 420: Spending Money
p. 421: Saving and Sharing Money
pp. 424-427: Saving Money
pp. 430-433: Making a Budget
pp. 436-441: People Who Share
Appendix A – Suggested Literature
Appendix B – Economic
Vocabulary Graphic Organizer
Appendix C – Lyrics to Where The
Money Goes
Appendix D – Modified Budget
Activity
Economics Foldables - iXplore
Budgeting Activity – iXplore
Dragons Decide: Lesson III – an
economic activity book with
lessons and printable activity
sheets-iXplore
See suggested Kidbiz
articles for this unit on p. 14.
Read Aloud discussion and
participation
Written Response to guiding
questions
Written response to
independent reading
Anchor chart participation
Economic Vocabulary
Graphic Organizer
Budgeting Activity
Schoolhouse Rock: Where
The Money Goes (3:25)
Government Website:
http://www.kids.gov/k5/k_
5_money.shtml
How to Earn Money for
Kids:
http://www.wikihow.com/
Earn-Money-(for-Kids)
Social Studies Online
Secret Millionaires Club –
video series developed by
Warren Buffet
Scholastic Economics
Grade 3, Unit 8, Draft April 2014 Page 4
Economic Concepts Pacing Guide: Week 1 Monday Tuesday Wednesday Thursday Friday
Vocabulary Read Aloud Read aloud/Ind. Reading Read Aloud/Ind. Reading/Writing
Focus: Unit Introduction
Teachers create an anchor
chart or projectable image to
resemble Appendix B.
Have students recreate it in
their ISN or print a copy of
Appendix B for each student.
Have students jot down what
they think each of the
vocabulary terms mean.
Suggested Terms:
Earning – income or money
people earn for the work
they do
Spending-money a person
uses to buy goods and
services. It can be spent on a
want or a need.
Savings-money that you put
away to use later
Donating-sharing money
with a person or a good
cause
View the Schoolhouse Rock
video, Where the Money
Goes.
As the students view the video,
have them revisit the graphic
organizer, check their
definition, and jot down
examples from the video.
Focus: Earning & Spending
Conduct a read aloud
using Horizons textbook
pages 418-420 or a
selection from Appendix A
about earning and
spending money.
During the read aloud,
focus on the guiding
questions from the lesson.
Have students turn and
talk about possible
predictions and answers to
the questions. (%)
Students may also stop
and jot answers to the
guiding questions in their
ISN. (%)
Revisit the graphic
organizer from Monday
and add any additional
examples or information.
Teachers may choose to
enhance the lesson by
using a link or video from
the Technology section.
Focus: Saving & Donation
Conduct a read aloud
using Horizons textbook
page 421 or a selection
from Appendix A about
saving and donating
money.
During the read aloud,
focus on the guiding
questions from the lesson.
Have students turn and
talk about possible
predictions and answers
to the questions. (%)
Students may also stop
and jot answers to the
guiding questions in their
ISN. (%)
Revisit the graphic
organizer from Monday
and add any additional
examples or information.
Teachers may choose to
enhance the lesson by
using a link or video from
the Technology section.
Students can use Horizons
textbook pages 424-427
as independent reading
to practice reading
workshop skills.
Focus: Simple Budget
Conduct a read aloud using
Horizons textbook Horizons textbook
pages 430-433 or a selection from
Appendix A about making a
budget.
During the read aloud, focus on the
guiding questions from the lesson.
Have students turn and talk about
possible predictions and answers to
the questions. (%)
Students may also stop and jot
answers to the guiding questions in
their ISN. (%)
Revisit the graphic organizer from
Monday and add any additional
examples or information.
Teachers may choose to enhance
the lesson by using a link or video
from the Technology section.
Students are to create their own
budget for earning, spending, saving
and donating money using the
Budgeting Activity in iXplore.
Teachers should adjust the lesson to
fit the students. (%)
Grade 3, Unit 8, Draft April 2014 Page 5
Free Enterprise System Overview: Week 2 Enduring Understandings/Generalizations Guiding/Essential Questions
The student understands the concept of the free
enterprise system.
What makes something valuable and scarce?
What benefit does a product have that makes it scarce?
Who or what becomes harmed as more and more items are destroyed and
become scarce?
When a good, service, or natural resource becomes more and more scarce,
what happens to the price?
How do you solve a scarcity problem?
Is scarcity actually good for business?
Questions for The Lorax
What type of resource were the Truffula trees?
What were the Thneeds were made from?
Why did consumers love Thneeds so much?
What kind of resource was the Super-Axe-Hacker?
Toward the end of the story, what happened to all of the Truffula trees?”
Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions
use primary and secondary sources to gain information about a topic
understand key vocabulary terms
define and identify examples of scarcity;
explain the impact of scarcity on the production, distribution, and consumption of goods and services
explain the concept of a free market as it relates to the U. S free enterprise system
Grade 3, Unit 8, Draft April 2014 Page 6
Suggested Terms:
Free Enterprise – p. 371 in Horizons textbook
Free Market- an economic market operating by free competition
Scarcity – when a product
Want – an item that is not needed for survival
Need – an item that is necessary for survival
Review from 2nd Grade
Producer- a person who makes and sells a product
Production-the making of a product
Consumer- a person who buys a product or service
Consumption-when a product is used by a consumer
Good-a tangible product
Service- The action of helping or doing work for someone
Instructional Resources: Week 2 Teacher Materials Teacher Notes Assessments (%) Technology
Horizons Textbook
pp. 402–405: Free Enterprise
pp. 406-411: The World
Marketplace
Appendix E -Scarcity
definition, example, and song
Appendix F-Scarcity Graphic
Organizer for read aloud.
Dragons Decide: Lesson I – an
economic activity book with
vocabulary activities, lessons,
and printable activity sheets-
iXplore
Freedom is the principle on
which the United States was
founded. Freedom is also the
cornerstone of the American
economic system or free
market. In this system,
individuals must make
economic choices in an effort
to satisfy their needs and
wants.
Read Aloud discussion and
participation
Written Response to guiding
questions
Written response to
independent reading
Anchor chart participation
Vocabulary Graphic
Organizer of Foldable
Decision Card activity
Scarcity Graphic Organizer
Understanding Scarcity.
Discovery Education
Amazon search for
economics books for kids
Social Studies Online
BrainPOP: Supply & Demand
– this is not a free video, but
the information page is
useful.
Secret Millionaires Club –
video series developed by
Warren Buffet
Scholastic Economics
Grade 3, Unit 8, Draft April 2014 Page 7
Free Enterprise System Pacing Guide: Week 2 Monday Tuesday Wednesday Thursday Friday
Vocabulary Read Aloud Read Aloud Think Aloud Current Events
Focus: Economic
Concept Review
Teachers will build
background knowledge
by reviewing certain
economic vocabulary
terms with the students
from 2nd grade.
Create the following
anchor chart. Have
students recreate the
chart in their ISN or
create a foldable to take
notes. Leave blanks for
other terms discussed this
week.
Producer
Consumer
Production
Consumption
Goods
Services
Want
Need
Have students jot
down what they think
each of the
vocabulary terms
mean (%).
Focus: Scarcity, What is it?
Ask students what they think the term “scares” means.
Use Appendix E to introduce the term. This appendix
explains what scarcity is and gives an example. It also
includes a song that can be displayed in the classroom.
Have students turn and talk to discuss other examples of
scarcity. As a class, come up with a giant list of goods
or services that can be scarce. All students will be
encouraged to participate. At this point, the teacher
should emphasize that people have to make important
“economic choices” because resources and goods can
sometimes be scarce.
Add the word scarcity to their vocabulary graphic
organizer.
Teachers can also use Dragons Decide: Lesson I in
iXplore. The Decision Cards on p. 12-13 are a great
assessment activity. Give partners a card and have
them decide which option to choose and why? This can
also be done as an independent writing activity (%).
Focus: How Scarcity Effects Production, Distribution, and
Consumption
Create or display the graphic organizer in Appendix F.
Conduct a read aloud using The Lorax by Dr. Seuss or
another selection from Appendix A. During the read
aloud, stop at key points in the story and have students
turn and talk about the scarcity of the product and how
it affected the way it was produced, consumed, and
distributed to consumers in the story (see guiding
questions section).
Focus: Free Market System
Ask the students to define
the words “free” and
“market”.
Explain that a free market
system is a system where
producers are free to sell
what they want at the
price they want and
consumers are free to
purchase what they want
without any interference
from the government.
Conduct a read aloud
using Horizons textbook
pages 402–405 or a
selection from Appendix A
During the read aloud,
focus on the guiding
questions from the lesson.
Have students turn and
talk about possible
predictions and answers to
the questions. (%)
Students may also stop
and jot answers to the
guiding questions in their
ISN. (%)
Teachers can
continue a
previous lesson
or have
students
participate in a
current event
activity.
Bring in current
articles about
items that may
be scarce and
have students
comment.
Items are
usually scarce
during a
hurricane or
natural
disaster.
Students could
discuss what
items may be
in high
demand and
why.
Grade 3, Unit 8, Draft April 2014 Page 8
Simple Business Overview: Week 3 & 4 Enduring Understandings/Generalizations
The student understands how businesses operate in the U.S. free enterprise system.
Guiding/Essential Questions
How does a simple business operate?
In the American free enterprise system, people can choose what to produce, how to produce, how much to produce, and for whom to
produce with little government interference, taking advantage of principles of economic freedom, voluntary exchange, private property, and
the profit motive To start a business, a potential business owner first identifies goods and services needed in the community and gauges
whether there is a large demand for a particular good or service and determines a process for offering the good or service to the community.
If demand is high and of appropriate quality, the business pays production costs and labor costs, leaving a profit. Supply of raw materials and
demand goods and services are interdependent principles that affect cost, price, and profit.
How does supply & demand affect the price of goods and services?
High supply, low demand = lower prices (e.g., the seller has to get rid of the product before it goes bad; if you overproduce a game or toy
that nobody is interested in, the supply will be and the demand (market) is low, you will lower the price of the game to entice buyers)
Low supply, high demand = higher prices (e.g., people want the product before it can be made so the price rises for those who want the
product; the price of a popular toy rises as demand rises. Also, production has to increase so more people have jobs.)
How does production, selling price and other factors affect the profits?
With demand stable, if cost of production goes up, the difference (profit margin) shrinks
With demand stable, if production costs go down, the difference (profit margin) widens
Depending on the cost of production, the selling price may go up or down, in turn affecting profit
Demand for the good or service also affects price which in turn affects profit
If it costs more to produce a good, the selling price has to go up to cover costs. If demand stays the same, profit margin will decrease.
If it costs less to produce a good, the selling price could stay the same if the market supports that price. Then, profit margin will increase.
If the market price changes, adjustments may need to be made in cost of production to remain competitive.
How do government regulations and taxes impact consumer costs? Taxes are added to the costs of goods and services, increasing
their overall cost to consumers. Government regulations set tax rates, set procedures requirements (building inspections, safety requirements),
which costs are included when determining production costs, and setting prices consumers pay.
Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions
use primary and secondary sources to gain information about a topic
understand key vocabulary terms
identify examples of how a simple business operates
explain how supply and demand affect the price of a good or service
explain how the cost of production and selling price affect profits
explain how government regulations and taxes impact consumer costs
Grade 3, Unit 8, Draft April 2014 Page 9
Instructional Resources: Week 3 & 4 Teacher Materials Teacher Notes Assessments (%) Technology
Horizons Textbook:
pp. 394 -398: How a Business
Works
pp. 402-403: Supply &
Demand
pp. 88-89:
Appendix G – Supply &
Demand Comic
Appendix H – Income &
Expense Report
Appendix I – Profit Poem
Unit 8 Review - iXplore
Read Aloud discussion and
participation
Written Response to guiding
questions
Written response to
independent reading
Anchor chart participation
Profit activity
Unit 8 Review PPT
Teaching Kids Small Business
Skills
15 Ways to Teach Kids about
Money
Social Studies Online
Social Studies for Kids
Secret Millionaires Club – The
High Cost of High Demand
video series developed by
Warren Buffet
Scholastic Economics
Grade 3, Unit 8, Draft April 2014 Page 10
Simple Business Pacing Guide: Week 3 Monday Tuesday Wednesday Thursday Friday
Vocabulary Read Aloud Vocabulary Read Aloud Current Events
Teacher can
conduct activities
using suggested
vocabulary words
to build
background
knowledge.
Suggested Terms:
Simple Business -
an organization
involved in the
trade of goods,
services, or both
to consumers
Focus: How a Simple Business
Operates
Brainstorm a list of business in the
community.
Conduct a read aloud using
Horizons textbook pages 394-398
or a selection from Appendix A.
During the read aloud, focus on
Guided /Essential Question 1.
Have students turn and talk
about possible predictions and
answers to the questions. (%)
Students may also stop and jot
answers to the guiding questions
in their ISN. (%)
Teachers may choose to
enhance the lesson by using a
link or video from the
Technology section.
Teacher can
conduct activities
using suggested
vocabulary words
to build
background
knowledge. Have
student create a 2-
tab foldable
Suggested Terms:
Supply- how
much of a good
or service is
available
Demand-how
much
consumers want
to purchase a
good or service
Focus: Supply & Demand
Explain to students when supply is
high and demand is low, the price
goes down. When the supply is
low and the demand is high, the
price goes up.
Teachers can use Appendix G
(comic) as an introductory
activity.
View the video The High Cost of
High Demand
Revisit pages 402-403 from the
Horizons textbook.
During the read aloud, focus on
Guided /Essential Question 2.
Have students turn and talk about
possible predictions and answers
to the questions. (%)
Students may also stop and jot
answers to the guiding questions
in their ISN. (%)
Teachers can
continue a
previous lesson
or have
students
participate in a
current event
activity.
Grade 3, Unit 8, Draft April 2014 Page 11
Simple Business Pacing Guide: Week 4 Monday Tuesday Wednesday Thursday Friday
Vocabulary Read Aloud Vocabulary Read Aloud Current Events
Teacher can conduct
activities using suggested
vocabulary words to
build background
knowledge.
Students may create a
graphic organizer or a
foldable to organized
notes.
Suggested Terms:
Cost of Production-
the cost of materials
plus labor plus
business expenses
Selling Price- the
difference between
the cost of production
and the selling price is
the profit
Profit- money that is
left over after all
expenses have been
paid (p. 396)
Focus: How the cost of
production and selling price
affect profits
Explain to students that
most people go into
business to make money.
The money they get to
keep after all the
expenses are paid is
known as a profit.
Teachers can use the
poem in Appendix G as a
lesson intro or wrap-up.
Use the information in
Appendix H and have
student figure out how
much profit the lemonade
stand made by adding up
the money made on sells
and subtracting the
expenses. (%)
What would happen if
they raised the price of his
lemonade?
How could they lower
costs?
Teacher can conduct
activities using
suggested vocabulary
words to build
background
knowledge.
Suggested Terms:
Regulations-laws
Tax- collected to
pay for community
services such as
schools, roads, law
enforcement, fire
protection, and
emergency
services
Focus: How Government
Regulations and Taxes
Impact Consumer Costs
Explain to students that
laws that the government
pass and the taxes a
business has to pay affects
how much consumers pay
for goods & services.
Conduct a read aloud using
88-89 in the Horizons
textbook to build schema
about taxes that are
collected.
During the read aloud,
focus on Guided /Essential
Question 4. Have students
turn and talk about possible
predictions and answers to
the questions. (%)
Students may also stop and
jot answers to the guiding
questions in their ISN. (%)
Teachers may choose to
enhance the lesson by using
a link or video from the
Technology section.
Teachers can
continue a
previous lesson
or have students
participate in a
current event
activity.
Teachers can
use the Unit 8
Review as a
wrap-up activity
or an assessment
for students. (%)
Grade 3, Unit 8, Draft April 2014 Page 12
Entrepreneurs Overview: Week 5 Enduring Understandings/Generalizations Guiding/Essential Questions
The lives of heroic men and women who made important
choices, overcame obstacles, sacrificed for the betterment
of others, and embarked on journeys that resulted in new
ideas, new inventions, new technologies, and new
communities.
What is an entrepreneur?
What qualities do you notice about the successful entrepreneurs?
Why do you think the entrepreneurs were successful?
What qualities do you share with these successful entrepreneurs?
Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions
use primary and secondary sources to gain information about a topic
understand key vocabulary terms
identify individuals, past and present, including Henry Ford and other entrepreneurs in the community such as Mary Kay Ash,
Wallace Amos, Milton Hershey, and Sam Walton, who have started new businesses.
Instructional Resources: Week 5 Teacher Materials Teacher Notes Assessments (%) Technology
Horizons Textbook
pp. 372-375: Henry Ford’s
Dream
pp. 378-383: Henry Ford Makes
a Product
Appendix J– Small Business
Poster
Appendix K - Henry Ford Bio
Appendix L - Milton Hershey
Bio
3rd Grade Biographies - iXplore
Enrichment Activity: Divide the
class into 5 groups. Assign each
group a businessperson. Have
them add to their notes by
conducting research on that
entrepreneur. This research can
be turned into a paper/pencil
poster or a multi-media poster
to share with the class.
Read Aloud discussion and
participation
Written Response to guiding
questions
Written response to
independent reading
Anchor chart participation
Small Business Poster
Biography Sites
Mary Kay Ash
Henry Ford (also in Spanish)
Wallace Amos
Milton Hershey
Sam Walton
Grade 3, Unit 8, Draft April 2014 Page 13
Entrepreneurs Pacing Guide: Week 5 Monday Tuesday Wednesday Thursday Friday
Holiday Read Aloud Read Aloud
Focus: Henry Ford
As a class, discuss the concept of entrepreneurship.
Allow students to make predictions about what the term
means.
Entrepreneur - an individual who organizes and
operates a business or businesses
Conduct a read aloud using Appendix J, the 3rd grade
biography of Henry Ford, Horizons textbook pages 372-
375 or a selection from Appendix A about Henry Ford.
During the read aloud, discuss certain character and
business traits entrepreneurs display.
Have students turn and talk about possible predictions
and answers to the questions. (%)
Students may also stop and jot answers to the guiding
questions in their ISN. (%)
Teachers may choose to enhance the lesson by using a
link or video from the Technology section.
Students can use textbook pages 378-383, independent
reading to practice reading workshop skills.
Focus: Mary Kay Ash, Wallace Amos, Milton Hershey, Sam
Walton
Teacher can choose to concentrate on one of the
entrepreneurs listed above.
Conduct a read aloud using the 3rd grade biography,
Horizons textbook, or a selection from Appendix A.
During the read aloud, discuss certain character and
business traits entrepreneurs display.
Have students turn and talk about possible predictions and
answers to the questions. (%)
Students may also stop and jot answers to the guiding
questions in their ISN. (%)
Teachers may choose to enhance the lesson by using a link
or video from the Technology section.
Grade 3, Unit 8, Draft April 2014 Page 14
Suggested KidBiz Articles for Unit 8
Grade 3, Unit 8, Draft April 2013 Appendix A
Topics Suggested Literature
Time for Kids Readers Kids Making Money
There are activities on pp. 61-64 of the Time For Kids Teacher’s Edition
Earning, Spending,
Saving, and Donating
Money
Simple Budget
Supermarket, Kathleen Krull
A Chair for my Mother, Vera B. Williams
The Giving Tree, Shel Silverstein
Jennie’s Hat, Keats, Erza Jack
Katy and the Big Snow, Burton, Virginia Lee
My New York: New Anniversary Edition& Holiday Edition, Katy Jacobsen
Pigs Go to Market, Amy Axelrod
Rumpelstiltskin’s Daughter, Diane Stanley
To Market, To Market, Anne Miranda
How to Make a Budget
Scarcity
The Lorax, Dr. Seuss
The Doorbell Rang, Pat Hutchins
Bringing the Rain to Kapiti Plain, Verna Aardemo
Getting’ Through Thursday, Melrose Cooper
One Grain of Rice: A Mathematical Folktale, Demi
Reuben and the Quilt, Merle Good
Sam and the Lucky Money, Karen Chinn
The Great Kopack Tree by Lynne Cherry
The Mitten by Jan Brett Link to economy activity
Small Business &
Entrepreneurship
Pet Peeve, Sarah Wilson
Lemonade for Sale, Stuart J. Murphy
Better Than a Lemonade Stand! Small Business Ideas for Kids, Daryl
Berstein
Earning Money, Patricia Murphy
The Kid’s Business Book, Arlene Erlbach
Little Nino’s Pizzeria, Karen Barbour
Loon Lake Fishing Derby, Kathleen Waldron
Vision of Beauty, Kathryn Lasky
What’s the Big Idea, Ben Franklin, Jean Fritz
Consult your campus librarian for related titles that are available at your campus
LIBRARY RESOURCES
http://www.cfisd.net/dept2/library/library_el.htm
Check your campus library page for online resources to use for social studies content
lessons and read alouds.
Grade 3, Unit 8, Draft April 2013 Appendix B
Earning
Definition: Examples:
Spending
Definition: Examples:
Saving
Definition: Examples:
Donating
Definition: Examples:
Grade 3, Unit 8, Draft April 2013 Appendix C
Lyrics to Where the Money Goes:
[Kid:]
Dad, how come you or Mom can't pay for me to go on my band trip to the Rose Bowl
Parade? Don't you make a ton of money?
[Dad:]
I don't know about that, but we do have a ton of expenses.
[Kid:]
Like what? Isn't there something here we can do without?
[Dad:]
We can stop buying groceries
But that might be a mistake
Because eating is a habit
I'd be loath to try and break
We can stop paying income tax
But they might send me to jail
And if we don't pay the mortgage
Then they'll take our house
Then where would we get our mail?
If not for all these bills and taxes
Our income would more than suffice
I feel like a real big cheese
Until everybody takes a slice!
I don't want to bore you
With my troubles or my woes
Still you're old enough to know
Where the money goes
We don't have to pay for furniture
If you want to learn upholstering
We don't really need to pay the phone bill
We can use tin cans and a string
It's bedtime
We'd never have to pay to paint the house
If we went off and lived in a cave
And if you're planning on inheriting a million bucks
Then there's really no need to save!
We make a decent living, that's true
But we have to pay these bills when they come due
Grade 3, Unit 8, Draft April 2013 Appendix C
Please observe this illustration
Which irrefutably shows
Exactly how and where the money goes
[Dad:]
You know if you could help us cut down on some of these expenses, I bet we could save
enough for you to go on that trip.
[Kid:]
What could I do?
[Dad:]
We could really lower the phone bill
If you'd limit the length of your calls, bye
You could probably put some money in your savings bank
If you skip one trip to the mall
We'd spend a little less on electricity
If you turn off the light when you leave
And we could save a lot on our laundry bills
If you'd watch where you put your sleeve!
You could bring a little in with a part time job
All we ask is you do your best
If you earn a little here
And save a little there
We'll try to come up with the rest
We can't stop the money from trickling out
But we can control how it flows
And we can start by being aware of
Where the money goes
Where is my money?
My money!
It's gone
Grade 3, Unit 8, Draft April 2013 Appendix D
Items to buy
$ .50 Candy
$1 Cookies
$2 Song on ITunes
$2 Pokemon/Yu-gi-oh Card
$ 2 Ice Cream
$3 Notebooks
$4 Phone Aps
$4 Nail Polish
$6 Posters
$6 Movie Ticket
$7 Books
$8 Art Supplies
$10 Lego
$10 Football
$10 Jewelry
$ 15 Clothes
$15 DVD
$15 Board Game
$25 Soccer Goal
$35 Skateboard
$40 Baseball/Softball Mitt
$45 Skates
$45 Bike/Skate Ramp
$60 Concert Tickets
$80 American Girl Doll
I would save:
I would donate
to:
I would buy:
Grade 3, Unit 8, Draft April 2013 Appendix E
Scarcity
SCARCITY is the condition of not being able to have all of the goods
and services that you want.
Because of scarcity, people must choose some things and give up
others.
If there is only one toy available and three people want it, what happens?
If you owned a store and three people wanted the same toy, what would you
do with the price of the product and why?
Scarcity is when more people want a product than there are products.
When you want several things but can only afford to buy one of them, that is
scarcity.
If there is only one toy available and three
people want it, what happens?
If you owned a store and three people
wanted the same toy, what would you do
with the price of the product and why?
When more people want a product than
there are products, that is called scarcity.
When you want several things but can only
afford to buy one of them, that is scarcity.
Grade 3, Unit 8, Draft April 2013 Appendix E
Oh Scarcity!
(Tune: Oh, Christmas Tree)
Oh, Scarcity! Oh, Scarcity!
We can’t have all the things we want.
Oh, Scarcity! Oh, Scarcity!
We cannot have it all.
We really want a lot of stuff.
But sometimes there’s just not enough.
Oh, Scarcity! Oh, Scarcity!
We cannot have it all.
From: The Econ Song Book: Old Tunes with an Economics Twist © 1997
Martha C. Hopkins, James Madison University Center for Economic Education
Grade 3, Unit 8, Draft April 2013 Appendix F
How does scarcity affect the following things?
Use the read aloud story to gather information.
Production-making a product
Consumption-using a product
Distribution-getting a product to the consumers
Grade 3, Unit 8, Draft April 2013 Appendix G
Grade 3, Unit 8, Draft April 2013 Appendix H
Grade 3, Unit 8, Draft April 2013 Appendix I
A Frog for Profit
Song for Teaching Kids About Business Profit
Frank Bruen
There once was a boy named Robin,
And he had a green jumping frog.
And all that Robin wanted,
In the whole wide world--
Was his very own wind-up dog.
He’d seen one sitting in the window,
In a toy store just nearby.
it’s price was a dollar and a quarter,
Had a sparkle in it’s eye.
So he traded his frog to a friend,
For a quarter and a new rubber ball.
Put the quarter in his pocket,
Gave another buddy a call.
He sold his ball for a dollar,
And a Jack-in-the-box that went beep.
And he bought himself the wind-up dog ,
and the Jack-in-the-box he could keep.
So the Jack-in-the-box was his profit,
And he still has that wind-up dog,
Now he’s got two things he wanted,
After starting with a green jumping frog.
He started with a green jumping frog.
Grade 3, Unit 8, Draft April 2013 Appendix J
Name: ________________ Date:___________________
Small Business Poster
Include the following information.
1. My product is
2. Uses for my product
3. Resources I need to make my product
4. Possible people that would buy my product are
5. I think these people would buy my product because
6. Draw an advertisement for your product. You can do this on the back or another sheet of paper.
Grade 3, Unit 8, Draft April 2013 Appendix K
Henry Ford
Henry Ford was a wise businessperson. He wanted
to make a car that the average person could
afford. Therefore, he worked at building cars,
naming them by alphabet letters. It was not until
the Model T that he was a success. Before his Model
T, cars were costly and of little use to the working
class Americans.
Henry was determined that he could build the right
car. He had the cars built on an assembly line. This
made the cost of making the Model T go down,
and his sales went up because people could afford
to buy the car.
He also knew how important the people in his
company were to him. He raised the average wage
for the autoworkers and gave them shares in the
company’s profits. He introduced having shift times
in a workday. All of these are now considered good
business decisions. In the beginning, other
companies laughed at his ideas, but today many
have the same practices in place. Ford’s ideas
about producing cars have changed the way
Americans live, work, and play by making travel
safe, easy, and affordable.
Grade 3, Unit 8, Draft April 2013 Appendix K
http://upload.wikimedia.org/wikipedia/commons/1/18/Henry_ford_1919.jpg
Grade 3, Unit 8, Draft April 2013 Appendix L
Milton Hershey
At the age of 13, Milton Hershey left home to
work for a candy maker. Soon after, he decided
to open his own candy shop. His first attempt
failed, as did many others after it. Finally, Hershey
opened the Lancaster Caramel Factory, which
specialized in caramel and assorted candies.
A short time later, Hershey purchased a
chocolate-making machine, and his company
began making more than 100 kinds of
chocolate. Hershey then purchased 40,000
acres of land in Lancaster, Pennsylvania and built
the Hershey Chocolate Factory, the world’s
largest chocolate factory.
With Hershey’s success came great wealth,
and he decided to share it with those around
him. He opened the Milton Hershey School for
boys, donated money to the five churches in
Hershey, and provided jobs for the town’s people
during times when there was little money. Milton
Hershey was a hard-working, determined
businessperson who took advantage of
America’s free enterprise system and created a
successful business. Thanks to him, we have
great tasting chocolate!
Grade 3, Unit 8, Draft April 2013 Appendix L
http://images.businessweek.com/ss/07/06/0628_greatest_entp/source/9.htm