The Basic Concepts of a Market Economy Are Often Dependent on Each Other
Grade Level:4
Unit Title: Economics and Financial Literacy / Timeframe Needed for Completion: 4 Weeks
Grading Period 4th Nine Weeks
Big Idea/Theme: Economics and Financial Literacy
Understandings:
- The basic concepts of a market economy are often dependent on each other.
- Positive and negative incentives influence behavior in a market economy.
- Scarcity and choice drive business decisions.
- Competition among buyers results in higher prices and competition among sellers results in lower process.
- The role of major industries.
- Changes in the economy impact levels of employment and unemployment.
- Financial goals and responsibilities can have benefits and consequences on everyday life.
Curriculum Goals/Objectives:
- 4.E.1.1 Understand the basic concepts of a market economy: supply and demand, scarcity, productivity, and entrepreneurship.
- 4.E. 1.2 Understand how scarcity and choice in a market economy impacts business decisions.
- 4.E. 1.3 Analyze the historical and contemporary role that major NC industries have played in the state, nation and world.
- 4.E.1.4 Explain the impact of entrepreneurship on the economy of NC.
- 4.E.2.1 Explain how personal financial decisions such as spending, saving and paying taxes, can positively and or negatively affect everyday life.
- 4.E.2.2 Explain how limited personal financial resources affect the choices people make based on their wants and needs.
- Summarize uses of money.
- Classifythe differences between needs and wants?
- Recognize values of employment
- Evaluate demands of work force in society.
- Analyze individual strengths with regard to job market.
- Evaluate the worth of supporting family.
- Recognize the value of human resources at school and community.
Essential Skills/Vocabulary:
- Income is money earned from a job.
- People decide on how to spend their money.
- Entrepreneurs are responsible for introducing new products, services and new businesses.
- Supply
- Demand
- Scarcity
- Productivity
- Capital resources
- Market economy
- NC has major industries that have influenced the world.
- Consumers
- Economy
- Textiles
- Imports
- Exports
- Harcourt Trade Books
- Harcourt Social Studies p.215-246
- Categorize and classify Jobs – Have students search and study the employment section of a local newspaper and classify the jobs and industries into categories.
- Research an industry in NC and give an oral presentation on your findings.
- Compare and contrast NC exports and NC imports
- Have students write a plan for a business they would like to own.
- Have students work in cooperative groups to make a list of businesses in their community. Students should then work together to identify relationships among those businesses. Remind students to consider how much each business uses transportation, energy, and water.
Integration Opportunities:
- Have kids create a “Kid Friendly” business.
- Plan a budget: Tell students to imagine that they have $200 to spend on a class picnic. Have students use grocery and other store flyers to plan a budget for the party that includes food, drinks and needed supplies. Encourage students to compare their budgets.
- Make a collage about economics in NC. Include information about resources, industries, imports, exports, and specialization.