Economic Cycles
Age 7-9: Concept 3 - Cycles: Unit 3

In this unit, your child will learn how money is made and spent within a community. She will appreciate the relative values of money and the opportunity and costs of spending it. She will explore the principle of supply and demand and gain an understanding of its role in pricing. For her final project, your child will start her own business, select and build a product, market and sell the product, and determine what to do with the proceeds.

This unit can be used independently, but it is also designed to be used concurrently with the literature unit, The Family Under the Bridge.

Prerequisites

  • Able to read and comprehend chapter books on a 3rd or early 4th grade reading level
  • Can answer comprehension questions about a chapter in a journal
  • Able to write three or four sentences on a topic
  • Usually used by children in second or third grade

Table of Contents

  • Lesson 1: Money (2 Days)
  • Lesson 2: Jobs
  • Lesson 3: If You Made A Million (2 Days)
  • Lesson 4: Capital and Natural Resources
  • Lesson 5: Producing and Consuming
  • Lesson 6: Supply and Demand
  • Lesson 7: Economics in Your Community
  • Lesson 8: Business and Advertising
  • Final Project: Becoming an Entrepreneur (3 Days)

Summary of Skills

Moving Beyond the Page is based on state and national standards. These standards are covered in this unit.
  • Analyze the changing uses of a community's resources. (Social Studies)
  • Describe different types of employment and ways people earn an income. (Social Studies)
  • Distinguish between goods produced and services provided in communities. (Social Studies)
  • Distinguish between producers and consumers and identify ways people are both producers and consumers. (Social Studies)
  • Explain how work provides income to purchase goods and services. (Social Studies)
  • Explain the choices people in the U.S. free enterprise system can make about earning, spending, and saving money, and where to live and work. (Social Studies)
  • Identify the sources and uses of revenue in the community. (Social Studies)
  • Recognize the relationship between supply and demand. (Social Studies)
  • Trace the development of a product from a natural resource to a finished product. (Social Studies)
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