LESSON PLAN OUTLINE

JMU Elementary Education Program

A. Making Decisions- Opportunity Costs: An Economics Lesson
B. RATIONALE:
Economics is an essential aspect of every individuals life; in fact, it is everywhere. Therefore, having an understanding of
economics is crucial in helping people comprehend the modern world and make positive decisions that will shape the future. It is
our job as teachers to influence economic confidence by educating students on the decisions they will make. This lesson will focus
on valuable choices such as: what to buy, how much of their income should be spent and how much to save. The topic of
opportunity cost will demonstrate to students that not all our wants can always be fulfilled. Therefore, based on this lesson
students will have the opportunity to gain a new perspective as to why their parents or guardians are unable to purchase everything
theyve ever wanted. In result, students may become more inclined to save their money and become educated spenders. Educating
students in economics creates a domino effect in which smart decisions not only influence individual well- being but also the well
being of a community and society in whole.

CONTEXT OF LESSON

Students in the third grade are expected to have prior knowledge of economics based on the 2.9 Standard of Learning for History and
Social Sciences which states, The student will explain that scarcity (limited resources) requires people to make choices about producing and
consuming goods and services. Furthermore, this lesson on opportunity cost will take place towards the end of the economics unit; therefore
students readiness for this lesson will be influenced by other topics of this unit such as: producers and consumers, natural resources, human
resources, capital resources, the production of goods and services, specialization and trade.
Due to the fact that this lesson is taking place towards the conclusion of the economics unit, it is appropriate to create an activity in
which students put what they have learned from this unit into action and become consumers, where they must budget their wants (this aspect
effectively targets students interests) by making knowledgeable and logical decisions.
Based on child development, this is an appropriate lesson for the third grade level due to the fact that students cognitive skills help
them move from being concrete learners to more abstract thinkers, therefore allowing them to apply ideas in various circumstances.

C. LEARNING OBJECTIVES
Understand Know Do
The student will understand that
people make choices because they
cannot have everything they want.

The student will understand that
all choices require giving up
The student will know that
economic choice is the choice of
or decision among alternatives or
possibilities.

The student will know that
The student will gather, classify
and interpret information about
goods and services.

The student will make decisions
about their wants based on
something else (opportunity cost). opportunity cost is the next best
choice that is given up when an
economic choice is made.

The student will know that
economic decision-making
requires comparing both the
opportunity cost and the monetary
cost of choices with the benefits.

monetary and beneficial factors.

The student will explain the cause-
and-effect relationships of making
economic decisions.


D. ASSESSING LEARNING

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Students will volunteer examples of a time
when they had to make an economic
decision between two goods or services.
Students will then identify which of the
two items or services is an opportunity cost
and which is an economic choice.

Students will cut and paste items and their
prices from various catalogs onto
construction paper. Once given a budget,
student will circle the items that are
classified as economic choices and x
items that represent opportunity costs.

The student will make a chart, sorting
which of their items were economic
choices and which of their items were
opportunity costs. Students will also
provide a reason or explanation as to why
they made the economic decisions that they
did.

Students will write a brief explanation as to
'(")*+#,(- ./",01/#%
5toJeots wlll cot
ooJ poste qooJs
ooJ/ot setvlces
tbey woot ftom
tbe ptovlJeJ
moqozloes.
5toJeots wlll
cltcle tbe qooJ
tbot tbey woolJ
llke to locloJe lo
tbelt 525 boJqet
ooJ x tbe qooJs
tbey ote qlvloq op
(oppottoolty
costs)
lollowloq tbe
octlvlty stoJeots
wlll llst tbelt
oppottoolty costs
olooq wltb o btlef
exploootloo of
2033+1,%
lf o stoJeot ls oooble to ose sclssots
to cot ltems oot of moqozloe, l wlll
be tbete to soppott tbe stoJeot lo
cottloq ooJ postloq tbe ltems.

lf o stoJeot ls oooble to teoJ ot
Jlstloqolsb tbe cost of oo ltem l wlll
fottbet osslst tbem.
lf o stoJeot ls oooble to cot ooJ
poste, l wlll tbeo tell tbe stoJeot to
Jtow plctotes of tbe ltems ooJ l
wlll tbeo osslqo o ptlce. lf tbe
stoJeot ls oooble to Jtow tbe
plctotes, l wlll be tbete to fottbet
osslst.

lf tbe stoJeot ls oooble to wtlte tbe
llst of oppottoolty costs ooJ
ptovlJe exploootloos, l wlll losteoJ
bove o coovetsotloo wltb tbe
stoJeot tbot wlll cooslst of tbe
why economic choices and opportunity
costs exist.
wby tbe speclflc
qooJ wos qlveo
op- exploootloos
sboolJ be loqlcol
ooJ opptoptlote.
1be stoJeot wlll
complete o cbott,
llstloq tbe ltems
wltb oo x os
oppottoolty costs
ooJ tbe cltcleJ
ltems os
ecooomlc cbolces.
5toJeots wlll
volooteet
exomples of
lostooces lo wblcb
tbey boJ to moke
oo ecooomlc
Jeclsloo.
lofotmotloo tbot l om lookloq fot.

lf o cbllJ bos Jlfflcolty osloq tbe
colcolotot, l wlll osslst tbem lo
sbowloq bow lt wotks.



E. RELATED VIRGINIA STANDARDS OF LEARNING (and NATIONAL STANDARDS if required) :
Economics: 3.9 The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up
when making a choice).

F. MATERIALS NEEDED
*Catalogs and magazines
*Construction paper
Scissors
Glue
Pencils
Calculators
Markers
*A handmade chart with headings: Choices, Economic Choice, Opportunity Cost, and Explanation. On the bottom of the chart, definitions of both
economic choice and opportunity costs are provided. (I will fill in this chart at the beginning of the lesson when students are asked to provided an
example of a time when they had to make a decision between two goods or services that they really wanted but could only have one of.)
*A handmade example of what is expected of students during the catalog budget activity. This example will be accessible for students to look at if
necessary.

*Materials that I will be responsible for.

G. PROCEDURE

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: !(9/ ;(* 9(*0,/#<
=1+-/>01/# "*> 9"*")/9/*,
5tep-by step ptoceJotes locloJloq
poestloos ooJ molo polots - vlsoollze
wbot yoo ote qoloq to soy to tbe
stoJeots. lt mlqbt be belpfol to sctlpt oot
wbot yoo ote qoloq to soy, oltbooqb
Jotloq tbe lessoo yoo Jo oot oeeJ to ose
tbls looqooqe vetbotlm.
2,0>/*,#
uesctlbe wbot tbe stoJeots wlll be Joloq
os o tesolt of yoot losttoctloos

4-">/9(-? 3@6#(-"8? #+-("8 :
8(*)0(#,(- >(../1/*,(",(+*?
1/#+01-/#? "*> #033+1,
now wlll yoo soppott All
stoJeots?
lnLroducLlon l wlll begln by asklng sLudenLs Lo,
8alse your hand lf you have ever had
Lo make a cholce beLween Lwo Loys
LhaL you really wanLed." l wlll Lhen
lnsLrucL sLudenLs Lo Lake a second
and Lhlnk of Lwo Loys or lLems Lhey
once really wanLed buL had Lo chose
only one of. l wlll conLlnue by asklng,
Was lL a hard declslon Lo make?" (l
expecL sLudenLs Lo respond wlLh
yes") l wlll Lhen ask Lhe class, Pow
dld you flnally declde whlch of Lhe
Lwo Loys you wanLed?" l wlll selecL
sLudenLs Lo volunLeer Lhelr answers
Lo Lhe quesLlons. l wlll lnform
sLudenLs LhaL Lhelr responses should
lnclude whaL Lhe Lwo lLems were,
whlch of Lhe Lwo lLems Lhey chose,
and how Lhey came Lo Lhelr declslon.
As sLudenLs volunLeer Lhelr answer, l
wlll record Lhe lnformaLlon ln a charL
wlLh labels: cholces, cholce made,
opporLunlLy cosL, and explanaLlon.
AfLer recordlng several responses, l
SLudenLs wlll be respondlng Lo my
quesLlons and Lhlnklng of economlc
declslons Lhey have made ln Lhe pasL.
l wlll use a varleLy of
vocabulary so LhaL all
sLudenLs are able Lo
undersLand Lhe
quesLlons l am asklng.
lf l observe sLudenLs
do noL undersLand my
quesLlons, l wlll
reword Lhe quesLlon.
l wlll repeaL all
responses so LhaL
sLudenLs have a
second chance Lo
hear, ln a loud and
clear volce.
lf sLudenLs cannoL
Lhlnk of lLems l wlll
suggesL Lhlnklng back
Lo holldays or
blrLhdays.
l wlll read Lhe column
headlngs aloud for
Lhose sLudenLs LhaL
are unable Lo read.
wlll ask sLudenLs lf Lhey can Lell me
whaL an opporLunlLy cosL ls based on
Lhe charL prevlously fllled ouL.
SLudenLs should be able Lo
dlsLlngulsh LhaL lLems llsLed under
Lhe opporLunlLy cosL column, are
Lhose noL chosen. l wlll Lhen dlscuss
wlLh sLudenLs Lhe formal deflnlLlon of
opporLunlLy cosL and declslon-
maklng, emphaslzlng LhaL declslon-
maklng should be loglcal and
approprlaLe.


l wlll glve an example
of a loglcal and
approprlaLe
explanaLlon as Lo why
l may choose one lLem
over anoLher.
AcLlvlLy 1

Lach sLudenL wlll be glven a large
sheeL of whlLe paper, sclssors, glue
and an old caLalog. SLudenLs wlll cuL
ouL lLems LhaL Lhey would llke Lo
have, along wlLh Lhelr prlce, from Lhe
caLalog. nexL sLudenLs wlll glue Lhe
lLems and prlces Lo Lhelr paper.
1welve mlnuLes wlll be alloLLed for
Lhls parL of Lhe acLlvlLy.


SLudenLs wlll cuL and pasLe 3-10
lLems and prlces from caLalogs onLo
Lhe provlded consLrucLlon paper.
Cnce compleLed, sLudenLs wlll walL
for furLher lnsLrucLlons.

.l wlll asslsL sLudenLs lf
Lhey need help cuLLlng
ouL lLems or flndlng
Lhe prlces.
lor sLudenLs unable Lo
cuL and pasLe lLems, l
wlll have Lhem draw
plcLures of lLems Lhey
wanL lnsLead.
1ranslLlon

AfLer sLudenLs have compleLed Lhls
parL of Lhe acLlvlLy, l wlll Lhen lnform
sLudenLs Lhey have a budgeL of $23
Lo spend. l wlll lnsLrucL Lhe sLudenLs
LhaL Lhey musL declde whlch lLems
Lhey wlll choose Lo spend Lhelr $23.
SLudenLs wlll ask any quesLlons Lhey
may have abouL Lhe nexL sLep ln Lhe
acLlvlLy.
l wlll glve a brlef
LuLorlal on how Lo use
a calculaLor Lo add up
lLem prlces.
AcLlvlLy 2


SLudenLs wlll Lhen have Lhe
opporLunlLy Lo make loglcal declslons
and choose lLems whose cosLs are no
more Lhan $23, and clrcle Lhem. 1he
lLems Lhe sLudenLs choose noL Lo
purchase should have an x" over Lhe
plcLure.
uslng Lhelr deslgnaLed budgeL of
$23.00 SLudenLs wlll make economlc
declslons and clrcle Lhe lLems Lhey
wanL Lo purchase and x" ouL Lhe
lLems Lhey musL glve up.
l wlll provlde a
model LhaL sLudenLs
can refer Lo on Lhe
board.
1ranslLlon

AfLer sLudenLs have made Lhelr
declslons, l wlll lnsLrucL Lhem Lo
provlde a llsL of Lhelr opporLunlLy
cosLs as well as a brlef and loglcal
explanaLlon as Lo why Lhe sLudenL dld
noL chose each lLem. l wlll conclude
by asklng sLudenLs, whaL Lhey have
learned abouL belng consumers.
SLudenLs wlll consLrucL Lhelr own
personal charL (uslng my handmade
charL as a model) llsLlng whlch of
Lhelr lLems are economlc cholces and
whlch are opporLunlLy cosLs, also
provldlng a brlef explanaLlon as Lo
why Lhey made Lhe declslons LhaL
Lhey dld. 1hls charL wlll be recorded
on Lhe back of Lhelr consLrucLlon
paper.
lf a sLudenL ls unable
Lo llsL Lhe
opporLunlLy cosLs
and explanaLlons, l
wlll lnsLead have a
conversaLlon wlLh
LhaL sLudenL abouL
hls/her opporLunlLy
cosLs.


H. DIFFERENTIATION:
Write a narrative explanation of two to three paragraphs describing how you have planned to meet the needs of all students in your classroom
with varied learning styles and abilities, English language proficiency, health, physical ability, etc. How will you extend and enrich the
learning of students who finish early? How will you support the learning of children struggling with your objectives?

Based on this lesson plan, it is important to address any differentiation that may occur during the activity. Having been with my
practicum class for about a month and a half, I have been able to observe varied learning styles and abilities, as well as English language
proficiency. It is without a doubt that the classroom of twenty students consists of a variety of learning styles and abilities. One reason I chose
this lesson is due to the fact that it touches on all three learning styles- auditory, kinesthetic and visual. The introduction of the lesson caters to
students who are auditory and visual learners. Continuing with the activity, students physically become consumers by cutting and pasting items
that they want and then circling items to purchase and xing their opportunity costs- again catering to kinesthetic and visual learner. By
implementing a lesson plan that benefits all learners, I am confident that it will be effective for all students.
One way that I plan to differentiate this lesson is by having various visuals and models for students to refer to throughout the lesson.
These models include: the handmade chart, definitions for both economic choice and opportunity cost, and an example of what is expected of
the students for the catalog budgeting activity. Students will also be strategically seated so that desk clusters consist of students of all levels,
making sure that English language learners are divided into groups with students fluent in English. This simple differentiation plan encourages
students to immerse themselves into a cooperative learning environment. I will also be sure to repeat all student responses loud and clear so that
all students have an opportunity to hear their peers feedback. At the end of each instruction or transition, I will ask students if they need me to
repeat anything and also ask if anyone has questions for further clarification.
If there are students who finish earlier than others, I will instruct those students to first go around the classroom and ask their peers if
they need help with the activity. If this help is not needed, I will have the student find a partner and compare the items he/she decided on. I will
then instruct them to discuss why he/she chose to purchase the items they did as well as the items not purchased. I will also have the students
come up with a conclusion as to why they may have chosen different items than their partner. (These instructions and questions will be written
as a worksheet for students to fill out).
For those students that are struggling with the designated objectives for this lesson, I will personally work with them and provide
simple and brief instructions that will hopefully support students in fulfilling my objectives. One way that I will make sure that these students
have a clear understanding is by having them repeat all instructions to me. Therefore, by listening to the student I will be able to pinpoint where
there may be confusion with the learning objectives. I will also encourage cooperative learning throughout the catalog budget activity.


I. WHAT COULD GO WRONG WITH THIS LESSON AND WHAT WILL YOU DO ABOUT IT?
Students may not have responses to my introduction questions, therefore I will provide an example and prompt students to think.
Students may not understand the concept of opportunity cost, therefore I will provide the formal definition again, along with an example.
Students may not find items that they prefer in the catalog, therefore I will suggest them to shop for items for family members or others.
If I forget the magazines, I will instead have students draw pictures of items they want and then designate a list of general prices on the board. For
example, clothing $4, toys $5, food $3 etc.
If calculators do not work or cannot be provided, I will have students add the prices on paper.
If students reasoning for purchase is not logical, I will provide an example to the entire class.
Lesson Implementation Reflection

As soon as possible after teaching your lesson, think about the experience. Use the questions/prompts below to guide your thinking. Be thorough in your
reflection and use specific examples to support your insights.

I. How did your actual teaching of the lesson differ from your plans? Describe the changes and explain why you made them.

I had the awesome opportunity to teach my social studies lesson to two separate classes. Therefore, during the first class, through observation I made
sure to take notes on where specific components of my lesson needed to be adjusted. One thing that I observed during the catalog budgeting activity
was that students (mainly the boys) focused solely on cutting out fairly expensive items in a sports catalog. At this point in the activity, students were
unaware that they would be given a budget of $25.00; therefore I highly encouraged these students to begin picking items from another catalog where
items were less expensive. Although they were not thrilled, they followed my instructions and began picking more economically conscious items. In
result of this observation, for the following class I encouraged students to limit themselves to only two items in the sport catalog and to mainly focus on
the other catalogs provided. During the second class I also observed that many of the students were bargain hunters and only included items that were
less than $10. In response, I decided to change the budget amount for this class- lowering it to $20.00, instead of $25.00. Overall, I found it very
beneficial to have the opportunity to teach this lesson to two classes, allowing me to make adjustments so that this lesson was most effective as
possible.

II. Based on the assessment you created, what can you conclude about your impact on student learning? Did they learn? Who learned? What did they
learn? What evidence can you offer that your conclusions are valid?

After reviewing all forms of assessment used during this lesson, I was able to conclude that students really did have a firm grasp on my learning
objectives. By having them sort their personal economic choices and opportunity costs in a chart on that back of their construction paper, I was able to
check whether or not students truly understood the distinguishing factors. I also found their explanations as to why they made the choices they did to be
very valuable in evaluating student knowledge. Based on their reasoning, I was able to confirm that this lesson was in fact effective for all students.
During this lesson, students learned two key vocabulary words: economic choice and opportunity cost. Based on these words, they were able to
distinguish instances where these two words would be used. By having a budget during the catalog activity, students also learned that people have to
make choices because they cannot have everything they want; therefore all choices require giving up something else. Overall, the construction paper
each student worked on during the catalog budgeting activity provided me with valuable evidence making my conclusions valid.


III. Describe at least one way you could incorporate developmentally appropriate practice in a better or more thorough way if you were to teach this
lesson again.

If I were to teach this lesson again, one developmentally appropriate practice that I would enact in this lesson would be to have students write a letter to
either their parents, guardians, or friends about what they learned about making economic decisions. This letter prompt would include: the meaning of
both economic choice and opportunity cost, a reason for why we need to make economic decisions, an example of a decision they had to make and a
plan to save for those items that were once given up. This writing prompt completed by students will provide me with concrete information in
reference to individual student knowledge on this topic- therefore being a valuable indicator of students development as logical consumers.

IV. Based on the assessment data you collected, what would you do/teach next if you were the classroom teacher?
As stated previously in the Context of Lesson section, this lesson will have taken place at the end of the economics unit. Therefore, for the next class
I would prepare a review activity for the entire unit, making sure that all learning objectives for each SOL are addressed. I will be sure to include an
overall unit assessment during this review activity, making sure that there are no specific issues in student understanding that need to be addressed prior
to the final assessment of the unit.

V. As a result of planning and teaching this lesson, what have you learned or had reinforced about young children as learners?

Addressed in final paragraph below.

VI. As a result of planning and teaching this lesson, what have you learned or had reinforced about teaching?

Addressed in final paragraph below.

VII. As a result of planning and teaching this lesson, what have you learned or had reinforced about yourself?

After implementing this lesson plan I have learned that young learners are very quick and eager to process all information being taught to them.
Therefore, as a future educator, I have become aware that flexibility in all lesson plans is a must. I also learned that relating topics in social studies to
students personal experiences is most effective in fulfilling learning objectives. I have also learned that students have more fun when they are actively
engaged in learning rather than just listening to the teacher. I think that interactive learning is so important within the classroom, yet sadly something
that I see lacking in my practicum classroom due to a lack of time. Overall, this experience has taught me as a future teacher that I am able to think
on my toes when approached with an unplanned factor of a lesson. If I am able to think on the spot like I was able to do during my lesson plan, yet
still challenge the students, then I am positive that I am going to be the effective teacher that I aspire to be!

In sum, I learned. POWERFUL SOCIAL STUDIES NEEDS TO BE IMPLEMENTED IN ALL CLASSROOMS AND LESSONS IN ORDER TO
PROVIDE STUDENTS WITH MEANINGFUL LEARNING EXPERIENCES THAT THEY DESERVE! !