Market Economy

Teacher: Dora Casimir

Lesson
Week 1

Resources

Grade Level: 4

Objectives-target
skills
Given a product,
the learner will be
able to identify at
least 3 resources
that are needed to
create it.
The learner will be
able to categorize a
list of resources into
human, physical,
and natural
resources.

Week 2

Specializatio
n

Activities

The learner will be

able to describe at
least one example
each of a human
resource, physical
resource, and
natural resource
that are needed to
create a product
that they use in
their life.

Given a scenario
about the
production of a
product, the learner
will be able to
explain and justify

Introductions:
Introduce topic
of economics.
Create KWL+
Introduce word
wall & relevant
vocabulary
(capital,
resources,
goods, produce,
services, etc.)
Read Aloud The Goat in the
Rug
Students will
identify
resources
needed to
create the rug
on post-its, then
organize by type
of resource.
Exit Ticket
(Introduce
Learning
Journals)
Assembly line
simulation with
crayon boxes
individual vs.
specialization.

Materials

Individual KWL+
charts
Word Wall &
vocabulary cards
The Goat in the
Rug by Charles L.
Blood
Post-it Notes
Student Learning
Journals (1 per
student)

Crayon box with

crayons (one per
student)
Crayon color list
Timer

Content Area: Social Studies

Assessment
Discussion &
observations
Post-it note
resources (3+)
Resource
organization
activity
Exit ticket
Assessment
checklist

Discussion &
observations
Exit Ticket
Assessment
checklist

Reflection notes

how they could

increase the
productivity.

Week 3

Competition
& Decision
Making

The learner will be

able to describe, in
writing, how price
and one other factor
affects their
purchase decisions.

Group
Discussion
Which way was
more
productive?
Word Wall
(division of
labor,
specialization,
assembly line,
productivity)
Exit Ticket
Connect to last
week. How
could the
character in The
Goat in the Rug
increase
productivity?
Mock store
activity
Students will
shop for pencils
with different
prices/advertise
ments.
Quick Write
Group
Discussion/Wor
d Wall
(incentives,
decisions,
competition,
price, substitute
goods,
influence, etc.)
Introduce &
begin business
plan project

Word Wall &

vocabulary cards
Learning Logs

Various types of
pencils
(mechanical,
different colors,
etc.)
Advertisements
of various
effectiveness (i.e.
images vs text,
color vs. black &
white, etc.)
Price tags
Fake money
(equal amount
for each student)
Word Wall &
vocabulary cards
Learning Logs

Discussion &
Observations
Quick Write
Exit Ticket
Assessment
Checklist

Week 4

Circular Flow

After participating
in a circular flow
simulation, the
learner will be able
to engage in a
discussion in which
they identify at least
one element of the
relationship
between businesses
and households.

Week 5

Celebration!

The leaner will be

able to demonstrate
their understanding
of the market
economy concepts
covered throughout
the unit by creating
a business plan for a
product of their
choice. They will

product
brainstorming
Exit Ticket In
your opinion,
which pencil
business would
make the most
money and
which would
make the least?
Circular flow
market
simulation
Household &
Business
roleplay
Discussion &
Word Wall
(circular flow,
household,
business,
interactions,
labor, etc.)
Business plan
project Work
on creating &
finishing
business plans
Provide
students with
self-evaluation
checklist &
explain.
Students will
finish their
business plans if
they havent
already.

Certificate cards
for market
simulation
(money,
resources,
products)
Word Wall &
vocabulary cards
Business plan
outline (1 per
student)
Learning Logs

Discussion &
observations
Participation in
simulation
Business Plan
Assessment
checklist

Self-evaluation
checklist (1 per
student)
Business plan
outline (1 per
student)
Poster paper (1
per student)
Ad-making
materials:
Markers,

Discussion &
observations
Business Plan &
Advertisement
Self Evaluation
Assessment
checklist

explain and justify

the resources
needed, how they
will produce it, and
what they will price
it. They will create
an advertisement to
sell their product to
their classmates.

Students will
work on
creating their
advertisements
to present to
the group.
Students will
present their
advertisement
to the group
and attempt to
convince us to
buy it.

Reading Listening Writing Viewing Performing Speaking

construction
paper, glue, etc.
Learning logs

Planning a Unit of Study

Overview of the Unit

Unit Description:
During this unit, students will learn about market economy concepts. The unit will begin by exploring and categorizing all of
the different kinds of resources that go into making a single product. They will then move into learning about specialization and
assembly lines and how these affect the production of an item. Next, students will experience how price, advertisement, and other
characteristics influence their purchasing decision. Finally, students will perform a simulation that demonstrates the relationship
between households and businesses (circular flow). Throughout the unit, students will work on formulating a business plan and
advertisement for selling a product of their choice. This will act as their final project and assessment.
Unit Rationale:
Economics is often viewed as a scary term, but students experience economics every single day without realizing it!
Therefore, it is so important for students to understand the various economic decisions and factors that will play crucial roles in their
lives now and in the future. A great lead-in to this unit could be geography, as the first lesson in this unit covers resources. This unit
works to help students connect market economics concepts to their own lives by providing them with hands-on and meaningful
experiences. The business plan project will help show the relationship between the individual concepts covered in each lesson, as
well as allow the students to explore the concepts in relation to an area of interest.

Standards and Objectives of the Unit

Standards: List content standards (GLCEs) and language/literacy standards (CCSS) that you will use for the overarching concepts for
the unit.
C3 Framework:
D2.Eco.3.3-5. Identify examples of the variety of resources (human capital, physical capital, and natural resources) that are used to produce
goods and services
GLCEs (E1- Market Economy):
4 E1.0.3 Describe how positive and negative incentives influence behavior in a market economy.
4 E1.0.4 Explain how price affects decisions about purchasing goods and services (substitute goods).
4 E1.0.5 Explain how specialization and division of labor increase productivity (e.g., assembly line). (H)
4 E1.0.7 Demonstrate the circular flow model by engaging in a market simulation, which includes households and businesses and depicts the
interactions among them.

ELA CCSS:
CCSS.ELA-LITERACY.W.4.2 Write informative/explanatory texts to examine a topic and convey ideas and information clearly.
CCSS.ELA-LITERACY.SL.4.4 Report on a topic or text, tell a story, or recount an experience in an organized manner, using appropriate facts and
relevant, descriptive details to support main ideas or themes; speak clearly at an understandable pace.

Objectives: List the overarching measureable objectives for this unit (content and literacy). What do you want the students to know
and/or be able to do by the end of the unit?
The leaner will be able to demonstrate their understanding of the market economy concepts covered throughout the unit by creating a business
plan for a product of their choice. They will explain and justify, in at least 2-3 sentences, how they will approach each of the following categories:

the resources needed

how they will produce it
who will use it
what they will price it

The learner will be able to create an advertisement to sell their product to their classmates and present their advertisement to the group in an
attempt to sell their product. They will be able to include a visual of the product, and at least 2-3 features that would appeal to their audience.
When presenting to the group, the learner will be able to present their ideas at a clear and understandable pace.

Assessment(s): List how you will assess students for the unit objectives listed above.
The learner will create a business plan for a product of their choice. A rubric will be used to assess whether they successfully wrote 2-3
sentences on each of the following categories:

the resources needed

how they will produce it
who will use it
what they will price it

They will receive a value between 0-2, with 2 meeting the objective, 1 partially meeting the objective, and 0 not meeting the objective.
The learner will create an advertisement that attempts to sell their product to their classmates, and present it to the group. The advertisement
should include a visual of the product and include at least 2-3 features of the product that appeal to their audience.
The learner will present their ideas clearly and at an understandable pace during their oral presentation.
The learner will receive a + (exceeds), checkmark (meets), or (working toward) for these requirements.