Economics Unit Lesson Plan

Lesson Title: Lesson #3: How Pricing Affects the Purchasing of Goods
Grade: 4th grade
Teacher: Samantha Branz
Time Required: 50 minutes
Standard(s) Common Core State Standard (CCSS):

CCSS.ELA-LITERACY.RI.4.4 Determine the meaning of general academic and

domain-specific words or phrases in a text relevant to Economics.

CCSS.ELA-LITERACY.RI.4.9 Integrate information from two texts on the same topic

in order to write or speak about the subject knowledgeably.

Social Studies Grade Level Content Expectations (GLCE):

o 4 E1.0.4 Explain how price affects decisions about purchasing goods and services
(substitute goods).
o 4 E1.0.6 Explain how competition among buyers results in higher prices and
competition among sellers results in lower prices (e.g., supply, demand).
Language Arts Objective: The learner will be able to (LWBAT)

The LWBAT integrate information from multiple texts relating to food prices in order to
speak about the subject knowledgeably and make economical purchasing decisions.

Social Studies Objective:

The LWBAT explain how the price of an item affects the decisions about purchasing

goods and services.

The LWBAT explain how competition among buyers results in higher prices and
competition among sellers results in lower prices.

Assessment: -/check/+

Students will be assessed on participation in activities.

Students will be assessed on the learning log response (Level I).
o How does the price of an item affect if people will buy it?

Key Vocabulary (Academic/Content)-Budget

Consumers
Demand
Economics
Expenses
Shortage
Supply

Materials
1 Word Wall per student
1 Student Binder per student (with loose
leaf paper for learning log)
1 pencil per student
Flyers from grocery stores
Flyer Food Search record sheet
Toy store inventory

Anticipatory Set (Getting Started):

1. Before we get to todays activities, I would like to review what we learned in the last
class. In the last class we learned about supply and demand. For those of you who were
absent, please add these words to your word wall as we go along.
a. Supply is the amount of a good or service that producers are willing and able to
offer for sale.
b. Demand is the amount of a good or service that a buyer is willing and able to buy.
2. Review the Supply and Demand See-Saw from lesson 2. Supply and demand affect the
price of an item. When demand is high the price of an item rises. Also, when demand
increases, supply decreases. When the demand for an item falls, supply rises. The lower
demand also makes the price of the item fall.
3. We also went over the term shortage in the last class.
a. A shortage is when there is a high demand for an item, but there arent enough to
go around.
b. Can someone give me an example of a shortage? (5 minutes)
Lesson Sequence:
1. Today we will be learning how the price of an item can affect whether a consumer will
purchase it.
a. A consumer is a person who uses goods and services to satisfy their personal
needs.
b. To purchase something is to buy it.
2. I have here a packet of flyers for each of you from various grocery stores from the area.
You will have to create a whole days meals from the items you find in these flyers. There
are a variety of items and some are cheaper than others. You will have to buy your one
day supply of food without going over your budget.
a. A budget is a spending plan for a given time period.
b. I will be giving you a budget of $30 for this activity.
c. I would like you all to read the directions for the activity silently. Raise your hand
if you have any questions.
d. Go ahead and talk to your neighbors and find out what you need to make certain
things. I will be here to help you as you go along as well.

3. Questions:
a. What type of meal are you creating now?
i. Ideas: Quesadillas, Mac and Cheese, Spaghetti, Steak and potatoes, Cereal
b. Do you need something else to prepare this?
i. Box cake needs vegetable oil and eggs (no eggs on any flyers, so cant
ii.
iii.
iv.
v.

make it)
No jelly for PB&J either
Hot dogs need buns.
Mac and cheese needs milk and butter to be prepared.
Meals with meat (chicken, steak, pork, fish) need to have a side such as

potatoes or rice as well as a vegetable side.

vi. Can use egg noodles as a good for spaghetti noodles in flyer for spaghetti.
c. How much of your budget is left?
d. Were you able to find a substitute good to replace this good?
i. A substitute good is a good that is used in place of another good with
little to no difference in outcome. (generic milk verses name brand milk)
e. Could you use these same ingredients in another meal to save money? (For
example, milk in cereal, mac & cheese, and to drink as well.)
4. Whole group: Did some of the prices make you choose other more reasonably priced
foods?
5. Earlier I used the term substitute good. Many of you found that there are a lot of
substitute goods in these flyers. For example, there are many different cuts of meat, types
of fish, and types of bread. At some stores they have their own generic line of foods that
are meant to be cheaper substitute goods. The lower price appeals to buyers and many
buyers buy the cheaper item because it is more economical. You may even see substitute
goods in our class store. (25-30 minutes)
Exploring/Extending:
1. There will a variety of toys supplied in the class store. These items were chosen based on
the demand that was shown on our store stock poster. What is in stock is what you are
able to buy.
2. Over the next few weeks as items are bought, new items will begin to be sold.
3. The prices of items are determined by the color sticker that appears on the item.
a. Red Star = 1 dollar
b. Blue Star = 2 dollars
c. Silver Star = 3 dollars

d. Green Star = 4 dollars

e. Gold Star = 5 dollars
f. Two Gold Stars = 10 dollars

4. I will be the entrepreneur in charge of the store for the next few weeks and then you all
will have the chance to take over the store. This will give you the chance to be both a
consumer and an entrepreneur.
5. Everyone will have a chance to look at the merchandise for a few minutes before I will
allow you to buy anything.
6. If there is a high demand for an item that has already been purchased, you can sign up on
a waiting list.
7. If there is a substitute good for the item you wanted, you will not have the chance to sign
up for on the waiting list. The substitute item is what is for sale.
8. Some items will require you to save your money to buy them the next week. (4 minutes)
9. Closure:
1. Before I open the store I would like you to fill out your learning log. (3 minutes)
a. How does the price of an item affect if people will buy it?
2. Next week we will be working on creating toy advertisements.
3. This week your allowance is 20 store dollars. Store your money in your wallet. (1
minute)
4. Open the store and explore for the remaining class time! Scaffold purchasing by using
proper vocabulary with the students.
10.
11. Adaptations for Diverse and Special Needs:
12.
Students with cultural differences can be incorporated into the lesson by choosing meals
they eat at home in place of other given suggestions.
13.
14.

15.Name ____________________

16.

Flyer Food Search

17.You have set of flyers from local grocery stores and need to decide what to
buy for breakfast, lunch, and dinner. Look through the flyers and think of
something good to eat from the food you see in the flyers. You can only buy
items with prices next to them. You also need to stay within your budget of
$30! Spend wisely!
You need something to drink at your meals. Your drink for breakfast needs
to be different than your drink for lunch and dinner (which can be the same).
Some foods require you to buy more items to prepare them!
Make sure you subtract the price of your items from your budget as you go
along. Use another piece of paper to record the item and price before you
record it here as one of your meals.
If you decide on a meat for dinner, dont forget the side dishes!
18.

19.Breakfast:
20._____________________________________________________________
_____
21. _____________________________________________________________

_____

22. _____________________________________________________________

_____
23. _____________________________________________________________

_____
24._____________________________________________________________
_____________________________________________________________
__________
25.Lunch:
26._____________________________________________________________
_____
27. _____________________________________________________________

_____
28. _____________________________________________________________

_____
29. _____________________________________________________________

_____
30._____________________________________________________________
_____________________________________________________________
__________
31.

32.Dinner:

33._____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
______________________________
34.