Unit Plan: The Market Economy

Lesson Plan for Friday

Grade: 5th
Social Studies Strand: Economics
Submitted By: Aaron Clay


EDEL 453: Teaching Elementary School Social Science
Nevada State College Spring 2014
Instructor: Karen Powell
Lesson Plan for Friday Strand: Economics submitted by: Aaron Clay

Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 2
B. Summary of the Lesson Plan:
This lesson will focus on how fluctuations in supply and demand can affect the price of a
good or service. I will use the global reduction of Cacao trees as an example of how a
reduced supply of chocolate results in a higher price, graphs and data sheets will be
provided on this subject.
C. Basic Information:
Grade Level: 5th grade
Time to Complete this Lesson: 50 minutes
Groupings: Whole class lecture, whole class discussion, and individually for written
assessment
D. Materials:
Percentage of current Cacao trees that are old growth and are nearing the end of
their lifespans.
Data showing the conversion of old Cacao plantations to farms dedicated to foods for
local populations
Data sheets demonstrating greater demand for chocolate from developing nations
such as China and India
A graph showing declining chocolate supplies correlated with a rising demand and
price
Lesson Plan for Friday Strand: Economics submitted by: Aaron Clay

Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 3
Pencils
Paper
SmartBoard
Cacao beans
Vocabulary sheet
A Nutella container
E. Objectives:
o NV State Social Studies Standards
E9.5.5 Demonstrate an understanding of supply and demand in a market.
o Student-Friendly Standards
I can explain how supply and demand affect my decisions when I want
to buy or sell something.
Lesson Plan for Friday Strand: Economics submitted by: Aaron Clay

Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 4
F. Vocabulary
Supply: The availability of a good or service that is able to be purchased or used.
Demand: The need or desire for a good or service or a quantity wanted at a specific
period in time.
Market: The interaction of supply and demand which determines the price of a good
or service at a specific time.
Price Effect: How a change in value or price affects whether or not people will buy a
good or service
Marginal Utility: The satisfaction or benefit of buying more of a good or product.
Diminishing Marginal Utility: The point at which buying more of a good no longer
provides satisfaction or benefit.
Profit Motive: The ability to earn money as the reason to produce a good or product.
Substitute Good: A different good that partly satisfies the needs of a preferred good.
Complementary Goods: Goods that are used in conjunction with each other so that a
price change in one good will affect the other.
Income Effect: A change in peoples income that results in a change in demand for a
good or service.
Cacao Tree: The tropical tree that produces seeds that are used to make cocoa,
chocolate, and cocoa butter.
G. Procedure:
1. I will begin the class discussion by asking if any of the students has noticed an increase
in the price of chocolate candy or if theyve heard their parents talk about it.
2. Next I will ask the students to call out their favorite types of chocolate candy and I will
write them on the board.
3. I will then ask the students if any of them knows what plant chocolate comes from. If
none of the students can answer I will tell them its the Cacao tree and show them the
Cacao seeds. I will explain that these seeds are used to make chocolate.
4. I will ask the students how long they think the Cacao tree lives. 60 years for a cultivated
tree and about 100 years for one growing in a rainforest are the correct answers. I will
explain that the decrease in rainforests and the old age of trees on plantations means
that there is less Cacao beans being produced each year while demand increases.
5. I will show the students data sheets that show how many of the Cacao tree on
plantations are becoming too old to produce seeds and that in many countries
plantations are converted to farms for immediate food production.
6. Next I will show on the SmartBoard how China and India have purchased more
chocolate due to greater demand in their countries as a result of personal income
rising. While global demand for chocolate has increased, supply has been reduced,
which in turn affects price. I will then ask the students at what price would they stop
buying their favorite chocolate candy. As the students answer I will ask So if the
Lesson Plan for Friday Strand: Economics submitted by: Aaron Clay

Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 5
chocolate price goes up while the amount of money you have stays the same, at
some point you will not buy chocolate candy on a regular basis?
7. I will bring out the container of Nutella and tell the class that this product was invented
because of a chocolate shortage in France during WWII. Demand was high for
chocolate but because of the war supply was extremely limited. Hazelnuts were
ground up with cocoa butter, chocolate, and cocoa flour to help make a chocolate
spread to satisfy the demand for chocolate. Nutella became a substitute good for the
French and is now used there today in the same way we use peanut butter. Since not
every French citizen could afford chocolate during WWII Nutella helped satisfy the
demand in part.
8. I would finish the lesson with a question that I want the students to answer on paper.
As demand for chocolate increases while supply drops or remains constant how
would this affect your willingness to buy chocolate candy? Describe in your own words
how supply and demand can influence how you buy something like chocolate.
H. Assessment:
What will you use to measure student understanding?
I will use the two part question that each student will answer. Essentially the students
should write something similar to this: I wont buy chocolate if the price is too high! Too
much demand with not enough supply increases the price.
Explain how you will know students understand the concepts from the lesson.
Im using a good every student is familiar with and young students have very limited
monetary resources. Ill know they get the standard if they realize that there is a point
where theyd rather keep their money than spend it on expensive chocolate. Also if
the student is able to simply how supply and demand affects them personally when
the want to buy something then full comprehension is indicated.
I. Closure:
Ok, today class we learned about supply and demand as well as how these two
factors can influence our decision to buy something like chocolate.
J. Reflection:
1. Which part of the lesson do you think will be the easiest for you to teach?
Getting the students interested in the chocolate supply as well as the demand for it
will be extremely easy.
2. Which part will be most challenging for you to teach?
Actually getting the students to understand how the interaction of supply and
demand influence our decisions to buy something might prove challenging.
3. How will you follow up or extend this lesson?
Lesson Plan for Friday Strand: Economics submitted by: Aaron Clay

Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 6
I would follow up this social studies lesson with a math lesson that integrates Cacao
trees, chocolate production, and chocolate sales into its calculations. I would have
the math lesson reinforce supply and demand through mathematical proof.
4. What can you do for students who dont grasp the concepts?
For this lesson I would have to have a simplified version for students who would
struggle. Also a tangible reward such as a chocolate bar might be an incentive to
prevent off-task behavior which is often what prevents learning.
5. Which part of the lesson, if any, do you think might need to change?
I might need to simplify it by reducing the vocabulary as well as the number of steps
in the procedure.
6. When you were writing this lesson plan, what was the most difficult part?
I first learned about supply and demand in high school, so putting in context for a
5
th
grader was the most challenging part. Usually taking a broad complex issue and
simplify it for students is a significant challenge.