Unit of Study:

Economics Where Does All The Money Go?

Cypress-Fairbanks Independent School District

Integrated Social Studies, Grade 3

Grade 3 – Unit 8

Week at a Glance

Week Instructional Focus Reading Workshop Writing Workshop

1

Economic Concepts: Earning,

Spending, Saving, Donating, Budget

(6A,B)

IRL begins, Social Issues

Book Club

Social Issues Book Club

Expository

2

Free Enterprise System Vocabulary (7B)

Scarcity (7A, 7B)

Free Market (7C)

Expository

EOY DPM Writing

3 & 4

Free Enterprise System: Simple Business

(8A, 8B, 8C, 8D)

Book Club

Drama

EOY Revising &

Editing DPM, Needs

Based Lessons,

Book Trailers

5

Free Enterprise System: Entrepreneurs

(8E)

Drama Book Trailers

6 Technology Project (in iXplore)

GENERAL INFORMATION TEACHER NEEDS TO KNOW

The lessons in this unit are geared toward the 3rd grade TEKS. Teachers are

encouraged to modify these activities as needed and choose resources that best fit

their needs. INSS objectives should be visible. In the Unit Overview, the Bloom’s verbs

have been underlined and critical skills have been color-coded.

Vocabulary & current events resources are located in iXplore in INSS Resources.

Lessons should be integrated into the reading/writing workshop schedule during the

following times; poetry, read aloud with accountable talk (20 minutes), independent

reading and writing, group or share time. See the suggested schedule in iXplore.

You can access Journey’s materials through the Think Central website. Some

examples of materials you can use for read a-louds include; the student e-book,

leveled readers, vocabulary readers, decodable readers, and the write-in reader.

Studies Weekly Free Trail – www.estudiesweekly.com – This site has some great

resources to use for integrated social studies. (username: TXteacher, password:

demo)

Grade 3, Unit 8, Draft April 2014 Page 1

Grade 3 - Integrated Social Studies Curriculum

Unit 8: Economics Unit Length: 4 Weeks Conceptual Lens: Economics

Social Studies TEKS: 3.6(A) identify ways of earning, spending, saving, and donating money

3.6(B) create a simple budget that allocates money for spending, saving, and donating

3.7(A) define and identify examples of scarcity

3.7(B) explain the impact of scarcity on the production, distribution, and consumption of goods

and services

3.7(C) explain the concept of a free market as it relates to the U. S free enterprise system

3.8(A) identify examples of how a simple business operates

3.8(B) explain how supply and demand affect the price of a good or service

3.8(C) explain how the cost of production and selling price affect profits

3.8(D) explain how government regulations and taxes impact consumer costs

3.8(E) identify individuals, past and present, including Henry Ford and other entrepreneurs in the community

such as Mary Kay Ash, Wallace Amos, Milton Hershey, and Sam Walton, who have started new businesses.

Unit Overview: Students will identify the role of the U.S. free enterprise system and understand that this system may also be

referenced as capitalism or the free market system.

Literature Selections: Teachers may choose a variety of literature for the read aloud selections to develop students’ understanding of

the social studies concepts. See Appendix A for suggested literature selections.

Grade 3, Unit 8, Draft April 2014 Page 2

Economic Concepts Overview: Week 1 Enduring Understandings/Generalizations Guiding/Essential Questions

The student understands the purposes of

earning, spending, saving, and donating

money.

Why do people need to earn money?

How do people earn money (physical & mental labor in exchange for money)

Do you get an allowance at home?

What do you do with money you have earned? How do you spend it?

Why is it important to save money?

Why is it important to donate money to worthy causes?

Have you ever benefited from someone donating their money?

What is a budget and why is it helpful?

How can you use a budget to help you with your earnings?

Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions

use primary and secondary sources to gain information about a topic

understand key vocabulary terms

identify ways of earning, spending, saving, and donating money

create a simple budget that allocates money for spending, saving, and donating

Grade 3, Unit 8, Draft April 2014 Page 3

Instructional Resources: Week 1 Teacher Materials Teacher Notes Assessments (%) Technology

Horizons Textbook (Unit 6)

pp. 418-419: How People Earn &

Use Money

p. 420: Spending Money

p. 421: Saving and Sharing Money

pp. 424-427: Saving Money

pp. 430-433: Making a Budget

pp. 436-441: People Who Share

Appendix A – Suggested Literature

Appendix B – Economic

Vocabulary Graphic Organizer

Appendix C – Lyrics to Where The

Money Goes

Appendix D – Modified Budget

Activity

Economics Foldables - iXplore

Budgeting Activity – iXplore

Dragons Decide: Lesson III – an

economic activity book with

lessons and printable activity

sheets-iXplore

See suggested Kidbiz

articles for this unit on p. 14.

Read Aloud discussion and

participation

Written Response to guiding

questions

Written response to

independent reading

Anchor chart participation

Economic Vocabulary

Graphic Organizer

Budgeting Activity

Schoolhouse Rock: Where

The Money Goes (3:25)

Government Website:

http://www.kids.gov/k5/k_

5_money.shtml

How to Earn Money for

Kids:

http://www.wikihow.com/

Earn-Money-(for-Kids)

Social Studies Online

Secret Millionaires Club –

video series developed by

Warren Buffet

Scholastic Economics

Grade 3, Unit 8, Draft April 2014 Page 4

Economic Concepts Pacing Guide: Week 1 Monday Tuesday Wednesday Thursday Friday

Vocabulary Read Aloud Read aloud/Ind. Reading Read Aloud/Ind. Reading/Writing

Focus: Unit Introduction

Teachers create an anchor

chart or projectable image to

resemble Appendix B.

Have students recreate it in

their ISN or print a copy of

Appendix B for each student.

Have students jot down what

they think each of the

vocabulary terms mean.

Suggested Terms:

Earning – income or money

people earn for the work

they do

Spending-money a person

uses to buy goods and

services. It can be spent on a

want or a need.

Savings-money that you put

away to use later

Donating-sharing money

with a person or a good

cause

View the Schoolhouse Rock

video, Where the Money

Goes.

As the students view the video,

have them revisit the graphic

organizer, check their

definition, and jot down

examples from the video.

Focus: Earning & Spending

Conduct a read aloud

using Horizons textbook

pages 418-420 or a

selection from Appendix A

about earning and

spending money.

During the read aloud,

focus on the guiding

questions from the lesson.

Have students turn and

talk about possible

predictions and answers to

the questions. (%)

Students may also stop

and jot answers to the

guiding questions in their

ISN. (%)

Revisit the graphic

organizer from Monday

and add any additional

examples or information.

Teachers may choose to

enhance the lesson by

using a link or video from

the Technology section.

Focus: Saving & Donation

Conduct a read aloud

using Horizons textbook

page 421 or a selection

from Appendix A about

saving and donating

money.

During the read aloud,

focus on the guiding

questions from the lesson.

Have students turn and

talk about possible

predictions and answers

to the questions. (%)

Students may also stop

and jot answers to the

guiding questions in their

ISN. (%)

Revisit the graphic

organizer from Monday

and add any additional

examples or information.

Teachers may choose to

enhance the lesson by

using a link or video from

the Technology section.

Students can use Horizons

textbook pages 424-427

as independent reading

to practice reading

workshop skills.

Focus: Simple Budget

Conduct a read aloud using

Horizons textbook Horizons textbook

pages 430-433 or a selection from

Appendix A about making a

budget.

During the read aloud, focus on the

guiding questions from the lesson.

Have students turn and talk about

possible predictions and answers to

the questions. (%)

Students may also stop and jot

answers to the guiding questions in

their ISN. (%)

Revisit the graphic organizer from

Monday and add any additional

examples or information.

Teachers may choose to enhance

the lesson by using a link or video

from the Technology section.

Students are to create their own

budget for earning, spending, saving

and donating money using the

Budgeting Activity in iXplore.

Teachers should adjust the lesson to

fit the students. (%)

Grade 3, Unit 8, Draft April 2014 Page 5

Free Enterprise System Overview: Week 2 Enduring Understandings/Generalizations Guiding/Essential Questions

The student understands the concept of the free

enterprise system.

What makes something valuable and scarce?

What benefit does a product have that makes it scarce?

Who or what becomes harmed as more and more items are destroyed and

become scarce?

When a good, service, or natural resource becomes more and more scarce,

what happens to the price?

How do you solve a scarcity problem?

Is scarcity actually good for business?

Questions for The Lorax

What type of resource were the Truffula trees?

What were the Thneeds were made from?

Why did consumers love Thneeds so much?

What kind of resource was the Super-Axe-Hacker?

Toward the end of the story, what happened to all of the Truffula trees?”

Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions

use primary and secondary sources to gain information about a topic

understand key vocabulary terms

define and identify examples of scarcity;

explain the impact of scarcity on the production, distribution, and consumption of goods and services

explain the concept of a free market as it relates to the U. S free enterprise system

Grade 3, Unit 8, Draft April 2014 Page 6

Suggested Terms:

Free Enterprise – p. 371 in Horizons textbook

Free Market- an economic market operating by free competition

Scarcity – when a product

Want – an item that is not needed for survival

Need – an item that is necessary for survival

Review from 2nd Grade

Producer- a person who makes and sells a product

Production-the making of a product

Consumer- a person who buys a product or service

Consumption-when a product is used by a consumer

Good-a tangible product

Service- The action of helping or doing work for someone

Instructional Resources: Week 2 Teacher Materials Teacher Notes Assessments (%) Technology

Horizons Textbook

pp. 402–405: Free Enterprise

pp. 406-411: The World

Marketplace

Appendix E -Scarcity

definition, example, and song

Appendix F-Scarcity Graphic

Organizer for read aloud.

Dragons Decide: Lesson I – an

economic activity book with

vocabulary activities, lessons,

and printable activity sheets-

iXplore

Freedom is the principle on

which the United States was

founded. Freedom is also the

cornerstone of the American

economic system or free

market. In this system,

individuals must make

economic choices in an effort

to satisfy their needs and

wants.

Read Aloud discussion and

participation

Written Response to guiding

questions

Written response to

independent reading

Anchor chart participation

Vocabulary Graphic

Organizer of Foldable

Decision Card activity

Scarcity Graphic Organizer

Understanding Scarcity.

Discovery Education

Amazon search for

economics books for kids

Social Studies Online

BrainPOP: Supply & Demand

– this is not a free video, but

the information page is

useful.

Secret Millionaires Club –

video series developed by

Warren Buffet

Scholastic Economics

Grade 3, Unit 8, Draft April 2014 Page 7

Free Enterprise System Pacing Guide: Week 2 Monday Tuesday Wednesday Thursday Friday

Vocabulary Read Aloud Read Aloud Think Aloud Current Events

Focus: Economic

Concept Review

Teachers will build

background knowledge

by reviewing certain

economic vocabulary

terms with the students

from 2nd grade.

Create the following

anchor chart. Have

students recreate the

chart in their ISN or

create a foldable to take

notes. Leave blanks for

other terms discussed this

week.

Producer

Consumer

Production

Consumption

Goods

Services

Want

Need

Have students jot

down what they think

each of the

vocabulary terms

mean (%).

Focus: Scarcity, What is it?

Ask students what they think the term “scares” means.

Use Appendix E to introduce the term. This appendix

explains what scarcity is and gives an example. It also

includes a song that can be displayed in the classroom.

Have students turn and talk to discuss other examples of

scarcity. As a class, come up with a giant list of goods

or services that can be scarce. All students will be

encouraged to participate. At this point, the teacher

should emphasize that people have to make important

“economic choices” because resources and goods can

sometimes be scarce.

Add the word scarcity to their vocabulary graphic

organizer.

Teachers can also use Dragons Decide: Lesson I in

iXplore. The Decision Cards on p. 12-13 are a great

assessment activity. Give partners a card and have

them decide which option to choose and why? This can

also be done as an independent writing activity (%).

Focus: How Scarcity Effects Production, Distribution, and

Consumption

Create or display the graphic organizer in Appendix F.

Conduct a read aloud using The Lorax by Dr. Seuss or

another selection from Appendix A. During the read

aloud, stop at key points in the story and have students

turn and talk about the scarcity of the product and how

it affected the way it was produced, consumed, and

distributed to consumers in the story (see guiding

questions section).

Focus: Free Market System

Ask the students to define

the words “free” and

“market”.

Explain that a free market

system is a system where

producers are free to sell

what they want at the

price they want and

consumers are free to

purchase what they want

without any interference

from the government.

Conduct a read aloud

using Horizons textbook

pages 402–405 or a

selection from Appendix A

During the read aloud,

focus on the guiding

questions from the lesson.

Have students turn and

talk about possible

predictions and answers to

the questions. (%)

Students may also stop

and jot answers to the

guiding questions in their

ISN. (%)

Teachers can

continue a

previous lesson

or have

students

participate in a

current event

activity.

Bring in current

articles about

items that may

be scarce and

have students

comment.

Items are

usually scarce

during a

hurricane or

natural

disaster.

Students could

discuss what

items may be

in high

demand and

why.

Grade 3, Unit 8, Draft April 2014 Page 8

Simple Business Overview: Week 3 & 4 Enduring Understandings/Generalizations

The student understands how businesses operate in the U.S. free enterprise system.

Guiding/Essential Questions

How does a simple business operate?

In the American free enterprise system, people can choose what to produce, how to produce, how much to produce, and for whom to

produce with little government interference, taking advantage of principles of economic freedom, voluntary exchange, private property, and

the profit motive To start a business, a potential business owner first identifies goods and services needed in the community and gauges

whether there is a large demand for a particular good or service and determines a process for offering the good or service to the community.

If demand is high and of appropriate quality, the business pays production costs and labor costs, leaving a profit. Supply of raw materials and

demand goods and services are interdependent principles that affect cost, price, and profit.

How does supply & demand affect the price of goods and services?

High supply, low demand = lower prices (e.g., the seller has to get rid of the product before it goes bad; if you overproduce a game or toy

that nobody is interested in, the supply will be and the demand (market) is low, you will lower the price of the game to entice buyers)

Low supply, high demand = higher prices (e.g., people want the product before it can be made so the price rises for those who want the

product; the price of a popular toy rises as demand rises. Also, production has to increase so more people have jobs.)

How does production, selling price and other factors affect the profits?

With demand stable, if cost of production goes up, the difference (profit margin) shrinks

With demand stable, if production costs go down, the difference (profit margin) widens

Depending on the cost of production, the selling price may go up or down, in turn affecting profit

Demand for the good or service also affects price which in turn affects profit

If it costs more to produce a good, the selling price has to go up to cover costs. If demand stays the same, profit margin will decrease.

If it costs less to produce a good, the selling price could stay the same if the market supports that price. Then, profit margin will increase.

If the market price changes, adjustments may need to be made in cost of production to remain competitive.

How do government regulations and taxes impact consumer costs? Taxes are added to the costs of goods and services, increasing

their overall cost to consumers. Government regulations set tax rates, set procedures requirements (building inspections, safety requirements),

which costs are included when determining production costs, and setting prices consumers pay.

Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions

use primary and secondary sources to gain information about a topic

understand key vocabulary terms

identify examples of how a simple business operates

explain how supply and demand affect the price of a good or service

explain how the cost of production and selling price affect profits

explain how government regulations and taxes impact consumer costs

Grade 3, Unit 8, Draft April 2014 Page 9

Instructional Resources: Week 3 & 4 Teacher Materials Teacher Notes Assessments (%) Technology

Horizons Textbook:

pp. 394 -398: How a Business

Works

pp. 402-403: Supply &

Demand

pp. 88-89:

Appendix G – Supply &

Demand Comic

Appendix H – Income &

Expense Report

Appendix I – Profit Poem

Unit 8 Review - iXplore

Read Aloud discussion and

participation

Written Response to guiding

questions

Written response to

independent reading

Anchor chart participation

Profit activity

Unit 8 Review PPT

Teaching Kids Small Business

Skills

15 Ways to Teach Kids about

Money

Social Studies Online

Social Studies for Kids

Secret Millionaires Club – The

High Cost of High Demand

video series developed by

Warren Buffet

Scholastic Economics

Grade 3, Unit 8, Draft April 2014 Page 10

Simple Business Pacing Guide: Week 3 Monday Tuesday Wednesday Thursday Friday

Vocabulary Read Aloud Vocabulary Read Aloud Current Events

Teacher can

conduct activities

using suggested

vocabulary words

to build

background

knowledge.

Suggested Terms:

Simple Business -

an organization

involved in the

trade of goods,

services, or both

to consumers

Focus: How a Simple Business

Operates

Brainstorm a list of business in the

community.

Conduct a read aloud using

Horizons textbook pages 394-398

or a selection from Appendix A.

During the read aloud, focus on

Guided /Essential Question 1.

Have students turn and talk

about possible predictions and

answers to the questions. (%)

Students may also stop and jot

answers to the guiding questions

in their ISN. (%)

Teachers may choose to

enhance the lesson by using a

link or video from the

Technology section.

Teacher can

conduct activities

using suggested

vocabulary words

to build

background

knowledge. Have

student create a 2-

tab foldable

Suggested Terms:

Supply- how

much of a good

or service is

available

Demand-how

much

consumers want

to purchase a

good or service

Focus: Supply & Demand

Explain to students when supply is

high and demand is low, the price

goes down. When the supply is

low and the demand is high, the

price goes up.

Teachers can use Appendix G

(comic) as an introductory

activity.

View the video The High Cost of

High Demand

Revisit pages 402-403 from the

Horizons textbook.

During the read aloud, focus on

Guided /Essential Question 2.

Have students turn and talk about

possible predictions and answers

to the questions. (%)

Students may also stop and jot

answers to the guiding questions

in their ISN. (%)

Teachers can

continue a

previous lesson

or have

students

participate in a

current event

activity.

Grade 3, Unit 8, Draft April 2014 Page 11

Simple Business Pacing Guide: Week 4 Monday Tuesday Wednesday Thursday Friday

Vocabulary Read Aloud Vocabulary Read Aloud Current Events

Teacher can conduct

activities using suggested

vocabulary words to

build background

knowledge.

Students may create a

graphic organizer or a

foldable to organized

notes.

Suggested Terms:

Cost of Production-

the cost of materials

plus labor plus

business expenses

Selling Price- the

difference between

the cost of production

and the selling price is

the profit

Profit- money that is

left over after all

expenses have been

paid (p. 396)

Focus: How the cost of

production and selling price

affect profits

Explain to students that

most people go into

business to make money.

The money they get to

keep after all the

expenses are paid is

known as a profit.

Teachers can use the

poem in Appendix G as a

lesson intro or wrap-up.

Use the information in

Appendix H and have

student figure out how

much profit the lemonade

stand made by adding up

the money made on sells

and subtracting the

expenses. (%)

What would happen if

they raised the price of his

lemonade?

How could they lower

costs?

Teacher can conduct

activities using

suggested vocabulary

words to build

background

knowledge.

Suggested Terms:

Regulations-laws

Tax- collected to

pay for community

services such as

schools, roads, law

enforcement, fire

protection, and

emergency

services

Focus: How Government

Regulations and Taxes

Impact Consumer Costs

Explain to students that

laws that the government

pass and the taxes a

business has to pay affects

how much consumers pay

for goods & services.

Conduct a read aloud using

88-89 in the Horizons

textbook to build schema

about taxes that are

collected.

During the read aloud,

focus on Guided /Essential

Question 4. Have students

turn and talk about possible

predictions and answers to

the questions. (%)

Students may also stop and

jot answers to the guiding

questions in their ISN. (%)

Teachers may choose to

enhance the lesson by using

a link or video from the

Technology section.

Teachers can

continue a

previous lesson

or have students

participate in a

current event

activity.

Teachers can

use the Unit 8

Review as a

wrap-up activity

or an assessment

for students. (%)

Grade 3, Unit 8, Draft April 2014 Page 12

Entrepreneurs Overview: Week 5 Enduring Understandings/Generalizations Guiding/Essential Questions

The lives of heroic men and women who made important

choices, overcame obstacles, sacrificed for the betterment

of others, and embarked on journeys that resulted in new

ideas, new inventions, new technologies, and new

communities.

What is an entrepreneur?

What qualities do you notice about the successful entrepreneurs?

Why do you think the entrepreneurs were successful?

What qualities do you share with these successful entrepreneurs?

Students will . . . participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questions

use primary and secondary sources to gain information about a topic

understand key vocabulary terms

identify individuals, past and present, including Henry Ford and other entrepreneurs in the community such as Mary Kay Ash,

Wallace Amos, Milton Hershey, and Sam Walton, who have started new businesses.

Instructional Resources: Week 5 Teacher Materials Teacher Notes Assessments (%) Technology

Horizons Textbook

pp. 372-375: Henry Ford’s

Dream

pp. 378-383: Henry Ford Makes

a Product

Appendix J– Small Business

Poster

Appendix K - Henry Ford Bio

Appendix L - Milton Hershey

Bio

3rd Grade Biographies - iXplore

Enrichment Activity: Divide the

class into 5 groups. Assign each

group a businessperson. Have

them add to their notes by

conducting research on that

entrepreneur. This research can

be turned into a paper/pencil

poster or a multi-media poster

to share with the class.

Read Aloud discussion and

participation

Written Response to guiding

questions

Written response to

independent reading

Anchor chart participation

Small Business Poster

Biography Sites

Mary Kay Ash

Henry Ford (also in Spanish)

Wallace Amos

Milton Hershey

Sam Walton

Grade 3, Unit 8, Draft April 2014 Page 13

Entrepreneurs Pacing Guide: Week 5 Monday Tuesday Wednesday Thursday Friday

Holiday Read Aloud Read Aloud

Focus: Henry Ford

As a class, discuss the concept of entrepreneurship.

Allow students to make predictions about what the term

means.

Entrepreneur - an individual who organizes and

operates a business or businesses

Conduct a read aloud using Appendix J, the 3rd grade

biography of Henry Ford, Horizons textbook pages 372-

375 or a selection from Appendix A about Henry Ford.

During the read aloud, discuss certain character and

business traits entrepreneurs display.

Have students turn and talk about possible predictions

and answers to the questions. (%)

Students may also stop and jot answers to the guiding

questions in their ISN. (%)

Teachers may choose to enhance the lesson by using a

link or video from the Technology section.

Students can use textbook pages 378-383, independent

reading to practice reading workshop skills.

Focus: Mary Kay Ash, Wallace Amos, Milton Hershey, Sam

Walton

Teacher can choose to concentrate on one of the

entrepreneurs listed above.

Conduct a read aloud using the 3rd grade biography,

Horizons textbook, or a selection from Appendix A.

During the read aloud, discuss certain character and

business traits entrepreneurs display.

Have students turn and talk about possible predictions and

answers to the questions. (%)

Students may also stop and jot answers to the guiding

questions in their ISN. (%)

Teachers may choose to enhance the lesson by using a link

or video from the Technology section.

Grade 3, Unit 8, Draft April 2014 Page 14

Suggested KidBiz Articles for Unit 8

Grade 3, Unit 8, Draft April 2013 Appendix A

Topics Suggested Literature

Time for Kids Readers Kids Making Money

There are activities on pp. 61-64 of the Time For Kids Teacher’s Edition

Earning, Spending,

Saving, and Donating

Money

Simple Budget

Supermarket, Kathleen Krull

A Chair for my Mother, Vera B. Williams

The Giving Tree, Shel Silverstein

Jennie’s Hat, Keats, Erza Jack

Katy and the Big Snow, Burton, Virginia Lee

My New York: New Anniversary Edition& Holiday Edition, Katy Jacobsen

Pigs Go to Market, Amy Axelrod

Rumpelstiltskin’s Daughter, Diane Stanley

To Market, To Market, Anne Miranda

How to Make a Budget

Scarcity

The Lorax, Dr. Seuss

The Doorbell Rang, Pat Hutchins

Bringing the Rain to Kapiti Plain, Verna Aardemo

Getting’ Through Thursday, Melrose Cooper

One Grain of Rice: A Mathematical Folktale, Demi

Reuben and the Quilt, Merle Good

Sam and the Lucky Money, Karen Chinn

The Great Kopack Tree by Lynne Cherry

The Mitten by Jan Brett Link to economy activity

Small Business &

Entrepreneurship

Pet Peeve, Sarah Wilson

Lemonade for Sale, Stuart J. Murphy

Better Than a Lemonade Stand! Small Business Ideas for Kids, Daryl

Berstein

Earning Money, Patricia Murphy

The Kid’s Business Book, Arlene Erlbach

Little Nino’s Pizzeria, Karen Barbour

Loon Lake Fishing Derby, Kathleen Waldron

Vision of Beauty, Kathryn Lasky

What’s the Big Idea, Ben Franklin, Jean Fritz

Consult your campus librarian for related titles that are available at your campus

LIBRARY RESOURCES

http://www.cfisd.net/dept2/library/library_el.htm

Check your campus library page for online resources to use for social studies content

lessons and read alouds.

Grade 3, Unit 8, Draft April 2013 Appendix B

Earning

Definition: Examples:

Spending

Definition: Examples:

Saving

Definition: Examples:

Donating

Definition: Examples:

Grade 3, Unit 8, Draft April 2013 Appendix C

Lyrics to Where the Money Goes:

[Kid:]

Dad, how come you or Mom can't pay for me to go on my band trip to the Rose Bowl

Parade? Don't you make a ton of money?

[Dad:]

I don't know about that, but we do have a ton of expenses.

[Kid:]

Like what? Isn't there something here we can do without?

[Dad:]

We can stop buying groceries

But that might be a mistake

Because eating is a habit

I'd be loath to try and break

We can stop paying income tax

But they might send me to jail

And if we don't pay the mortgage

Then they'll take our house

Then where would we get our mail?

If not for all these bills and taxes

Our income would more than suffice

I feel like a real big cheese

Until everybody takes a slice!

I don't want to bore you

With my troubles or my woes

Still you're old enough to know

Where the money goes

We don't have to pay for furniture

If you want to learn upholstering

We don't really need to pay the phone bill

We can use tin cans and a string

It's bedtime

We'd never have to pay to paint the house

If we went off and lived in a cave

And if you're planning on inheriting a million bucks

Then there's really no need to save!

We make a decent living, that's true

But we have to pay these bills when they come due

Grade 3, Unit 8, Draft April 2013 Appendix C

Please observe this illustration

Which irrefutably shows

Exactly how and where the money goes

[Dad:]

You know if you could help us cut down on some of these expenses, I bet we could save

enough for you to go on that trip.

[Kid:]

What could I do?

[Dad:]

We could really lower the phone bill

If you'd limit the length of your calls, bye

You could probably put some money in your savings bank

If you skip one trip to the mall

We'd spend a little less on electricity

If you turn off the light when you leave

And we could save a lot on our laundry bills

If you'd watch where you put your sleeve!

You could bring a little in with a part time job

All we ask is you do your best

If you earn a little here

And save a little there

We'll try to come up with the rest

We can't stop the money from trickling out

But we can control how it flows

And we can start by being aware of

Where the money goes

Where is my money?

My money!

It's gone

Grade 3, Unit 8, Draft April 2013 Appendix D

Items to buy

$ .50 Candy

$1 Cookies

$2 Song on ITunes

$2 Pokemon/Yu-gi-oh Card

$ 2 Ice Cream

$3 Notebooks

$4 Phone Aps

$4 Nail Polish

$6 Posters

$6 Movie Ticket

$7 Books

$8 Art Supplies

$10 Lego

$10 Football

$10 Jewelry

$ 15 Clothes

$15 DVD

$15 Board Game

$25 Soccer Goal

$35 Skateboard

$40 Baseball/Softball Mitt

$45 Skates

$45 Bike/Skate Ramp

$60 Concert Tickets

$80 American Girl Doll

I would save:

I would donate

to:

I would buy:

Grade 3, Unit 8, Draft April 2013 Appendix E

Scarcity

SCARCITY is the condition of not being able to have all of the goods

and services that you want.

Because of scarcity, people must choose some things and give up

others.

If there is only one toy available and three people want it, what happens?

If you owned a store and three people wanted the same toy, what would you

do with the price of the product and why?

Scarcity is when more people want a product than there are products.

When you want several things but can only afford to buy one of them, that is

scarcity.

If there is only one toy available and three

people want it, what happens?

If you owned a store and three people

wanted the same toy, what would you do

with the price of the product and why?

When more people want a product than

there are products, that is called scarcity.

When you want several things but can only

afford to buy one of them, that is scarcity.

Grade 3, Unit 8, Draft April 2013 Appendix E

Oh Scarcity!

(Tune: Oh, Christmas Tree)

Oh, Scarcity! Oh, Scarcity!

We can’t have all the things we want.

Oh, Scarcity! Oh, Scarcity!

We cannot have it all.

We really want a lot of stuff.

But sometimes there’s just not enough.

Oh, Scarcity! Oh, Scarcity!

We cannot have it all.

From: The Econ Song Book: Old Tunes with an Economics Twist © 1997

Martha C. Hopkins, James Madison University Center for Economic Education

Grade 3, Unit 8, Draft April 2013 Appendix F

How does scarcity affect the following things?

Use the read aloud story to gather information.

Production-making a product

Consumption-using a product

Distribution-getting a product to the consumers

Grade 3, Unit 8, Draft April 2013 Appendix G

Grade 3, Unit 8, Draft April 2013 Appendix H

Grade 3, Unit 8, Draft April 2013 Appendix I

A Frog for Profit

Song for Teaching Kids About Business Profit

Frank Bruen

There once was a boy named Robin,

And he had a green jumping frog.

And all that Robin wanted,

In the whole wide world--

Was his very own wind-up dog.

He’d seen one sitting in the window,

In a toy store just nearby.

it’s price was a dollar and a quarter,

Had a sparkle in it’s eye.

So he traded his frog to a friend,

For a quarter and a new rubber ball.

Put the quarter in his pocket,

Gave another buddy a call.

He sold his ball for a dollar,

And a Jack-in-the-box that went beep.

And he bought himself the wind-up dog ,

and the Jack-in-the-box he could keep.

So the Jack-in-the-box was his profit,

And he still has that wind-up dog,

Now he’s got two things he wanted,

After starting with a green jumping frog.

He started with a green jumping frog.

Grade 3, Unit 8, Draft April 2013 Appendix J

Name: ________________ Date:___________________

Small Business Poster

Include the following information.

1. My product is

2. Uses for my product

3. Resources I need to make my product

4. Possible people that would buy my product are

5. I think these people would buy my product because

6. Draw an advertisement for your product. You can do this on the back or another sheet of paper.

Grade 3, Unit 8, Draft April 2013 Appendix K

Henry Ford

Henry Ford was a wise businessperson. He wanted

to make a car that the average person could

afford. Therefore, he worked at building cars,

naming them by alphabet letters. It was not until

the Model T that he was a success. Before his Model

T, cars were costly and of little use to the working

class Americans.

Henry was determined that he could build the right

car. He had the cars built on an assembly line. This

made the cost of making the Model T go down,

and his sales went up because people could afford

to buy the car.

He also knew how important the people in his

company were to him. He raised the average wage

for the autoworkers and gave them shares in the

company’s profits. He introduced having shift times

in a workday. All of these are now considered good

business decisions. In the beginning, other

companies laughed at his ideas, but today many

have the same practices in place. Ford’s ideas

about producing cars have changed the way

Americans live, work, and play by making travel

safe, easy, and affordable.

Grade 3, Unit 8, Draft April 2013 Appendix K

http://upload.wikimedia.org/wikipedia/commons/1/18/Henry_ford_1919.jpg

Grade 3, Unit 8, Draft April 2013 Appendix L

Milton Hershey

At the age of 13, Milton Hershey left home to

work for a candy maker. Soon after, he decided

to open his own candy shop. His first attempt

failed, as did many others after it. Finally, Hershey

opened the Lancaster Caramel Factory, which

specialized in caramel and assorted candies.

A short time later, Hershey purchased a

chocolate-making machine, and his company

began making more than 100 kinds of

chocolate. Hershey then purchased 40,000

acres of land in Lancaster, Pennsylvania and built

the Hershey Chocolate Factory, the world’s

largest chocolate factory.

With Hershey’s success came great wealth,

and he decided to share it with those around

him. He opened the Milton Hershey School for

boys, donated money to the five churches in

Hershey, and provided jobs for the town’s people

during times when there was little money. Milton

Hershey was a hard-working, determined

businessperson who took advantage of

America’s free enterprise system and created a

successful business. Thanks to him, we have

great tasting chocolate!

Grade 3, Unit 8, Draft April 2013 Appendix L

http://images.businessweek.com/ss/07/06/0628_greatest_entp/source/9.htm