Social Studies
Objective: I can review the year's economics and money ideas and explain each key term.
Standards: D2.Eco.1.3-5, D2.Eco.3.3-5, D2.Eco.4.3-5, D2.Eco.9.3-5
Builds on: Needs the economics weeks: Weeks 24 to 26, 28, 30 and 31. One-minute check: your child names one need, one want, one good and one service. (Sample: food, a toy, a pencil, a haircut.)
- Warm-Up (5 min) — Spaced review from Week 24. Ask: "What is the difference between a need and a want?" (A need is something people must have to live and be safe. A want is nice to have.) Then ask the big question: "Which money idea from this year will you use most as a grown-up?"
- Mini-Lesson (10–15 min) — Say: "Today we review a year of economics. I will name the week where each idea was first taught." Read each line aloud. Your child answers. "Week 24, opportunity cost. You pick swimming over a bike ride. What do you give up?" (The bike ride. It is the opportunity cost.) "Week 25, producers and consumers. You buy bread. Who is the consumer?" (I am. The baker is a producer.) "Week 25, interest. What is it?" (A little extra money a bank pays to savers.) "Week 26, scarcity. Why can a town not buy everything it wants?" (Its money is limited, so it must choose.) "Week 26, supply and demand. A farm stand has heaps of corn and few buyers. What often happens to the price?" (It often goes down.) "Week 28, interdependence. Name two workers you depend on for breakfast." (Sample: a farmer and a truck driver.) "Week 30, banks. What do we call taking money out of a bank?" (A withdrawal.) Now use play money for the three-jar plan from Weeks 25 and 31. Say: "Mia has $14. She saves $6 and gives $2." Your child counts out 14 ones and moves the two piles away. Ask: "How much can she spend?" ($6. 14 - 6 = 8, and 8 - 2 = 6.) If stuck, say: "Which notebook week taught this? Open to that page and read the first line."
- Activity / Source Work (15–20 min) — Card sort. 1) Write one word or phrase on each index card. Goods: bread, a bike, a pencil, a coat. Services: a haircut, a piano lesson, a dentist checkup, mail delivery. Producers: a farmer, a baker, a carpenter, a teacher. Money words: income, deposit, interest, budget. 2) Shuffle the cards. Your child sorts all 16 onto the mat. 3) Your child explains three choices aloud. Ask: "Why is a piano lesson a service?" (Someone does work for you. You cannot put it on a shelf.) 4) Your child picks up each producer card and says what that worker makes or does. (The farmer, baker and carpenter make goods. The teacher gives a service.) 5) Keep a tally in the notebook: Group | Right on the first try. 6) Your child sorts any missed cards again. Expect 13 or more right the first time. Scores vary. Look for a pattern in the misses, then reread that week's notebook page.
- Notebook Entry (10 min) — Your child writes one sentence for each of five terms: opportunity cost, interdependence, income, interest and budget. Frame: "___ means ___. For example, ___." Sample: "Income means money a person earns. For example, my aunt earns income by fixing cars."
- Exit Ticket (5 min) — Your child answers the exit questions in writing. Praise answers that give an example.
Watch for: Calling a service a good because a tool is used, such as scissors for a haircut.
Try: Ask: "Can you take it home and keep it?" If not, it is a service.
- Why does scarcity make people and towns choose?
- Sort these two: a sandwich and a car wash. Which one is a good, and which one is a service?
- Jay earns $9. He puts $4 in the bank and spends the rest. Which amount is a deposit? How much does he spend?
Answers: 1) There is not enough money, time or material for everything, so they must pick. 2) The sandwich is a good. The car wash is a service. 3) $4 is the deposit. He spends $5 (9 - 4 = 5).