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CURRICULUM MATERIALS REVIEW SHEET
Circle one:
Print material / Video Material / Teacher Developed Curriculum Unit
Basic Information: (Title, Author, Publisher, Date Published, Approximate Grade Level)
Title: The Olin W. Davis Award for Exemplary Teaching of Economics: Economics in
Lisa Fritz’s Classroom
Author: Lisa Corbin Fritz
Year Published: 1996
Approximate Grade Level: 4th grade
General Description
The material is a submission for the Olin W. Davis Award for Exemplary Teaching of
Economics in 1996. It details how one fourth grade teacher incorporates economics into her
classroom routine. There are strategies she uses when teaching economics, a description of her
classroom business and classroom mini-economy, examples of handouts, worksheets, and other
materials used as part of her economics curriculum, letters of support for her nomination of the
award, and student work samples.
The strategies for teaching economics include using children’s literature, incorporating
economics into language arts instruction, connecting economics and history, using current
events, and regularly assessing students’ progress in developing economic skills. Her
classroom business is creating and selling notepads. The business includes holding meetings,
giving sales presentations, and advertising the products. The profit made is used to improve
their classroom, school, or a community service project. The classroom mini-economy includes
student-held jobs with income, other income for completing various tasks, a list of expenses
including desk rental, insurance, and fines, privileges that can be bought with earned wages,
and an evaluation form detailing students’ status in the classroom economy. Each section
includes pictures of students engaging in various tasks and examples of worksheet and other
materials used. The letters of support are from students and colleagues. The final section is
completed student work from economics-based lessons.
Specific Economic Concepts Taught
There are many economic concepts that can be presented using the activities and strategies in
this material. I will be discussing these concepts in relation to the activity that best presents the
opportunity to teach the concept. The three activities are economics and literacy, the classroom
business, and the classroom mini-economy. There are multiple economic concepts taught
during each of these activities, making it difficult to discuss all concepts. Therefore, I will
discuss three major concepts from each activity, making for a total of 9 economic concepts
discussed.
1. Economics and Literacy
 Opportunity Cost
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o This concept is taught using a piece of children’s literature titled Alexander,
Who Used to Be Rich Last Sunday. There is not a description listed in the
material for this book, but according to a summary found on Amazon, the book
is about a boy named Alexander who receives a dollar in spending money. He
wants to save the money to buy something big, but instead spends all of his
money on smaller items, like bubble gum, garage sale items, and bets with his
brother. The teacher-made material provides a follow-up activity in which
students “spend money” on one item and have to identify their opportunity cost.
o The book seems to be a valid piece of literature to discuss opportunity cost.
When Alexander buys one item, he is giving up the opportunity to save the
whole dollar. Each additional purchase comes with an opportunity cost of
saving a larger amount of money; the more he spends, the less he can save for
the big item. The follow-up activity also seems to provide an accurate lesson on
opportunity cost. Though not completely clear from the picture provided, it
appears that there is a picture of each student’s purchase on one side of the chart
and a picture of each student’s opportunity cost on the other side. If done
correctly, it should be a one-to-one correspondence, since the opportunity cost
only refers to the next best alternative, not all alternatives or a sum of
alternatives.
o Because the entire lesson is not presented in the material, I do not know if there
were other activities used in conjunction with this literature. If I were to teach
this concept using this book, I would incorporate an activity where students
identify Alexander’s opportunity costs as he makes decisions throughout the
book. I would also challenge students to think about a recent purchase they have
made and to determine the opportunity cost of that decision.
Decision-Making
o This concept is taught using current events and issues that occur in their state.
Students were given an assignment to determine whether or not Indiana should
raise the speed limits on their roads. The requirements were to come up with at
least three pros and cons of raising the limit, and then with their group, make a
decision about whether they would or would not recommend raising the speed
limit.
o This activity provides practice in some of the basics of systematic decisionmaking. There are two alternatives from which students must choose and
students are being asked to do an analysis in order to make a final decision.
However, there are some parts of the decision-making process that appear to be
missing. Students are not asked to specifically define the problem, therefore
skipping the first step of the decision-making process. The assignment also only
asks students to list pros and cons for one alternative: raising the speed limit. In
the decision-tree model, used in class for two-alternative decisions, the pros and
cons of each alternative need to be analyzed. Students should also be required to
list at least three pros and cons for keeping the speed limit the same. Even
though the cons of one alternative may be similar to the pros of the other
alternative, students still need to analyze each alternative before making a
decision.
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o If I were teaching this concept using this activity, I would provide a graphic
organizer, such as a version of the decision tree, in order to help students work
through all steps in the process. As mentioned above, I would also require
students to analyze the pros and cons of keeping the speed limit the same. Also,
I probably would not use this particular issue to practice making decisions
unless there was relevant news or media coverage about speed limits. For fourth
graders who can’t drive cars, speed limits do not seem like a relatable topic to
make decisions on. I would want to use an issue that was popular in the media
but also relevant to fourth graders, such as school lunches, testing, or physical
activity in schools.
Entrepreneurship
o This concept is taught through an interview activity in which students met with
an entrepreneur that they knew in order to ask questions about their life and
their experience as an entrepreneur. After the interview, each student wrote a
short biography about that entrepreneur; the biographies were compiled into a
classroom book entitled Indiana Entrepreneurs. There is also a student work
sample from a lesson over ownerships, a component of business and
entrepreneurship. The work sample is a picture graph depicting data about how
many parents work for each of the types of ownerships (sole proprietorship,
partnership, or corporation).
o The information sheet students completed during their interviews asks questions
such as “Does the entrepreneur offer a good or a service?”, “What is her/his
business?”, and “How did s/he come up with the idea for her/his business?”. In
order for students to understand these questions, they likely had instruction on
goods and services, business, and entrepreneurship. This material does not
specify what instruction was given on these topics. The student-completed
information sheets shown in the material do demonstrate student understanding
of who an entrepreneur is and what they do. Both completed information sheets
are over a person who started their own business and is at least a part-owner of
that business.
o The student work sample of the picture graph also does not come with an
explanation in the material. It appears to be the end result of a survey given to
the parents of the students in the class. The survey question was about which
type of ownership their place of work is. I would assume that students had
instruction about each type of ownership before the survey was given and the
graph was created. The topic of ownership fits well into entrepreneurship
because sole proprietorships and partnerships often are held by the
entrepreneurs who started the business. The person or persons who risked their
own capital in order to start the business also assume all financial responsibility
and debt in sole proprietorships and partnerships. Corporations are a different
structure, in which the owners and the company typically have separate
identities; corporations have shareholders unlike the other two ownerships. It is
unclear from this curriculum material how much instruction students received
on these topics and if the topics were part of the same unit.
o If I were teaching this subject, I would teach them as part of the same unit and
would teach ownerships before doing the entrepreneur interview. I would
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expand the interview sheet to include more information about the structure of
their business, successes they have had, and setbacks they have experienced. I
would want my students to better understand the risk entrepreneurs take when
they invest their own capital into starting a business with no guarantees of
success.
2. The Classroom Business
 Productive Resources
o The classroom business is selling notepads. In order for this product to be made,
productive resources have to be used. The three types of productive resources
are human capital, natural resources, and capital resources. All three types of
resources are used in the classroom business, giving students the opportunity to
identify them in the context of their own business.
o The teacher-made notebook does not give details on what lessons are done in
the context of the classroom business, but there is a student work sample that
demonstrates one student’s understanding of productive resources. The student
work sample is about the resources needed to make a pizza. The three categories
are correctly identified as land, capital, and labor; the examples given by the
student are also correct. Cows, wheat, and pigs are identified as land resources,
which are all used to make ingredients for the pizza, like cheese, crust, and
pepperoni. Animals can sometimes be capital resources if they are used as
plows, but these are not, making land the correct category. The capital resources
listed are a pan, spatula, oven, and pizza cutter. While these are not the only
capital resources used, all are correctly identified as tools used to make a
finished product. The three labor resources identified are the baker, farmer, and
butcher. For a pizza with meat, these are correct people to classify as labor, or
human capital. Each category is separate on a graphic organizer and there are
student-drawn pictures to accompany words. I would use something like this to
assess student understanding of productive resources or do one as a class in
order to teach the concept.
o If I were teaching this concept and had a classroom business, I would be sure to
incorporate instruction on each type of productive resource used in the
classroom business. I would want students to use a graphic organizer to classify
the resources needed and used in the notepad business. Some land resources are
the trees and the dye. The capital resources examples are the logging machines,
paper-making factories, printers, boxes for shipping, and adhesive holding the
paper together into a notepad. The labor resources examples would be the
factory workers, the postal service, and the students themselves. Students may
not see themselves as human capital and when they learn more about sales and
the business, they are increasing their human capital. The business is a good
medium for instruction on this topic because students are immersed in it
frequently and can make sense of the terms more easily when they are
associated with something familiar.
 Profit & Price
o The business also serves as a good medium for teaching about profit. The
notebook describes how the class uses the profits made from the notepad sales
in order to buy items to improve their classroom, like computers, items to
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improve the school, like library books, and items to help others, like books for
other schools.
o There are no explanations for how this teacher specifically teaches about profit,
but the classroom business only continues to operate successfully if it is making
a profit. Profit is a primary motivator for businesses. In order to make profit, the
business has to determine the price to sell notepads in comparison to the cost of
buying the notepads. There are no details about how much each pad costs or
sells for, but there is a prime teaching opportunity about price and profit built
within this business. Students can be an active part of determining the price to
sell the notepads in order to make a profit without deterring customers from
buying them. That is what I would do in order to teach profit. The classroom
business is a great way of teaching this concept.
Consumers and Producers
o Another concept built into the classroom business is consumers and producers.
Students are an active part of the business by selling the notepads to customers
in the community. They are learning about sales, which involves producers
getting their products out to consumers and doing so in a way that convinces the
consumers to decide to buy them. In this classroom business, the students have
to develop a base of consumers to buy their notepads. The students are the
producers as they are selling the product to consumers. The business can serve
as an example of the relationship between producers and consumers.
o If I were teaching this concept, I would use the classroom business as a way to
introduce the idea. I would want to then expand on that instruction and
determine producers and consumers in many different areas of business. I would
want students to see that people can be both producers and consumers,
depending on the context. Markets only function if producers make products
and if consumers are willing to buy those products. If consumers and producers
are not together to trade, markets will not exist.
3. The Classroom Mini-Economy
 Work and Jobs
o The classroom mini-economy functions because each student has a job. Each of
those jobs requires students to work. This is a great way to teach students the
difference between work and a job. In the classroom mini-economy, one job is a
bank teller. The work involved is the description after the job title: “collect all
deposits and cash money for students.” There is a difference that can be taught
to students. There are 15 different jobs in the classroom as well as opportunities
for students to work in other areas of the school, like the cafeteria and other
classroom. Each job requires different work which is an accurate reflection of
jobs held by adults. Bank tellers do different work than landlords, both in the
adult world and in the classroom mini-economy.
o I would also teach the concept of work and jobs using student jobs. I like the
idea of using a classroom mini-economy to do this. No matter how complex or
simple the economy is, different jobs with different work are an integral part of
the economy. When students have the opportunity to hold various jobs and do
various types of work, they can better understand those basic concepts. If they
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have a better understanding of the basic concepts, like work and jobs, then they
are better set up to understand concepts like specialization and division of labor.
Money/Income and Expenses/Budgets
o Another key feature of the classroom mini-economy is money. Students are
given wages for completing their jobs and are given bonuses for completing
other specified tasks. The wages are given to the students by way of a check.
From the job descriptions given in the notebook, it appears that students can
cash their checks in for paper money. The money can then be used to pay off
debts or expenses and buy special privileges.
o There are many lessons in money that can be taught within the classroom
economy. No specific lessons are detailed in this material but on the evaluation
form, there is a mention of consumer counseling for students who are having
trouble working with their money. This counseling can help students understand
how to balance their income with their expenses and make a plan for their
money. Budgets are another economic concept taught within the classroom
mini-economy. It appears that students receive accurate instruction in creating
budgets.
o If I were teaching this concept, I would also incorporate instruction about
money into the establishment of the classroom mini-economy. It is a natural
setting to teach about money because students need to use money constantly in
the economy. I would teach about the functions of money, budgets, and incomes
and expenses.
Economic Institutions
o The classroom economy has a built-in economic institution in the classroom
bank. Students can hold jobs in the bank and are responsible for student deposits
and check cashing. This is a simple version of a bank and is a good introduction
to one economic institution. Banks hold an important role in the financial
system and students need to have an understanding of what they do, who are
involved, and how they work.
o I would also teach economic institutions in the context of a mini-economy
because institutions like banks, credit unions, and brokerage firms, are integral
parts of our economy. For fourth grade, I would not do much with credit unions
and brokerage firms unless students had a lot of prior knowledge on the topic.
Banks are a good choice for an introduction to economic institutions because
it’s possible that some students have experience with banks; some may have
savings accounts or have talked with their parents about banks.
Strengths
There are three primary strengths of this teacher-made material. The first is that the activities
provided are very interactive for students. The second is that the material has options for
incorporating various other subjects and disciplines. The third is that there are many economic
standards that can be met by using the activities detailed in this material.
1. Interactive Activities
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Each of the activities listed has some type of student interaction and input. The
classroom business and classroom mini-economy are the two most interactive activities
described in this material. Each of these activities has a role for each student. Students
are the driving force behind the classroom business. They are the ones making business
plans, selling the notepads, collecting the sales, and using the money to buy other
goods. This activity is a long-term project that provides multiple opportunities for
students to experience and apply economic concepts they have learned about. There are
a lot of concepts, such as those described in the section above, that can be learned about
during the process of doing the classroom business. Because students regularly
participate in the business, it reinforces the idea that economics is all around us.
The same can be said about the classroom mini-economy. This is another longterm project that students are regularly involved in and that presents opportunities for
instruction in multiple economic concepts. Students each have a job and every person
needs to complete the work associated with that job in order for the economy as a
whole to work. The mini-economy is a smaller scale version of an economy students
will participate in as adults; using the mini-economy can establish foundational
knowledge that will be expanded on as the students receive more education. The
application of the concepts on a regular basis and in a way that is relatable for students
is a great strength for the activities presented in this material.
2. Cross-disciplinary Activities
Because economics is all around us, it only makes sense to connect economics
to other subjects that students study throughout the day. This teacher makes these
connections to at least three other disciplines: literacy, mathematics, and history. Due to
standardized testing requirements, many teachers tend to focus on literacy and
mathematics. Incorporating economics into both of these instructional periods is a win
all around; the economic content is being taught and the requirements of instruction are
being met. Using children’s literature to demonstrate economic concepts is a good
strategy because the language used in these books is designed for children. The stories
are written with children as the intended audience, so it is easier for students to
understand the concepts presented within the story. This teacher also requires written
work from students, which is another important skill for life, economics included.
There are charts, worksheets, organizers, and spreadsheets that students are required to
complete throughout the various activities in the curriculum. All of these activities
require writing and reinforce the connection between the two.
Mathematics is an obvious connection to economics because of the amount of
numbers used in areas of economics. This teacher uses mathematics in economics
primarily in the classroom economy. There are multiple jobs, like bank teller, bank
auditor, and payroll assistant, that require students to use mathematics in order to
complete the required work. Students have to add and subtract accurately otherwise
other students will not receive their fair pay; they may receive too much money or too
little money. All students have to use mathematics in order to maintain their budgets.
Students have to know how much money they have to spend, how much money they
will make each week, and how much money they owe in expenses each week.
Economics and history are two parts of an effective social studies curriculum
and can be taught together. This teacher chose to teach about the history of industry in
Indiana and then tied that to the present state of industry in Indiana. This is a good
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strategy because it makes a connection between the past and the present. It can be often
difficult to see how the past affects the present, so the instruction in both is helpful in
making that connection. Students in fourth grade are required to study Indiana history
and past economic states are an important piece of that.
3. Standards Met
The third strength for this material is that the activities presented cover many of
the Indiana economic standards for 4th grade. From the information provided in the
material, I have identified six of the ten standards for 4th grade that are addressed by
activities in the teacher’s provided curriculum.
 4.4.1 Give examples of the kinds of goods and services produced in Indiana in
different historical periods.
o The lesson on industry in Indiana’s history directly addresses this standard.
It explores how industry has grown and developed over the course of
Indiana’s history, which involves discussing what goods and services are
being produced at what time periods. The classroom business presents
opportunities to discuss goods and services in the present time period as
well.
 4.4.4 Explain that prices change as a result of changes in supply and demand for
specific products.
o The classroom business directly addresses this standard. Students are
experiencing supply and demand and are selling a product in a market.
They have determined a price for their product and now need to evaluate
whether or not to alter that price.
 4.4.6 List the functions of money and compare and contrast things that have been
used as money in the past in Indiana, the United States and the world.
o The classroom business and mini-economy both can address this standard.
There are opportunities in both activities to learn about the functions of
money and to examine our present-day money. The activity on industry
growth could also present an opportunity to discuss historical money.
 4.4.7 Identify entrepreneurs who have influenced Indiana and the local community.
o The writing activity about entrepreneurs addresses this standard. Students
are interviewing local entrepreneurs in their community and compiling that
information into a classroom book. Students are meeting this standard by
partaking in the interview process and book creation.
 4.4.8 Define profit and describe how profit is an incentive for entrepreneurs.
o Profit can be learned through the classroom business. For their business to
succeed, they need to make a profit. The students can also learn about profit
and the incentive it is for entrepreneurs during their interviews with the
local entrepreneurs. One question asks about the idea generation process for
their business and making a profit could be a part of that answer.
Entrepreneurs start businesses that they believe will make a profit.
 4.4.10 Explain how people save, develop a savings plan, and create a budget in
order to make a future purchase.
o This standard is addressed through the classroom mini-economy. Students
budget their money and need to account for expenses they may occur.
Students can save their money in order to purchase various privileges; in
order to buy some, like lunch with the teacher or the principal, students will
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need to save up money from a few weeks. This requires them to plan their
savings accordingly.
Weaknesses.
There are two weaknesses with this material that I would want to be improved. The first is
that there is a lack of detail on the actual instructional methods and procedures. The second is
that there is a lack of clear methods for assessing the concepts taught through the activities.
1. Lack of Detail
While there are many great activities that can be used in an economic curriculum, there
are few directions for procedures on teaching these activities. Many of the pages
include student work samples, images of students working, handouts used, and
sometimes, a brief written description to accompany the images. There are no specific
procedures for implementing the materials provided or the activities mentioned. This is
particularly confusing for the classroom mini-economy and the classroom business.
There are materials provided without much of an explanation of their function. It is
difficult to understand how the teacher set up and ran her classroom mini-economy
because of this lack of detail. There are sheets for “checks” with no explanation of what
the “checks” represent or how students earn them. One sheet shows that “checks” affect
the amount of money students receive for the week, but it is not clear how the system
actually works. The classroom business also does not much explanation for the
planning and implementation of the system. It is not clear why notepads were chosen,
the process for deciding the price of the notepads, what instruction students receive in
the process of running the business, or the customer base. Assumptions have to be
made due to the lack of clarity in this material. The materials shown, like worksheets
and images, are useful but would be significantly more useful with some written
directions and explanations.
2. Lack of Assessment
There is also no clear assessment process for the activities provided in this curriculum.
There is only one evaluation sheet and it appears to be a form used only at the end of
each quarter to report student progress in multiple areas of instruction. While it is good
that parents are informed of their child’s progress and participation in the minieconomy, there also needs to be assessment for the other activities. There are lessons
presented about various topics, like growth of industry, entrepreneurs, and decisionmaking, and none of the lessons have specific ways of assessing student knowledge of
the topic or progress in the skill. Assessment is particularly important for the long-term
projects, like the business and economy, and it is also particularly challenging. Because
a lot of knowledge can be presented through these projects, one assessment is likely
insufficient. It would be beneficial to know how this teacher regularly monitored
student progress and what type of summative assessment(s) she used to determine
student’s long term progress.