Third Grade Economic Development
Lesson 12
Title: Create Your Own Business
Unit of Study: Third Grade Economic Development
GLCEs:
E1.0.4 Describe how entrepreneurs combine natural, human and capital resources to
produce goods and services in Michigan.
E1.0.1 Explain how scarcity, opportunity costs, and choices affect what is produced and
consumed in Michigan.
E1.0.5 Explain the role of business development in Michigan’s economic future.
Abstract: Students will use the economic vocabulary words to describe and explain Michigan’s
economy.
Key Concepts: producer, consumer, goods, services, economy, scarcity, opportunity cost,
natural resources, human resources, and capital resources, incentives
Sequence of Activities: (approximately two 30 minute sessions)
1. Write the 11 vocabulary words on large strips of construction paper. Include
interest if appropriate.
2. Students sit in one large circle.
3. Explain you are starting a new business in Michigan. They will help tell your
story by using the 11 vocabulary words (twelve if you include interest) they
have been learning about.
4. Pass the vocabulary words out upside-down randomly around the circle to 11
students. Students can look at their word but they do not have to use their
word on their turn.
5. Start the story by saying, “Mrs. Teacher wants to open her own business.”
The student sitting to your left will continue the story by saying something
like, “She decides to open a jewelry store.” Each student will add a sentence.
You may need to prompt the students to get it started.
6. When the students hear something in the story that represents a vocabulary
word, students will raise their hands to offer a vocabulary word that has been
described. If the group agrees, the person holding the construction paper
vocabulary word will flip the card over for all to see.
7. Continue with the story until all words have been used. It is not necessary to
use them in order. (A sample story is included.)
8. Use the paper provided, students will use all of the economic vocabulary
words in their own written story. This will read much like the circle story
they just created as a group.
9. Along the side of their story in the box that is the closest, they will mark the
vocabulary word they have used in their story.
10. This can be used as a final assessment.
Calhoun ISD Social Studies Curriculum Design Project
Third Grade Economic Development
Connections:
English Language Arts
Story telling
Writing a realistic fiction story
Mathematics
Instructional Resources:
Equipment/Manipulative
vocabulary words on a strip of construction paper
writing paper (1 or 2 per student)
Student Resources
pencil
Teacher Resources
Calhoun ISD Social Studies Curriculum Design Project