Draft Jan 2013
Unit 4 Overview – Third Grade – Economics and Financial Literacy
3.E.1 Understand how the location of regions affects activity in a market economy.


3.E.1.1 Explain how location impacts supply and demand.
3.E.1.2 Explain how locations of regions and natural resources influence economic development (industries
developed around natural resources, rivers and coastal towns).
3.E.2 Understand entrepreneurship in a market economy.


3.E.2.1 Explain why people become entrepreneurs.
3.E.2.2 Give examples of entrepreneurship in various regions of our state.
Working understandings:
1. Definition of a market economy, supply and demand, entrepreneur
2. Human wants and needs differ depending on where you live.
3. Examples of entrepreneurs in our community, state, region
Essential Questions:
1. How might location impact supply and demand in a market economy?
2. How might natural resources influence economic growth in an area?
3. Why might a person want or not want to be an entrepreneur?
Essential Vocabulary: goods, services, consumers, producers, productive resources, natural resources,
human resources, capital resources, entrepreneur, scarcity, opportunity cost, Trade-offs, money, price,
specialization, interdependence, productivity, profit, role of government, international trade.
Assessment:
Assessment should be done throughout the unit, as you see student understanding of concepts through class
discussion. Short quizzes can be given at any appropriate time within the unit, based on the essential questions of
the lesson. Several quizzes are embedded within the unit, but these can be altered at teacher discretion. By the end
of the unit, students should be able to answer all of the essential questions listed above. The goal is student
understanding of concepts rather than memorization of facts.
Lesson
Essential
Question
Begin the unit explaining that students will
be learning and deepening their
understanding of economics in our world.
Week
1
Using the vocabulary word list (without the
definitions), based on their current
understandings of the words have students
discuss in small groups (3-4) their
understandings and how they would
categorize the words they do understand.
See if the small group could create at least
one category for the words they know.
Teacher Preparation
Draft Jan 2013
Assessment
Prepare word list for
overhead, or
document camera or
manipulative word
sort for use by small
group.
Monitor student
conversation to
determine initial
understandings.
Optimal book choice
shared reading
viewed through
document camera.
“Colonial Voices”
Economic Concepts
Anagrams and
Definitions
Baseline observations
of student
understanding of
vocabulary and
background with
words.
For example; resources, things we buy,
things we use, money.
Students will think of even more.
Small group share out after discussion.
How might
location impact
supply and
demand in a
market
economy?
Trouble is Brewing in Boston
Shared reading of “Colonial Voices: Hear
Them Speak” by Kay Winters
See handout with link
and
OR
One of the other resources provided in
handouts.
http://bit.ly/WQLKGK
Complete process and questions.
Economic Spotter - Trade in Colonial
History
Explore website of
Time Machine activity.
Time Machine activity.
http://www.usmint.g
ov/kids/timeMachine
/
Economic Spotter – Money in
Revolutionary Times
Continued Time Machine activity.
Paragraph – ELA
Common Core
informational writing
on exchange and
specialization.
Draft Jan 2013
Week
2
How might
natural
resources
influence
economic
growth in an
area?
Continue growing student understanding
through selected video clips. Clips are from
Econedlink.
Video Clip – Trade, Exchange, and
Interdependence - http://bit.ly/XjCniG
Video Clip – Productive Resources
http://bit.ly/WfL5RD
View clips prior to
sharing with students.
Use the essential
question to have
conversations about
the clips that students
view.
“Think Note”
observations made
during viewing or
from small group
conversations.
Video Clip – Demand
http://bit.ly/14w8KAc
Bills and Coins
If All Bills Could Talk
Money Phrases
Week
3&4
Why might a
person want or
not want to be
an
entrepreneur?
Literature Connections
“Arthur’s Pet Business” by Marc Brown
Locate “Arthur’s Pet
Business” or similar
book with young
entrepreneur.
Arthur’s Pet Business Income Interview.
Spotlighting Entrepreneurs – Sweet Success
of M. Hershey
5 text-based questions
Entrepreneurs – How to Get Your Ideas Out
There
Entrepreneurs video
How might
location impact
supply and
demand in a
market
economy?
How Competition Works
Begin discussions around this question.
“Why is competition important to a market
economy?”
Why Competition Works
Shared reading
through document
camera or student’s
each have a copy.
Draft Jan 2013
Competing for Customers
Playing By the Rules
Antitrust Laws
Additional Literature Connections:
“Stone Fox” by John Reynolds Gardiner
Stone Fox – Decisions, Decisions
Stone Fox – Taxes and You
Stone Fox – Economics Test
Pancakes, Pancakes
Where Did That Pencil Come From?
Follow and Ice Cream Cone Around the
World
Magic Words
The Importance of Economics and
Entrepreneurship
Bookmark – Bookmarks By the Numbers
Bookmark Company
Bookmark Resource Price List – Teacher
Use
Graphing Market Survey Results
Bookmark – Computing Unit Costs of
Production
Computing Bookmark Profits
Product Cost Computation Sheet
Decision Grid
Jobs Worksheet
Location, Location, Location