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**Barbara Phipps Shala London Sherie Surbaugh Nadia Kardash **

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Why?

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**Economics and Personal Finance**

Literacy Mathematics Social Studies

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**Common Core Connections**

Supports cross-content literacy Provides real-world applications Develops habits of mind Relevance to real world Stories, books, current economic events Computations, graphs, interest and tax rates calculations Habits of mind Economic decision-making models Cost-benefit Analysis

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**Children’s Literature for Understanding Economics **

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Grades K & 1

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**ECONOMICS/PERSONAL FINANCE**

Grade K ECONOMICS/PERSONAL FINANCE MATHEMATICS Goods and services Scarcity Opportunity cost Saving Understanding addition as putting together and understanding subtraction as taking apart

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**ECONOMICS/PERSONAL FINANCE**

Grade 1 ECONOMICS/PERSONAL FINANCE MATHEMATICS Goods and services Scarcity Choices Opportunity cost Money vs. barter Saving vs. spending Income Consumers and Producers Solving problems involving addition and subtraction Understanding place value

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**Follow the Money! Saving Decision-making Money**

Adding and subtracting and more (see link)

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Follow the Money!

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**Monster Musical Chairs**

Economic want Good Scarcity Subtraction by one

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**The Penny Pot Goods Services Choice Opportunity cost Scarcity**

Counting coins

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**You Can’t Buy a Dinosaur for a Dime**

Income Consumer Choices Saving & Spending Opportunity cost Adding and subtracting currency

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Grades 2 & 3

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**ECONOMICS/PERSONAL FINANCE**

Grade 2 ECONOMICS/PERSONAL FINANCE MATHEMATICS Goods and services Economic wants Producers and consumers Opportunity cost Money vs. barter Saving vs. spending Budgeting Income Decision-making Solving problems involving addition and subtraction Understanding place value

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**ECONOMICS/PERSONAL FINANCE**

Grade 3 ECONOMICS/PERSONAL FINANCE MATHEMATICS Scarcity Markets Buyers and sellers Credit and borrowing Public goods and services Spending/saving Borrowing/lending Income Understanding fractions Solving problems involving measurement and estimation of intervals of time

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**Little Nino’s Pizzeria**

Goods and services Entrepreneurship Revenue, expenses and profit “Find the profit” math problems (see link)

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**My Rows and Piles of Coins**

Saving Capital resource Market Opportunity cost Adding & subtracting

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**Uncle Jed’s Barbershop**

Human and capital resources Specialization Saving Opportunity cost Estimation costs and inflation

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**A Chair for My Mother Human resources Savings Scarcity**

Opportunity cost Budget development

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**Lucky Beans Productive resources Human capital Specialization Income**

Estimation Measurement

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Grades 4 & 5

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**ECONOMICS/PERSONAL FINANCE**

Grade 4 ECONOMICS/PERSONAL FINANCE MATHEMATICS Opportunity cost Productive resources Production and consumption Specialization Entrepreneur Economic systems, market economy Human capital Cost-benefit analysis Four operations w/ whole #’s Factors and multiples Generate/analyze patterns Multi-digit whole numbers Operations with fractions Classify shapes Draw/identify lines and angles

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**ECONOMICS/PERSONAL FINANCE**

Grade 5 MATHEMATICS Numerical expressions Analyze patterns/relationships Place value system Perform multi-digit operations Add/subtract fractions Multiply/divide fractions Measurement system Volume Graph points on the coordinate plane to solve real-world and mathematical problems ECONOMICS/PERSONAL FINANCE Scarcity Opportunity cost Productivity and specialization Supply and demand Changes supply/demand Supply/demand for labor Banking and interest Taxes Cost-benefit analysis

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**The Bobbin Girl Productivity Cost of production Supply and demand**

Costs/benefits Compute reduction in pay percentages

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**Isabel’s Car Wash Incentives Entrepreneurship Productive resources**

Decision-making Investing Budgeting Percentages

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**Rock, Brock and the Savings Shock**

Spending Interest Percents Graphing

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Sheila Bair (on right)

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**Mathematics & Economics**

12 standards-based lessons Grades 3-5 Council for Economic Education 1

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**Grade 5 DOUGHTNUT DREAMING LESSON OVERVIEW**

Students use a class survey to collect data about the quantity demanded of doughnuts at different prices. Students use data to construct a line graph. Students discuss the law of demand and apply it to the graph to understand that at lower prices, the students will purchase more doughnuts.

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**ECONOMICS/PERSONAL FINANCE**

Grade 5 MATHEMATICS Numerical expressions Analyze patterns/relationships Place value system Perform multi-digit operations Add/subtract fractions Multiply/divide fractions Measurement system Volume Graph points on the coordinate plane to solve real-world and mathematical problems ECONOMICS/PERSONAL FINANCE Scarcity Opportunity cost Productivity and specialization Supply and demand Changes supply/demand Supply/demand for labor Banking and interest Taxes Cost-benefit analysis

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**Literature Connections**

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Procedure Walk into the classroom holding a newspaper and eating a doughnut. Ask the students if they enjoy eating doughnuts.

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Procedure Read the book The Donut Chef and discuss favorite flavors of doughnuts and record on the board where they usually purchase them. Ask if they know how often they buy doughnuts, and discuss other ideas about doughnuts to interest them in the topic.

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Procedure Ask the students to think about the price of the doughnuts. Tell them the owners of a new shop don’t know what to charge. Ask them if they are willing to help the owners. Have the students complete a demand schedule.

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**VISUAL: MY DEMAND SCHEDULE FOR DAYDREAM DOUGHNUTS**

Directions: Pretend you receive a weekly $10 allowance. Although you might want to spend all $10 on doughnuts, remember that your $10 allowance must pay for all of your expenses during the week, such as soft drinks, ice cream, books, toys, movies, video games and donations. Record the number of doughnuts you would be willing and able to buy at each price during one week, using one week’s allowance. Remember, if you are willing and able to buy a number of doughnuts at a certain price, you should be willing and able to buy at least this same number of doughnuts — and probably more — at any lower price. Price per Doughnut Able to Buy Willing to Buy $1.50 $1.25 $1.00 $0.75 $0.50 $0.25

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Procedure Have the students work through the calculations. Compile the data to obtain a class demand schedule. Explain Demand. Construct a linear graph.

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**VISUAL: CLASS DEMAND SCHEDULE FOR DOUGHNUTS**

Price $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 Student 1 Student 2 Student 3 Student 4 Student 5 Student 6 Student 7 Student 8 Student 9

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Demand: The schedule of the quantity of a good or service that people are willing and able to buy at different prices during a given time period. Law of demand: People are willing and able to buy less of a good or service at a higher price and more of a good or service at a lower price, when income and prices of other items remain the same.

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**Title: Demand for Doughnuts**

P $1.50 $1.25 $1.00 $.75 $.50 $.25 Demand Q Title: Demand for Doughnuts

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**An invitation… Northeast Kansas Teachers: Councils or Centers:**

Money, Math & Make-Believe Teacher Summit, Summer 2014, Federal Reserve Bank of Kansas City Lending Library and Consultations District In-services Councils or Centers: Host your own training–contact us for sample agendas, handouts, etc. Barbara Phipps – Shala London – Sherie Surbaugh – Nadia Kardash –

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