3 Economics and Personal Finance LiteracyMathematicsSocial Studies
4 Common Core Connections Supports cross-content literacyProvides real-world applicationsDevelops habits of mindRelevance to real worldStories, books, current economic eventsComputations, graphs, interest and tax rates calculationsHabits of mindEconomic decision-making modelsCost-benefit Analysis
5 Children’s Literature for Understanding Economics
7 ECONOMICS/PERSONAL FINANCE Grade KECONOMICS/PERSONAL FINANCEMATHEMATICSGoods and servicesScarcityOpportunity costSavingUnderstanding addition as putting together and understanding subtraction as taking apart
8 ECONOMICS/PERSONAL FINANCE Grade 1ECONOMICS/PERSONAL FINANCEMATHEMATICSGoods and servicesScarcityChoicesOpportunity costMoney vs. barterSaving vs. spendingIncomeConsumers and ProducersSolving problems involving addition and subtractionUnderstanding place value
9 Follow the Money! Saving Decision-making Money Adding and subtracting and more (see link)
15 ECONOMICS/PERSONAL FINANCE Grade 2ECONOMICS/PERSONAL FINANCEMATHEMATICSGoods and servicesEconomic wantsProducers and consumersOpportunity costMoney vs. barterSaving vs. spendingBudgetingIncomeDecision-makingSolving problems involving addition and subtractionUnderstanding place value
16 ECONOMICS/PERSONAL FINANCE Grade 3ECONOMICS/PERSONAL FINANCEMATHEMATICSScarcityMarketsBuyers and sellersCredit and borrowingPublic goods and servicesSpending/savingBorrowing/lendingIncomeUnderstanding fractionsSolving problems involving measurement and estimation of intervals of time
17 Little Nino’s Pizzeria Goods and servicesEntrepreneurshipRevenue, expenses and profit“Find the profit” math problems (see link)
18 My Rows and Piles of Coins SavingCapital resourceMarketOpportunity costAdding & subtracting
19 Uncle Jed’s Barbershop Human and capital resourcesSpecializationSavingOpportunity costEstimation costs and inflation
20 A Chair for My Mother Human resources Savings Scarcity Opportunity costBudget development
21 Lucky Beans Productive resources Human capital Specialization Income EstimationMeasurement
23 ECONOMICS/PERSONAL FINANCE Grade 4ECONOMICS/PERSONAL FINANCEMATHEMATICSOpportunity costProductive resourcesProduction and consumptionSpecializationEntrepreneurEconomic systems, market economyHuman capitalCost-benefit analysisFour operations w/ whole #’sFactors and multiplesGenerate/analyze patternsMulti-digit whole numbersOperations with fractionsClassify shapesDraw/identify lines and angles
24 ECONOMICS/PERSONAL FINANCE Grade 5MATHEMATICSNumerical expressionsAnalyze patterns/relationshipsPlace value systemPerform multi-digit operationsAdd/subtract fractionsMultiply/divide fractionsMeasurement systemVolumeGraph points on the coordinate plane to solve real-world and mathematical problemsECONOMICS/PERSONAL FINANCEScarcityOpportunity costProductivity and specializationSupply and demandChanges supply/demandSupply/demand for laborBanking and interestTaxesCost-benefit analysis
25 The Bobbin Girl Productivity Cost of production Supply and demand Costs/benefitsCompute reduction in pay percentages
26 Isabel’s Car Wash Incentives Entrepreneurship Productive resources Decision-makingInvestingBudgetingPercentages
31 Mathematics & Economics 12 standards-based lessons Grades 3-5 Council for Economic Education1
32 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.
33 ECONOMICS/PERSONAL FINANCE Grade 5MATHEMATICSNumerical expressionsAnalyze patterns/relationshipsPlace value systemPerform multi-digit operationsAdd/subtract fractionsMultiply/divide fractionsMeasurement systemVolumeGraph points on the coordinate plane to solve real-world and mathematical problemsECONOMICS/PERSONAL FINANCEScarcityOpportunity costProductivity and specializationSupply and demandChanges supply/demandSupply/demand for laborBanking and interestTaxesCost-benefit analysis
35 ProcedureWalk into the classroom holding a newspaper and eating a doughnut. Ask the students if they enjoy eating doughnuts.
36 ProcedureRead 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.
37 ProcedureAsk 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.
38 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 DoughnutAble to BuyWilling to Buy$1.50$1.25$1.00$0.75$0.50$0.25
39 ProcedureHave the students work through the calculations. Compile the data to obtain a class demand schedule. Explain Demand. Construct a linear graph.
40 VISUAL: CLASS DEMAND SCHEDULE FOR DOUGHNUTS Price$0.25$0.50$0.75$1.00$1.25$1.50Student 1Student 2Student 3Student 4Student 5Student 6Student 7Student 8Student 9
41 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.
42 Title: Demand for Doughnuts P$1.50$1.25$1.00$.75$.50$.25DemandQTitle: Demand for Doughnuts
43 An invitation… Northeast Kansas Teachers: Councils or Centers: Money, Math & Make-Believe Teacher Summit, Summer 2014, Federal Reserve Bank of Kansas CityLending Library and ConsultationsDistrict In-servicesCouncils or Centers:Host your own training–contact us for sample agendas, handouts, etc.Barbara Phipps –Shala London –Sherie Surbaugh –Nadia Kardash –