Everyone’s an Entrepreneur! JENNA HENKEL – THIRD - COGBURN WOODS ELEMENTARY SCHOOL MEGAN MCGUIRE – FOURTH - NORTHWOOD ELEMENTARY SCHOOL

SS3E1 The student will describe the four types of productive resource: Natural,Human, Capital, and Entrepreneurship SS3E1 The student will describe the four types of productive resource: Natural,Human, Capital, and Entrepreneurship a. Natural (land) a. Natural (land) b. Human (labor) b. Human (labor) c. Capital (capital goods) c. Capital (capital goods) d. Entrepreneurship (used to create goods and services) d. Entrepreneurship (used to create goods and services) SS3E2 The student will explain that governments provide certain types of goods and services in a market economy and pay for these through taxes and will describe services such as schools, libraries, roads, police/fire protection, and military. SS3E2 The student will explain that governments provide certain types of goods and services in a market economy and pay for these through taxes and will describe services such as schools, libraries, roads, police/fire protection, and military. SS3E3 The student will give examples of interdependence and trade and will explain how voluntary exchange benefits both parties. SS3E3 The student will give examples of interdependence and trade and will explain how voluntary exchange benefits both parties. SS3E4 The student will describe the costs and benefits of personal spending and saving choices. SS3E4 The student will describe the costs and benefits of personal spending and saving choices.

Fourth Grade Economics Standards SS4E1 The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events. SS4E2 The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important.

Fifth Grade Economics Standards SS5E1 The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events. SS5E1 The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events. SS5E2 The student will describe the functions of the three major institutions in the U. S. economy in each era of United States history. SS5E2 The student will describe the functions of the three major institutions in the U. S. economy in each era of United States history. SS5E3 The student will describe how consumers and businesses interact in the United States economy across time. SS5E3 The student will describe how consumers and businesses interact in the United States economy across time. SS5E4 The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important. SS5E4 The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important.

Introduction EQ: How do personal spending choices affect your personal budget and the economy? Explore the link and video below. Little Suzy Opens a Candy Store Little Suzy Opens a Candy Store By Amber Raudabaugh By Amber Raudabaugh Economics Vocabulary Video Accommodations will be provided as needed.

Task For this activity, you and your production team have to come up with a good or service to market to the class. Click on the handout to the right for more information. Each student, regardless of ability, will be grouped with an economic buddy. Each student, regardless of ability, will be grouped with an economic buddy.

Production Time For Your Good Or Service During the next few days, we will work step by step to complete the production of your good or service. During the next few days, we will work step by step to complete the production of your good or service. You are encouraged to put your best foot forward daily and be a team player! You are encouraged to put your best foot forward daily and be a team player! If everyone works together, your good or service is going to be outstanding! If everyone works together, your good or service is going to be outstanding!

Production Day One Instructions Step One: Get into groups of no more than four. Have your teacher approve of your group selection. Step Two: Once you have selected, your product, have your teacher approve your idea. Step Three : Brainstorm a good or service that you would like to produce and sell. Step Four: Your ticket out the door is a group list of the materials needed and who is bringing each material. Step Five: Share your materials list with your teacher for approval.

Production Day Two Instructions Today, you are going to pioneer research about your potential good or service. Today, you are going to pioneer research about your potential good or service. It is suggested that you use books and the internet to research companies that have had a similar good or service. Investigate strategies that worked well and those that didn’t. This will be beneficial when you begin working on your product and promotion campaign. It is suggested that you use books and the internet to research companies that have had a similar good or service. Investigate strategies that worked well and those that didn’t. This will be beneficial when you begin working on your product and promotion campaign. Click me!

Production Day Three Instructions Step One For the past two days, you should have began collecting materials for your good or service production. Use your ticket out the door, as a checklist, to see what you have and what you still need to find. Step Two Remember to complete Production Day 3 on your Everyone’s an Entrepreneur handout. Step Three If time allows and all materials are available, assembly can begin today, once teacher has approved of your Action Plan.

Production Day Four Instructions It’s time to get this good or service started! It’s time to get this good or service started! Today is Production Day! Use this class period to create at least five to seven of your product. Make sure that each entrepreneur does their job. Today is Production Day! Use this class period to create at least five to seven of your product. Make sure that each entrepreneur does their job. Use your time wisely, because today is the only day you will have in class to make your good or service come to life! Use your time wisely, because today is the only day you will have in class to make your good or service come to life!

Production Day Five Instructions Show me the money! Let’s give your good or service a value. Show me the money! Let’s give your good or service a value. Use the tags provided by your teacher, to price your good or service. Use the tags provided by your teacher, to price your good or service. Once you have priced your good or service, come up with a marketing strategy to sell it! Once you have priced your good or service, come up with a marketing strategy to sell it! Marketing strategy ideas include: a TV commercial, a newspaper or magazine ad, poster, PowerPoint, radio ad, or another idea that is approved by your teacher. Marketing strategy ideas include: a TV commercial, a newspaper or magazine ad, poster, PowerPoint, radio ad, or another idea that is approved by your teacher.

Production Day Six Instructions Promotion and Profits Day Promotion and Profits Day Today, your team will try to sell your good or product to other teams. Today, your team will try to sell your good or product to other teams. Each team will be given a certain amount of money to spend during Promotion and Profits Day! Each team will be given a certain amount of money to spend during Promotion and Profits Day! Click on the picture to the right for a more in depth explanation of personal budgeting. Click on the picture to the right for a more in depth explanation of personal budgeting.

Production Day Seven Instructions Today, we are going to wrap up our production experiment. Today, we are going to wrap up our production experiment. Complete Production Day Seven on your Everyone’s an Entrepreneur handout. Complete Production Day Seven on your Everyone’s an Entrepreneur handout. Be prepared to engage in discussion with the class about the production experiment upon completion. Be prepared to engage in discussion with the class about the production experiment upon completion.

Evaluation Click on the Everyone’s an Click on the Everyone’s an Entrepreneur rubric to right. Entrepreneur rubric to right. Each student will evaluate their Each student will evaluate their involvement in the production experiment. They will then make a post to the class Edmodo page reflecting critically on the Everyone’s an Entrepreneur activity. The teacher will consider the student rubric and post while grading activity. Grading Scale Grading Scale A: 32 points – 29 points A: 32 points – 29 points B: 28 points – 26 points B: 28 points – 26 points C: 25 points – 23 points C: 25 points – 23 points Teacher Conference: Teacher Conference: Less than 22 points Less than 22 points

Conclusion and Extension Activity Now that your production experiment is complete, adjust your product or marketing strategy based on your day seven discussions. Now that your production experiment is complete, adjust your product or marketing strategy based on your day seven discussions. Once your team has reconstructed your product, promote it to your grade level for further sales. Once your team has reconstructed your product, promote it to your grade level for further sales.

References teachers.com/Documents/Econ_Quick_Referenc e_Sheet_3-5%5B1%5D.pdf teachers.com/Documents/Econ_Quick_Referenc e_Sheet_3-5%5B1%5D.pdf