1. Shirley Wilborne

2. The student will explain how producers use natural resources (water, soil, wood, and coal), human resources (people at work), and capital resources (machines, tools, and buildings) to produce goods and services for consumers.
3.7
Resources are used to produce goods and services.
Producers of goods and services are influenced by natural, human, and capital resources.
How do producers use natural, human, and capital resources to produce goods and services?
Terms to know
 Natural resources: Materials that come from nature (water, soil, wood, coal)
  Human resources: People working to produce goods and services
  Capital resources: Goods made by people and used to produce other goods and services (machines, tools, buildings)
 Producers: People who use resources to make goods and/or provide services
 Goods: Things that people make or use to satisfy needs and wants
 Services: Activities that satisfy people’s needs and wants
Shirley Wilborne

3. The student will recognize the concepts of specialization (being an expert in one job, product, or service) and interdependence (depending on others) in the production of goods and services (in ancient Greece, Rome, the West African empire of Mali, and in the present).
3.8
Economic specialization and interdependence existed in the production of goods and services in the past and exist in our present-day communities.
What is economic specialization?
What is economic interdependence?
How did economic specialization and interdependence exist in ancient Greece, ancient Rome, and the empire of Mali?
Does economic interdependence exist in our present day community?
Terms to know
Economic specialization: Focusing on one product or service
Economic interdependence: Two or more people depending on each other for goods and services. Economic specialization occurs when people focus on the production of selected kinds of goods and services. Economic specialization and interdependence of communities in the past
Ancient Greece and Rome both focused on building ships, farming, and making pottery. (Specialization)
Greeks and Romans traded their goods with Egypt and other nearby communities. (Interdependence)
In the empire of Mali, some people specialized in protecting the empire, while others specialized in growing food for the empire. (Specialization)
The people of Mali traded (gold for salt) with other people. (Interdependence)
Economic specialization and interdependence in the present Virginia is known for its expertise in shipbuilding. (Specialization)
Virginia sells its coal to other countries but depends on other countries for oil. (Interdependence)
Shirley Wilborne

4. 3.9 Why does an economic choice involve giving up something else?
The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).
3.9
People make choices because they cannot have everything they want.
All choices require giving up something (opportunity cost).
Why does an economic choice involve giving up something else?
Terms to know Economic choice: The choice of or decision among alternatives or possibilities Opportunity cost: The next best choice that is given up when a decision is made
Economic Choices
Choices
Choices made
Choices given up (opportunity cost)
Ice cream or popcorn
Ice cream
Popcorn
Toy or favorite video
Favorite video
Toy
Spend now or save for the future
Spend now
Save for the future
Economic decision-making requires comparing both the opportunity cost and the monetary cost of choices with benefits.
Shirley Wilborne

5. Natural resources
Materials that come from nature (water, soil, wood, coal)
Shirley Wilborne

6. Human Resources People working to produce goods and services
Shirley Wilborne

7. Capital resources
Goods made by people and used to produce other goods and services (machines, tools, buildings)
Shirley Wilborne

8. Producers
People who use resources to make goods and/or provide services
Shirley Wilborne

9. Goods Things that people make or use to satisfy needs and wants
Shirley Wilborne

10. Services Activities that satisfy people’s needs and wants
Shirley Wilborne

11. 1. _______ ________ People working to produce goods and services 2
1. _______ ________ People working to produce goods and services 2. __________ People who use resources to make goods and/or provide services 3. ________ _________ Materials that come from nature (water, soil, wood, coal)  4. _________ Things that people make or use to satisfy needs and wants 5. _________ Activities that satisfy people’s needs and wants 6. _________ _________ Goods made by people and used to produce other goods and services (machines, tools, buildings)
Shirley Wilborne

12. People working to produce goods and services 2
People working to produce goods and services 2. People who use resources to make goods and/or provide services 3. Materials that come from nature (water, soil, wood, coal)  4. Things that people make or use to satisfy needs and wants 5. Activities that satisfy people’s needs and wants 6. Goods made by people and used to produce other goods and services (machines, tools, buildings)
Shirley Wilborne

13. Shirley Wilborne

14. Economics
Shirley Wilborne

15. Shirley Wilborne

16. Shirley Wilborne

17. Shirley Wilborne

18. Shirley Wilborne

19. Shirley Wilborne

20. Shirley Wilborne

21. Shirley Wilborne

22. Shirley Wilborne

23. Basic Fact Sheet Third Grade Economics 2001 Standards of Learning
Life is full of choices. People make many choices everyday. Choices, often called decisions, vary in their difficulty. Regardless of the level of difficulty, all choices carry costs and benefits. Young children make many choices/decisions. Research reveals that they should begin to learn decision-making skills at an early age. Learning basic economics concepts and principles fosters the development of good decision-making skills.
Economics is the study of choice under scarcity. Our resources are limited, and our wants are unlimited (scarcity). Scarcity is the inability to satisfy all of our wants at the same time. We must make choices about how to use our limited resources.
Shirley Wilborne

24. Resources are things used to produce goods and services
Resources are things used to produce goods and services. People (Sellers/Producers) use human resources, natural resources, and capital resources to produce goods and services. Sellers/Producers must make choices about what to produce with the limited resources. People (Buyers/Consumers) use or consume goods and services. People have different skills and abilities. People use their skills and abilities to specialize in the production of certain goods and services. (Specialization) Because people specialize, interdependence occurs. People depend on others to provide goods and services they need and want. (Interdependence) Interdependence results in trade/exchange.
Shirley Wilborne

25. Shirley Wilborne

26. Shirley Wilborne

27. Producers combine natural, human, and capital resources to make goods and services. The amount of each resource the producer uses varies based on the good or service being produced. A producer who combines the resources and takes the risk of starting a new business is called an entrepreneur. To have a successful business, the producer or entrepreneur needs consumers to purchase the goods or services produced.
Shirley Wilborne

28. Consumers use goods and services
Consumers use goods and services. Producers depend on consumers to use their product
and consumers depend on producers to make the goods/services they need and want.
This dependency on each other for goods/services is called interdependence.
The interdependence that exists between producers and consumers requires that each pay
careful attention to the other. Producers must be aware of consumer likes and dislikes to
know what to produce, how much of it to produce, and when to produce it. Consumers
must understand the difficulties of production and provide good consumer feedback to
the producer.
Shirley Wilborne

29. Shirley Wilborne

30. Shirley Wilborne

31. Shirley Wilborne

32. Shirley Wilborne

33. Shirley Wilborne

34. Opportunity Cost
Opportunity Costs The Ox-Cart Man You have to give up something!
opportunity cost Charlie's Chocolate Choices
Calvin and Hobbs Opportunity Cost
The Opportunity Cost of a Lifetime
Homer Price (The Doughnuts) by Robert McClosky Economics: capital resources, increasing productivity, law of demand, quantity demand
If You Give a Mouse a Cookie Economics: unlimited wants, goods, services
The Goat in the Rug
Opportunity Cost
State Dept. Resource
Econ
Social Studies Plans
Economics Resource
More Resources
Shirley Wilborne

35. The Goat in the Rug Shirley Wilborne
Color the rug resources, cut on the dotted lines, arrange the rug to tell the story of rug production, and glue.
Shirley Wilborne
Economics: Producers, resources (natural, human, capital), intermediate goods.

36. Shirley Wilborne

37. Shirley Wilborne

38. Shirley Wilborne

39. Shirley Wilborne

40. 1. Oh Scarcity. (Tune: Oh, Christmas Tree) Oh, Scarcity. Oh, Scarcity
1. Oh Scarcity!(Tune: Oh, Christmas Tree) Oh, Scarcity! Oh, Scarcity! We can’t have all the things we want. Oh, Scarcity! Oh, Scarcity! We cannot have it all. We really want a lot of stuff. But sometimes there’s just not enough. Oh, Scarcity! Oh, Scarcity! We cannot have it all.
Shirley Wilborne

41. Shirley Wilborne

42. 2. We Are Workers (Tune: Are You Sleeping) We are workers, We are workers, Yes we are! Yes we are! Brian is a baker. Brian is a baker. He makes bread. He makes bread. We are workers, We are workers, Yes we are! Yes we are! Sarah is a fire fighter. Sarah is a fire fighter. She puts out fires. She puts out fires.
Shirley Wilborne

43. 3. Oh Give Me a Choice (Tune: Home on the Range) Oh give me a choice, Oh, a difficult choice, And I’ll think about what I could use. I’ll have to decide, With my eyes open wide, What I’ll give up and what I will choose. Opportunity cost! It’s the thing you give up when you choose. It’s the price that is paid When a choice must be made. It’s the thing that I surely will lose.
Shirley Wilborne

44. 4. The Money Goes ‘Round(Tune: Here We Go ‘Round the Mulberry Bush) Verse 1: The businesses pay the people who work, The people who work, The people who work. The businesses pay the people who work, The money goes ‘round and ‘round. Chorus: The money goes ‘round and ‘round and ‘round. The money goes ‘round and ‘round and ‘round. The money goes ‘round and ‘round and ‘round. The money goes ‘round and ‘round. Verse 2: The people buy the businesses’ goods, The businesses’ goods, The businesses’ goods. The people buy the businesses’ goods, The money goes ‘round and ‘round. (Repeat chorus)
Shirley Wilborne

45. 5. Questions (Tune: Oh Where, Oh Where Has My Little Dog Gone) Oh what, oh what will our country produce? Oh what, oh what will it make? With its natural and capital and human resources, Oh what, oh what will it make? Oh how, oh how will our country produce? Oh how, oh how will it work? With its natural and capital and human resources, Oh how, oh how will it work? For whom, for whom will our country produce? For whom, for whom will it work? With its natural and capital and human resources, For whom, for whom will it work?
Shirley Wilborne

46. 6. The Baker Wants a Pair of Shoes (Tune: Old MacDonald) The baker wants a pair of shoes, E-I-E-I-O! The baker wants the shoe clerk’s help, E-I-E-I-O! With a shoe clerk here, and a shoe clerk there, Here a clerk, there a clerk, Everywhere a clerk, clerk. The baker wants the shoe clerk’s help, E-I-E-I-O! The shoe clerk wants some food to eat, E-I-E-I-O! The shoe clerk wants the grocer’s help, E-I-E-I-O! With a grocer here, and a grocer there, Here a grocer, there a grocer, Everywhere a grocer, grocer. The shoe clerk wants the grocer’s help, E-I-E-I-O! The grocer has a little dog, E-I-E-I-O! The grocer wants the vet to help, E-I-E-I-O! With a vet, vet here, and a vet, vet there, Here a vet, there a vet, Everywhere a vet, vet. The grocer wants the vet to help, E-I-E-I-O!
Shirley Wilborne

47. 8. Spending and Saving (Tune: On Top of Old Smoky) Keep spending your money; get something this way. The value is small but you’ll have it today! Start saving your money; get something this way. The value is great and you’ll get it some day!
7. Buying and Selling (Tune: Row, Row, Row, Your Boat) Goods, goods, goods are things That we make and use. We’re buying and selling And buying and selling Any goods we choose. Services are things we do That other people use. We’re buying and selling And buying and selling Services that we choose.
Shirley Wilborne

48. 12. Consumers (Tune: The Bear Went Over the Mountain) Consumers go to the market, consumers go to the market, Consumers go to the market, to see what they can buy. And all that they can buy, and all that they can buy, Are lots of goods and services, lots of goods and services, Lots of goods and services, that’s all that they can buy.
Shirley Wilborne

49. 13. The Market Song (Tune: My Bonnie Lies Over the Ocean) Consumers buy goods from producers, Consumers buy services, too. Consumers buy goods from producers, And use them, yes, that’s what they do. Consumers! Consumers! They pay the producers for what they use. Consumers! Consumers! They pay for the things that they use.
Verse 1
Verse 2
Producers make goods from resources, Producers make services, too. Producers make things for consumers, And sell them, yes, that’s what they do. Producers! Producers! They make things by using resources. Producers! Producers! They make things and sell them to use.
Verse 3
Markets are to buy and to sell things. Markets are where we exchange. We exchange as we buy and we sell things. Producers, consumers, exchange. Markets! Oh, Markets! Oh, markets are where we exchange, exchange. Markets! Oh, Markets! Producers, consumers exchange.
Shirley Wilborne

50. 14. We’ve Been Working on Production (Tune: I’ve Been Working on the Railroad)
We’ve been working on production, All the livelong day. We’ve been working on production, Just to make some goods this way. We use natural resources, Such as land, and oil, and trees. We use capital resources, Such as tools and factories. Now we will work! Now we will work! When we use our human resource. Now we will work! Now we will work! We use our human resource.
Shirley Wilborne

51. 11. Economies (Tune: This Old Man) 1. Ha. Ha. Ha
11. Economies (Tune: This Old Man) 1. Ha! Ha! Ha! Some countries Have traditional economies. And they produce, oh yes they do, The way tradition tells them to. 2. Ha! Ha! Ha! Some countries Have command economies. And they produce, oh yes they do, The way their leaders tell them to. 3. Ha! Ha! Ha! Some countries Have market economies. And they produce, oh yes they do, The way the market tells them to. 4. Ha! Ha! Ha! Most countries Really have mixed economies. And they produce, oh yes they do, The way that many things tell them to.
10. Wanting Song (Tune: London Bridge) Wants are things we’d like to have, Like to have, Like to have. Wants are things we’d like to have, (Janie) wants a (________________).
Shirley Wilborne

52. 15. Do You Ever Like to Barter (Tune: Did You Every See a Lassie) Do you ever like to barter, to barter, to barter? Do you ever like to barter, and do it just right? Trade this thing for that thing, And this thing for that thing. Do you ever like to barter, no money in sight? The following songs are from: Master Curriculum Guide, K-2, © National Council on Economic Education. Used with permission. Oh Give Me a Choice Oh, Scarcity! The Baker Wants a Pair of Shoes We Are Workers We’ve Been Working on Production Wanting Song The Money Goes ‘Round and ‘Round The Market Song The following songs are from: Economics in Children’s Literature, Third Supplement, © SPEC Publishers, St. Louis (In collaboration with Donna Wright). Used with permission. Buying and Selling Consumers Do You Ever Like to Barter Spending and Saving The following songs are from: Adventures in Economics and American History, © EconFun, LLC, Richmond, VA (In collaboration with Suzanne Gallagher). Used with permission. Economies Questions Supply and Demand The Econ Song Book Old Tunes with an Economics Twist © by Martha C. Hopkins James Madison University Center for Economic Education Harrisonburg, VA
Shirley Wilborne

53.                                             
Shirley Wilborne

54. Shirley Wilborne

55.
Shirley Wilborne

56. Shirley Wilborne

57. Shirley Wilborne

58. Shirley Wilborne

59. Shirley Wilborne

60. Shirley Wilborne