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Free Enterprise System Pacing Guide: Week 2MondayVocabularyFocus: EconomicConcept Review Teachers will buildbackground knowledgeby reviewing certaineconomic vocabularyterms with the studentsfrom 2nd grade. Create the followinganchor chart. Havestudents recreate thechart in their ISN orcreate a foldable to takenotes. Leave blanks forother terms discussed thisweek. WantNeedHave students jotdown what they thinkeach of thevocabulary termsmean (%).TuesdayWednesdayRead AloudRead AloudFocus: Scarcity, What is it? Ask students what they think the term “scares” means. Use Appendix E to introduce the term. This appendixexplains what scarcity is and gives an example. It alsoincludes a song that can be displayed in the classroom. Have students turn and talk to discuss other examples ofscarcity. As a class, come up with a giant list of goodsor services that can be scarce. All students will beencouraged to participate. At this point, the teachershould emphasize that people have to make important“economic choices” because resources and goods cansometimes be scarce. Add the word scarcity to their vocabulary graphicorganizer. Teachers can also use Dragons Decide: Lesson I iniXplore. The Decision Cards on p. 12-13 are a greatassessment activity. Give partners a card and havethem decide which option to choose and why? This canalso be done as an independent writing activity (%).Focus: How Scarcity Effects Production, Distribution, andConsumption Create or display the graphic organizer in Appendix F. Conduct a read aloud using The Lorax by Dr. Seuss oranother selection from Appendix A. During the readaloud, stop at key points in the story and have studentsturn and talk about the scarcity of the product and howit affected the way it was produced, consumed, anddistributed to consumers in the story (see guidingquestions section).Grade 3, Unit 8, Draft April 2014ThursdayThink AloudFocus: Free Market System Ask the students to definethe words “free” and“market”. Explain that a free marketsystem is a system whereproducers are free to sellwhat they want at theprice they want andconsumers are free topurchase what they wantwithout any interferencefrom the government. Conduct a read aloudusing Horizons textbookpages 402–405 or aselection from Appendix A During the read aloud,focus on the guidingquestions from the lesson.Have students turn andtalk about possiblepredictions and answers tothe questions. (%) Students may also stopand jot answers to theguiding questions in theirISN. (%)Page 7FridayCurrent EventsTeachers cancontinue aprevious lessonor havestudentsparticipate in acurrent eventactivity.Bring in currentarticles aboutitems that maybe scarce andhave studentscomment.Items areusually scarceduring ahurricane ornaturaldisaster.Students coulddiscuss whatitems may bein highdemand andwhy.

Simple Business Overview: Week 3 & 4Enduring Understandings/GeneralizationsThe student understands how businesses operate in the U.S. free enterprise system.Guiding/Essential Questions How does a simple business operate?In the American free enterprise system, people can choose what to produce, how to produce, how much to produce, and for whom toproduce with little government interference, taking advantage of principles of economic freedom, voluntary exchange, private property, andthe profit motive To start a business, a potential business owner first identifies goods and services needed in the community and gaugeswhether there is a large demand for a particular good or service and determines a process for offering the good or service to the community.If demand is high and of appropriate quality, the business pays production costs and labor costs, leaving a profit. Supply of raw materials anddemand goods and services are interdependent principles that affect cost, price, and profit. How does supply & demand affect the price of goods and services?High supply, low demand lower prices (e.g., the seller has to get rid of the product before it goes bad; if you overproduce a game or toythat nobody is interested in, the supply will be and the demand (market) is low, you will lower the price of the game to entice buyers)Low supply, high demand higher prices (e.g., people want the product before it can be made so the price rises for those who want theproduct; the price of a popular toy rises as demand rises. Also, production has to increase so more people have jobs.) How does production, selling price and other factors affect the profits? With demand stable, if cost of production goes up, the difference (profit margin) shrinksWith demand stable, if production costs go down, the difference (profit margin) widensDepending on the cost of production, the selling price may go up or down, in turn affecting profitDemand for the good or service also affects price which in turn affects profitIf it costs more to produce a good, the selling price has to go up to cover costs. If demand stays the same, profit margin will decrease.If it costs less to produce a good, the selling price could stay the same if the market supports that price. Then, profit margin will increase.If the market price changes, adjustments may need to be made in cost of production to remain competitive.How do government regulations and taxes impact consumer costs? Taxes are added to the costs of goods and services, increasingtheir overall cost to consumers. Government regulations set tax rates, set procedures requirements (building inspections, safety requirements),which costs are included when determining production costs, and setting prices consumers pay . Students will . . .participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questionsuse primary and secondary sources to gain information about a topicunderstand key vocabulary termsidentify examples of how a simple business operatesexplain how supply and demand affect the price of a good or serviceexplain how the cost of production and selling price affect profitsexplain how government regulations and taxes impact consumer costsGrade 3, Unit 8, Draft April 2014Page 8

Teacher Materials Horizons Textbook:pp. 394 -398: How a BusinessWorkspp. 402-403: Supply &Demandpp. 88-89: Appendix G – Supply &Demand Comic Appendix H – Income &Expense Report Appendix I – Profit Poem Unit 8 Review - iXploreGrade 3, Unit 8, Draft April 2014Instructional Resources: Week 3 & 4Teacher NotesAssessments (%) Read Aloud discussion andparticipation Written Response to guidingquestions Written response toindependent reading Anchor chart participation Profit activity Unit 8 Review PPTPage 9Technology Teaching Kids Small BusinessSkills 15 Ways to Teach Kids aboutMoney Social Studies Online Social Studies for Kids Secret Millionaires Club – TheHigh Cost of High Demandvideo series developed byWarren Buffet Scholastic Economics

Simple Business Pacing Guide: Week 3MondayVocabularyTeacher canconduct activitiesusing suggestedvocabulary wordsto buildbackgroundknowledge.Suggested Terms: Simple Business an organizationinvolved in thetrade of goods,services, or bothto consumersTuesdayRead AloudFocus: How a Simple BusinessOperates Brainstorm a list of business in thecommunity. Conduct a read aloud usingHorizons textbook pages 394-398or a selection from Appendix A. During the read aloud, focus onGuided /Essential Question 1.Have students turn and talkabout possible predictions andanswers to the questions. (%) Students may also stop and jotanswers to the guiding questionsin their ISN. (%) Teachers may choose toenhance the lesson by using alink or video from theTechnology section.Grade 3, Unit 8, Draft April 2014WednesdayVocabularyTeacher canconduct activitiesusing suggestedvocabulary wordsto buildbackgroundknowledge. Havestudent create a 2tab foldableSuggested Terms: Supply- howmuch of a goodor service isavailable Demand-howmuchconsumers wantto purchase agood or serviceThursdayRead AloudFocus: Supply & Demand Explain to students when supply ishigh and demand is low, the pricegoes down. When the supply islow and the demand is high, theprice goes up. Teachers can use Appendix G(comic) as an introductoryactivity. View the video The High Cost ofHigh Demand Revisit pages 402-403 from theHorizons textbook. During the read aloud, focus onGuided /Essential Question 2.Have students turn and talk aboutpossible predictions and answersto the questions. (%) Students may also stop and jotanswers to the guiding questionsin their ISN. (%)Page 10FridayCurrent EventsTeachers cancontinue aprevious lessonor havestudentsparticipate in acurrent eventactivity.

Simple Business Pacing Guide: Week 4MondayVocabularyTeacher can conductactivities using suggestedvocabulary words tobuild backgroundknowledge.Students may create agraphic organizer or afoldable to organizednotes.Suggested Terms: Cost of Productionthe cost of materialsplus labor plusbusiness expenses Selling Price- thedifference betweenthe cost of productionand the selling price isthe profit Profit- money that isleft over after allexpenses have beenpaid (p. 396)TuesdayRead AloudFocus: How the cost ofproduction and selling priceaffect profits Explain to students thatmost people go intobusiness to make money.The money they get tokeep after all theexpenses are paid isknown as a profit. Teachers can use thepoem in Appendix G as alesson intro or wrap-up. Use the information inAppendix H and havestudent figure out howmuch profit the lemonadestand made by adding upthe money made on sellsand subtracting theexpenses. (%) What would happen ifthey raised the price of hislemonade? How could they lowercosts?Grade 3, Unit 8, Draft April 2014WednesdayVocabularyTeacher can conductactivities usingsuggested vocabularywords to buildbackgroundknowledge.Suggested Terms: Regulations-laws Tax- collected topay for communityservices such asschools, roads, lawenforcement, fireprotection, andemergencyservicesThursdayRead AloudFocus: How GovernmentRegulations and TaxesImpact Consumer Costs Explain to students thatlaws that the governmentpass and the taxes abusiness has to pay affectshow much consumers payfor goods & services. Conduct a read aloud using88-89 in the Horizonstextbook to build schemaabout taxes that arecollected. During the read aloud,focus on Guided /EssentialQuestion 4. Have studentsturn and talk about possiblepredictions and answers tothe questions. (%) Students may also stop andjot answers to the guidingquestions in their ISN. (%) Teachers may choose toenhance the lesson by usinga link or video from theTechnology section.Page 11FridayCurrent EventsTeachers cancontinue aprevious lessonor have studentsparticipate in acurrent eventactivity.Teachers canuse the Unit 8Review as awrap-up activityor an assessmentfor students. (%)

Entrepreneurs Overview: Week 5Enduring Understandings/GeneralizationsThe lives of heroic men and women who made importantchoices, overcame obstacles, sacrificed for the bettermentof others, and embarked on journeys that resulted in newideas, new inventions, new technologies, and newcommunities. Guiding/Essential QuestionsWhat is an entrepreneur?What qualities do you notice about the successful entrepreneurs?Why do you think the entrepreneurs were successful?What qualities do you share with these successful entrepreneurs?Students will . . .participate in discussions and express ideas in a written format about the unit’s enduring understandings and guiding questionsuse primary and secondary sources to gain information about a topicunderstand key vocabulary termsidentify individuals, past and present, including Henry Ford and other entrepreneurs in the community such as Mary Kay Ash,Wallace Amos, Milton Hershey, and Sam Walton, who have started new businesses.Teacher Materials Horizons Textbookpp. 372-375: Henry Ford’sDreampp. 378-383: Henry Ford Makesa Product Appendix J– Small BusinessPoster Appendix K - Henry Ford Bio Appendix L - Milton HersheyBio 3rd Grade Biographies - iXploreGrade 3, Unit 8, Draft April 2014Instructional Resources: Week 5Teacher NotesAssessments (%)Enrichment Activity: Divide the Read Aloud discussion andclass into 5 groups. Assign eachparticipationgroup a businessperson. Have Written Response to guidingthem add to their notes byquestionsconducting research on that Written response toentrepreneur. This research canindependent readingbe turned into a paper/pencil Anchor chart participationposter or a multi-media poster Small Business Posterto share with the class.Page 12 TechnologyBiography SitesMary Kay AshHenry Ford (also in Spanish)Wallace AmosMilton HersheySam Walton

Entrepreneurs Pacing Guide: Week 5MondayHolidayTuesdayRead AloudFocus: Henry Ford As a class, discuss the concept of entrepreneurship.Allow students to make predictions about what the termmeans. Entrepreneur - an individual who organizes andoperates a business or businesses Conduct a read aloud using Appendix J, the 3rd gradebiography of Henry Ford, Horizons textbook pages 372375 or a selection from Appendix A about Henry Ford. During the read aloud, discuss certain character andbusiness traits entrepreneurs display. Have students turn and talk about possible predictionsand answers to the questions. (%) Students may also stop and jot answers to the guidingquestions in their ISN. (%) Teachers may choose to enhance the lesson by using alink or video from the Technology section. Students can use textbook pages 378-383, independentreading to practice reading workshop skills.Grade 3, Unit 8, Draft April 2014WednesdayThursdayFridayRead AloudFocus: Mary Kay Ash, Wallace Amos, Milton Hershey, SamWalton Teacher can choose to concentrate on one of theentrepreneurs listed above. Conduct a read aloud using the 3rd grade biography,Horizons textbook, or a selection from Appendix A. During the read aloud, discuss certain character andbusiness traits entrepreneurs display. Have students turn and talk about possible predictions andanswers to the questions. (%) Students may also stop and jot answers to the guidingquestions in their ISN. (%) Teachers may choose to enhance the lesson by using a linkor video from the Technology section.Page 13

Suggested KidBiz Articles for Unit 8Grade 3, Unit 8, Draft April 2014Page 14

TopicsSuggested LiteratureTime for Kids Readers Earning, Spending, Saving, and DonatingMoneySimple BudgetScarcitySmall Business &Entrepreneurship Kids Making MoneyThere are activities on pp. 61-64 of the Time For Kids Teacher’s EditionSupermarket, Kathleen KrullA Chair for my Mother, Vera B. WilliamsThe Giving Tree, Shel SilversteinJennie’s Hat, Keats, Erza JackKaty and the Big Snow, Burton, Virginia LeeMy New York: New Anniversary Edition& Holiday Edition, Katy JacobsenPigs Go to Market, Amy AxelrodRumpelstiltskin’s Daughter, Diane StanleyTo Market, To Market, Anne MirandaHow to Make a BudgetThe Lorax, Dr. SeussThe Doorbell Rang, Pat HutchinsBringing the Rain to Kapiti Plain, Verna AardemoGetting’ Through Thursday, Melrose CooperOne Grain of Rice: A Mathematical Folktale, DemiReuben and the Quilt, Merle GoodSam and the Lucky Money, Karen ChinnThe Great Kopack Tree by Lynne CherryThe Mitten by Jan Brett Link to economy activityPet Peeve, Sarah WilsonLemonade for Sale, Stuart J. MurphyBetter Than a Lemonade Stand! Small Business Ideas for Kids, DarylBersteinEarning Money, Patricia MurphyThe Kid’s Business Book, Arlene ErlbachLittle Nino’s Pizzeria, Karen BarbourLoon Lake Fishing Derby, Kathleen WaldronVision of Beauty, Kathryn LaskyWhat’s the Big Idea, Ben Franklin, Jean FritzConsult your campus librarian for related titles that are available at your campusLIBRARY y el.htmCheck your campus library page for online resources to use for social studies contentlessons and read alouds. Grade 3, Unit 8, Draft April 2013Appendix A

ngDefinition:Grade 3, Unit 8, Draft April 2013Examples:DonatingExamples:Definition:Appendix BExamples:

Lyrics to Where the Money Goes:[Kid:]Dad, how come you or Mom can't pay for me to go on my band trip to the Rose BowlParade? Don't you make a ton of money?[Dad:]I don't know about that, but we do have a ton of expenses.[Kid:]Like what? Isn't there something here we can do without?[Dad:]We can stop buying groceriesBut that might be a mistakeBecause eating is a habitI'd be loath to try and breakWe can stop paying income taxBut they might send me to jailAnd if we don't pay the mortgageThen they'll take our houseThen where would we get our mail?If not for all these bills and taxesOur income would more than sufficeI feel like a real big cheeseUntil everybody takes a slice!I don't want to bore youWith my troubles or my woesStill you're old enough to knowWhere the money goesWe don't have to pay for furnitureIf you want to learn upholsteringWe don't really need to pay the phone billWe can use tin cans and a stringIt's bedtimeWe'd never have to pay to paint the houseIf we went off and lived in a caveAnd if you're planning on inheriting a million bucksThen there's really no need to save!We make a decent living, that's trueBut we have to pay these bills when they come dueGrade 3, Unit 8, Draft April 2013Appendix C

Please observe this illustrationWhich irrefutably showsExactly how and where the money goes[Dad:]You know if you could help us cut down on some of these expenses, I bet we could saveenough for you to go on that trip.[Kid:]What could I do?[Dad:]We could really lower the phone billIf you'd limit the length of your calls, byeYou could probably put some money in your savings bankIf you skip one trip to the mallWe'd spend a little less on electricityIf you turn off the light when you leaveAnd we could save a lot on our laundry billsIf you'd watch where you put your sleeve!You could bring a little in with a part time jobAll we ask is you do your bestIf you earn a little hereAnd save a little thereWe'll try to come up with the restWe can't stop the money from trickling outBut we can control how it flowsAnd we can start by being aware ofWhere the money goesWhere is my money?My money!It's goneGrade 3, Unit 8, Draft April 2013Appendix C

.50 1 2 2 2 3 4 4 6 6 7 8 10 10 10 15 15 15 25 35 40 45 45 60 80Items to buyCandyCookiesSong on ITunesPokemon/Yu-gi-oh CardIce CreamNotebooksPhone ApsNail PolishPostersMovie TicketBooksArt SuppliesLegoFootballJewelryClothesDVDBoard GameSoccer GoalSkateboardBa

Grade 3, Unit 8, Draft April 2014 Page 1 Grade 3 - Integrated Social Studies Curriculum Unit 8: Economics Unit Length: 4 Weeks Conceptual Lens: Economics Social Studies TEKS: 3.6(A) identify ways of earning, spending, saving, and donating money 3.6(B) create a simple budget that allocates money for spending, saving, and donating