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Unit 6: Economics
Friday, April 7, 2017 11:36 AM

Dates (Allocated Time): 23 classes (30-45 minutes each)

Content Standard(s):
2.2.1 - Understands the basic elements of a communitys economic
system, including producers, distributors, and consumers of goods and
services.
2.1.1 - Understands that members of the community make choices
among products and services that have costs and benefits.
Learning Unit Overview:
Students will learn about economics and business, with
the end goal of putting together a business plan of their
own. They will then take out a loan (from me), buy
supplies/goods, advertise, manufacture goods or set up
their service, and hold a market to sell their product to
students and parents.

Concept Map / Advanced Organizer:

Learning Goals:
Students can explain all vocabulary associated with basic business economics
Students can design a business proposal and apply for a loan
Students can budget for projected expenses
Students can identify different scenarios that result in high demand and low supply as well as
low demand and high supply
Students can identify and use key advertising methods in advertising their own business
Students can manufacture goods associated with a business plan
Students can calculate profit, by subtracting overhead and wages from net profit
Students can differentiate wants versus needs in society as well as their own lives

Introductory Big Picture Activity/Assessment

of Prior Knowledge
The intro activity will be the explanation of the big project start with questions: have you ever
been to a market? Have you ever sold anything before? Have you ever borrowed money and
had to pay it back?
Well, we will have our own market explain what it will look like then point to everything we
need to know to make it work. Finally have students ask questions about the market. Make sure
they know they want to keep their ideas a secret until they write their proposal.

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Day 1: Intro to the Unit

Objective: Students will understand the map of the unit, be able to explain the final project, and ask
clarifying questions about the unit. Set the emotional investment in this project. Students feel like they
have a stake in this unit.
Activity: Seated on the red community rug, the map is unveiled (Hardiman, 2010). I explain the big
market project for the end of the unit. I also explain that the date of the market isnt set, so we will work
as long as we need to to be read for it (low stress for high achievers and low confidence students).
Students add concepts purposefully left off by me (money, etc.). We spend the rest of class discussing
ideas and answering questions. See BTT1 slide for more info.

Day 2: New vocabulary overview

Objective: Students can relate this lesson to what they already know (Pike Place Market) about markets
and goods and services. Students will be able to find our key economics vocabulary in a brainpop video.
Students can write a definition and draw an image representing one of the vocab words.
Activity: Start off with images on the screen from our pike place market field trip a month before. Ask
them what is going on (image of a busker, a fish shop, a lawyers office, a bakery). Discussion about what
vocab words to look for in the video (brainpop), listing them on the board. Talking about what we
already know about the vocab words. Students will watch the video and put their hand up when they
hear the word. This is a good indicator to students who are not as attentive to listen to this part. Finally, I
will randomly pick groups of 3 students who will be partner. They will get to pick a vocab word (not one if
it is already taken), a colored paper and then write the word, write their definition, and finally draw a
visual representation. This will all go up on an anchor chart in our room.

Day 3: Reviewing vocabulary

Objective: Students will be able to use support from our anchor chart or support from their table to
make a personal vocab book. Students can visually relate the vocab words to images or experiences they
know personally. Students further understand the definitions of our vocab words for this unit (goods,
service, price, producer, demand, consumer- later we will add: supply, advertisement, manufacture,
loan, wants, needs, overhead, profit)
Activity: Students will use their classmates definitions from the day before to make their own vocab
booklet. At their tables (groups of 2 or 3), students will make a mini book (pre-cut and stapled) with a
cover and the 6 vocab words from yesterday. Explain that the extra pages will be for more words we add

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later. This time, they can draw their own image or definition or use the image and definition provided by
the teams yesterday.
Morning Work Day 4: Goods and Services
Objective: This is how we start each day, so this being a part of our normal routine will help kids feel like this is the
overarching unit throughout our day not just during Social Studies.
Activity: At each desk will be a piece of paper. Instructions will be in a PowerPoint on the board. Each student will
write Goods on one side and Services on the other side of the paper. They will draw an example of a good that
they buy and an example of a service that they partake in.
Day 4: Supply and Demand
Objective: Students will be able to answer the questions: Why do items go on sale? What different events can
make prices go up or down? If something sold for $10 in the summer, why would it sell for $5 in the winter? What
do you do in you have too much supply and need to sell it? What do you do if another store is selling the same
thing, but for less money?
Activity: Talk about demand a word we introduced and then reviewed the two days prior. Have students give
examples of the their own. Watch clip from Frozen. Review what had high demand and low supply and vice-versa.
Talk about a situation when they sold something (someone always will say lemonade). Students will then be paired
up again this is random draw of name sticks to switch things up and work together on a questionnaire about
different situations regarding their lemonade stand. We will then review different perspectives on each question.
Day 5: Needs and Wants
Objective: Students will be able to explain the difference between a need and want. Students will be able to
brainstorm needs and wants for humans. Students will be able to explain different needs and wants of a student
within our classroom versus just an average human. Student will be able to explain how this relates to our market.
Activity: Ask a few questions about needs and wants. Have students turn and talk about things they need and
things they want. Brainstorm a list to fill a PowerPoint slide of only things we absolutely need. As someone suggests
it have students use hand signals to either agree or disagree. If there is disagreement, have students share their
case. After a solid list has been formed, together watch the brainpop video on wants versus needs. Add any to the
list you have all compiled together and discuss agreements or disagreements.
From this switch the conversation to needs and wants within our classroom. Example: I NEED pencils, but I WANT
fancy clicky pencils with fancy erasers. In teams of two (assigned class numbers that are next to each other will be
partners), have students form lists of needs versus wants. As an investment, we will have a little competition of
how many they can think up in 3 minutes. We will then read peoples favorites out loud and discuss. Finally,
students will reflect in their writing journals, about how their idea for the market is going to fill either student
needs or wants within the classroom. This will be the exit ticket.

Morning Work Day 6: Additional Vocab

Objective: Add new vocab words to our anchor chart. This helps students remember that this is a growing living
chart, not a one off activity.
Activity: Have groups of students work together to make additional vocab posters for our economics vocab anchor
charts should add: supply, wants, and needs. Instructions will be on the board with two tables assigned to each
poster so that they are able to get this finished in the allotted time before classes start.
Day 6: History of Manufacturing and Assembly Lines
Objective: Students will be able to define manufacturing and assembly. Student will be able to give examples of
current products that are made on assembly line. Students can connect history of manufacturing to manufacturing
today. Students can share how they may use the information learned today to streamline their products or
services for the market.
Activity: The PowerPoint slide will have pictures of the original model-t and other Ford cars. Ask students what
they see, what they think this is. What are we talking about today? Pass out a one page document describing of the
history of Henry Ford and the assembly line. Popcorn read this. Discuss. Follow up by watching a short video on
manufacturing (youtube.com). Put up a PowerPoint slide split in the middle. One side says Made on an Assembly
Line and the other says Not Made on an Assembly Line. Have students work independently writing down goods
that are manufactured on assembly lines (on post-its) and have them come up as they finish and post them on the
board. After, read some out loud. Then do the same activity for goods not manufactured on an assembly line.

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Finally, set up an assembly line for students to manufacture the vocab powers for assembly and manufacture. Split
the groups in to two, assign one manufacture and the other Assembly. Then have them divvy up jobs themselves.
Take notes.

Day 7 Morning Work:

Objective: Give students a chance to update and review their vocab words for this unit.
Activity: Students will add all new vocab words to their mini vocab journals.
Day 7: Review of Producers and Consumer
Objective: Students will understand producers and consumers based on images rather than words or descriptions.
Students can personally relate to how they are a consumer and a producer during our upcoming market.
Activity: Students will be able to differentiate images of products and consumers. They will then match up
corresponding producers and consumers. These will be glue to sheets. Finally, the exit ticket will be a journal
reflection of how they will be a producer and a consumer at our market. (Hardiman, 2012, p. 156)
Day 8: Overhead and Profit (Gross and Net)
Objective: Students will be able to explain new vocab words. Students will be able to explain how profit
is impacted by overhead (including wages). Students will be able to give examples of overhead they will
encounter when manufacturing their products. They will be able to explain how this will effect their
profit.
Activity: Talk about how businesses make money. What do they spend money on? Around the room I
will have placed 10 different business descriptions. Each is a page long in big font. Each student has a
lined piece of paper with the businesses names on the left hand side a few lines apart. I will assign their
intendent starting point. They will read the summaries and write lists of what each business has as
overhead (rent, supplies, etc). This will be timed, so it is fine if not everyone gets to each business.
Finally we will discuss similarities between the business and what we may see in our businesses with
regard to overhead.
Day 9: Overhead and Profit Day 2
Objective: Students will be able to explain new vocab words. Students will be able to explain how profit
is impacted by overhead and wages. Student will be able to give examples of overhead they will
encounter when manufacturing their products. They will be able to explain how this will effect their
profit.
Activity: Each table is given a laminated web with a business name in the middle. Around the name they
will write all of the different things (overhead) the business must pay for in order to be successful. We
talk about each.
Day 10: Overhead and Profit Day 3
Objective: Students will be able to calculate overhead based on a list of bills. Students will be able to
calculate net profit when given overhead and gross profit.
Activity: Give a math word problem example of how this works. Hand out math worksheets for tables to
work together on. Each table comes up with their own question based on the worksheet examples. This
is shared with the class and then other tables work them out. Final exit ticket students answer a word
problem about overhead and profit.
Day 11: Why do we purchase what we purchase?
Objective: Students will be able to give examples of why a person may buy one product
over a similar one. They will be able to apply this idea to why someone would want to
(or not want to) buy their product at the market.
Activity: On the red rug we have a discussion (lots of turn and talks) about why we buy
one thing over another. Why do we buy an expensive shirt over a cheap one and vice
versa. What drives consumers? After the discussion, groups are assigned to a product

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found in our classroom and argue why someone would buy one type over another (fancy
eraser vs. regular eraser). This is shared and discussed. Exit ticket: Journal entry what
makes your product special? Why cant or wouldnt someone just make it or do it for
themselves? (Hardiman, 2012, p.156)
Day 12: Business Proposals
Objective: Students will turn in a filled out business proposal (one per business groups
of one or two). This will be approved or denied by me by then end of class.
Activity: Review the graphic organizer for the proposal and have students work on it. At
this point, I have heard each students idea and talked with students at lunch who didnt
have an idea.
Day 13: Buy my Product!
Objective: Students will start to understand what makes their product appealing.
Students will be able to explain what type of person will want to buy their product.
Students will be able to argue why their product is special.
Activity: Show a catchy TV commercial for a product. Discuss what about the
commercial makes us want to buy it (cost, slogan -a concept they already know about
from our state projects- etc.). Students will draw an image of their product on a graphic
organizer. They will also give 4 reasons why people should buy their product at the
market (picture or sentence). They will then write one sentence that should catch a
buyer. They organizer will have sentence starter examples. Finally, each student will find
another and give them their pitch. They will hear the other persons and give feedback.
They will then switch so each person has heard others pitches. They will then have time
to edit their pitch and turn it in.
Day 14: Loans - Rent (long class or split class)
Objective: Students will decide on what space they will use for their market shop. Student will understand how
auctions work. Students can record their projected overhead.
Activities: We watch a quick video of an auction. What is going on here? What makes people pay more or less for a
good or service (bring back to supply and demand)? I have numbers up around the room. These numbers
correspond to shop spaces available for bidding within the room. I talk about rent and the fact that some spaces
are better than others for certain shops. We talk about each spot, pros and possible cons. Then students are given
time to talk about the space they want. Handout loan tracking sheet for students projected overhead. They will
record their rent on this sheet once they have an assigned spot. Quick review of overhead and profit. We then have
an auction. By the end, each student/2 person group gets a spot and records what they will pay for their rent.
Day 15: Loans Supplies
Objective: Students will make a supply list and purchase supplies for their manufacturing process.
Activity: Based on their business proposals, I have made sure to have all basic classroom supplies on hand. I have
put a list of all available supplies requested on the board with a price next to it. Students will continue to fill out
their Overhead sheet with the price and amount of each supply. If they finish early, they will find their totals.
Day 16: Loans Final Application with Calculations
Objective: Students will understand what a loan is, why one would need one, and how to get it. Students will finish
their loan application.
Activity: Hand out the rest of the loan application for each group. Talk about how this will work. They need to have
a projected profit in order for me to approve the loan. Go through an example before letting students do this on
their own. Have meetings with each student group as they finish.
Day 17 morning work: Update your mini journal of vocab words: Loan, Overhead, and Profit
Day 17: Advertising
Objective: Students will use their business proposals and graphic organizers from the prior day to make 5 different
ads for their product.
Activity: We will look at different ads in a museum walk around the room. Then we will talk about what works and
doesnt work to catch us. Which ones do we remember? What do we remember about it and why? Students will
then plan out each advertisement (probably posters, but I am open to their other ideas) in a graphic organizer in
their business groups.
Day 18: Making Our Ads
Objective: Students will start and ideally finish their ads.

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Activity: Students will work in their business partnerships to create their ads. We will use other class times (flex
periods or SEL) to make sure all are on track.
Day 19: Manufacturing
Objective: Students will begin manufacturing goods. All students will have had a meeting with me about their loan
by this point. All advertisements will be up in halls
Activity: Students will receive their loans. They will then purchase their goods from me (a store set up). Finally they
will begin manufacturing.
Day 20: Manufacturing Continued
Objective: Students will be on track to have one more day of manufacturing.
Activity: Making goods and setting up shop.
Day 21 Morning Work: Write down questions or concerns you have about tomorrow. We will then use SEL time to
answer and address each one of these as a community on our rug.
Day 21: Final Day for Manufacturing
Objective: Students have finished all manufacturing and are prepared for the market.
Activity: Making goods and setting up shop.
Day 22: Market Day
Objective: All students are prepared for the market.
Activity: This is the culminating activity for this class. All students will have worksheets to track what they sell and
how much they sell it for. This market will last 1 hour (students and parents will come) not including set up and
clean up.
Day 23: Reflection and review
Objective: Students know whether their business was successful how and why. Students can explain what they
would do differently to change or improve the outcome.
Activity: We will have a discussion as well as a rundown of how each group did on the board (PowerPoint).
Students will use their journals to reflect on how it went, what they would change etc. I will have questions on the
board, but those will be optional if they want to just write and reflect. It will be a timed write. (Hardiman, 2012,
p.156)
Unknown Day: Field Trip to Falck Holt Coffee
Objective and Activity: Students will get to physically work through a coffee manufacturing company owned by a
students parent. Students will play out the roasting, ordering, packaging, etc. Students will get a different
perspective and live this real world example. See Brain Target 5 for more details.

Extending knowledge:

Application of knowledge and extension through a field trip will give students the chance
to physically play out their knowledge of running a business and connect our in class
work with the real world. One of our parents owns a coffee roaster. They roast, package
and sell coffee. The tour will last 2 hours on a day the facility is closed.
Objective: Students will apply their knowledge of economics in our community by acting
out a manufacturing job within a local business.
Tour We will tour the facility including the office to take orders, roasting room to
convert green beans into roasted coffee, warehouse to provide supplies, and carts and
trucks to deliver goods to customers.
Fulfill a Customer Order Each student will pick up a box, get a customer order, and
went to the warehouse to find the products. The customer order has a warehouse
location identifier or number, so they can find the item by searching the warehouse.
The customer order will total 3 products (packaged cookie, Tazo tea, and small bottle of
syrup) and coffee. We will set up a station for coffee manufacturing or assembly. This
will require each person to prep the coffee bag, place the label, weigh the amount of
beans, fill the bag, seal and put all in the box ready to ship. We will have 4 stations, with
parent volunteers at each station.
Profit We will review the concept of profit. We will take the cost and sale price of each
item and calculate the profit (e.g. cookie cost $1.00 (overhead) and we sell for $2.00 =
profit $1.00). We will review the concept of other costs that need to be accounted
rent, labor, etc.
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Customers We will explain the various ways we attract customers and the costs
associated with selling. This will be a review of our advertising unit, but in a real world
situation. We will explain who their customers are, why, and provide some explanation
as to how they attract their customers.

Evaluating Learning
There will be formative assessments for each lesson, which will all come together as a portfolio
summative assessment. Assessments will include:
Vocab journals (organization, understanding of words, personal interpretation)
Vocab poster with definition and representation (drawing, personal connection)
Supply and demand matching activity (cutting, matching, gluing)
Consumer and producer matching activity (cutting, matching, gluing)
Lemonade stand activity (written reflection)
Classroom needs and wants lists (start of brainstorm for their market)
Im a Consumer Im a Producer (personal connection to concepts, drawing, put up in the
classroom)
Proper use of advertising techniques Drawn advertising and slogans
Market mock up and drawings
Business plan graphic organizer
Loan application form
Reflection Journals (Hardiman, 2012, p.156)
Role play of customer and business owner (Hardiman, 2012)

The biggest part of this assessment will be the Second Grade Market itself and the follow up
reflection. Students will get immediate feedback from customers (or lack there of), as well as
tracking how much they are selling over the course of the market. Finally, students will calculate
their net profit (total sales loan they need to pay the bank back). This will go into their
reflection that asks questions about their experience, plan, product, as well as future plans and
changes they would make (Hardiman, 2012, p.156).
It is very important that students see the link between all lessons as well as the link between
the lessons, the assessments and our big project. Portfolios make that more visual, rather than
hoping the concepts they are learning are feeling linked. From introducing the big projects in
the beginning, they already understand the expectations and how they will be assessed. There
are no secrets.

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