2nd Grade Economics

Day One: Strand 5, Concept 1
Standard: PO 2. Discuss that opportunity cost occurs when people make choices and something is given up (e.g., if you go to the movies, you can’t also go to the park).
Objective:
Teach students how to save money and spend it wisely.
Teach Lesson/Model:
The teacher will be giving students money daily for turning in assignments or by being good inside the classroom. Getting to their seat and being quiet in a timely manner will earn them money. By the end of the week, students will be able to spend the money they earned on things such as extra free reading time and pencils, erasers, markers, etc.
Guided Practice:
Students will "go to the store" and purchase their items from the teacher. They will learn that they can buy only a certain amount of things with the money they have. If they do not have enough money, they will not be able to purchase items.
Independent Practice:
Students will count their money at their desk before going to the store. They must write down on their white board how much money they have to spend.
Instructional Materials/Handouts:
Play money, white boards, markers, store items.
Resources:
No resources will be needed. This lesson will be more about real life practice.

Day 2: Strand 5, Concept 1
Standard: PO 4. Recognize that people trade for goods and services.
Objective:
Students will understand how to make fair trades with each other of goods and services. There will be no money involved.
Teach Lesson/Model:
The teacher will teach a lesson about trade from articles and the textbook. The terms “goods” and “services” will be defined. The teacher will set up a mock trade village for the students. Students will have goods that they will trade for other goods. The students will go to each booth and trade their goods for whatever the booth has. If they do not have goods to trade, they will need to offer a service for the goods that the booth has.
Guided Practice:
The teacher will help students to barter if needed.
Independent Practice:
Students will write down on a worksheet each item that they have and what they traded each item for. If they did not trade an item, they will need to write down what service they provided in trade.
Instructional Materials/Handouts:
Students will receive worksheets with items on it that they will trade at each booth. The sheet will also contain services that they can provide.
Resources:
Textbooks and online articles about trade.

Day 3: Strand 5, Concept 1
Standard: PO 3. Identify differences among natural resources (e.g., water, soil, and wood), human resources (e.g., people at work), and capital resources (e.g., machines, tools and buildings).
Objective:
By the end of the lesson, students will be able to tell the different between natural resources, human resources, and capital resources.
Teach Lesson/Model:
The teacher will read the book “The Three Little Pigs” to the students. The teacher will talk about what types of resources were used in the book.
Guided Practice:
There will be a group discussion that answers these questions:
1. What are some natural resources that were used by the little pigs and the big bad wolf?
2. What are some human resources that were used by the pigs?
3. What are some capital resources that were used by the pigs when they were building their houses?
Independent Practice:
Students will be given a picture worksheet with the resources that were used in the story. They will need to match the resource with the character that used it.
Instructional Materials/Handouts:
The Three Little Pigs book, worksheets for practice
Resources:
The Three Little Pigs book

Day 4: Strand 5, Concept 1
Standard: PO 6. Recognize that some goods are made in the local community and some are made in other parts of the world.
Objective:
At the end of this lesson, students will be able to recognize what types of goods are made in their surrounding community.
Teach Lesson/Model:
The teacher will talk about what “goods” are from the previous lesson. There will be a discussion about the types of goods that can be made locally and who would make them.
Guided Practice:
Students will create a list of producers that they have seen in their community as a class discussion with the teacher.
Independent Practice:
Students will be given a worksheet with pictures of goods and where those goods can be found. Students will need to match up each good with their respective manufacturer.
Instructional Materials/Handouts:
Goods and manufacturer worksheet
Resources:
The teacher will use the Internet and articles to discuss goods and services.
Day 5: Strand 5, Concept 1

Standard: PO 7. Discuss how people can be both producers and consumers of goods and services.
Objective:
Students will be able to tell the different between consuming and producing.
Teach Lesson/Model:
The teacher will read the book, The Little Red Hen to the students. There will be a discussion about what a producer and a consumer is and the teacher will define both terms.
Guided Practice:
The students discuss with each other and the teacher the things The Little Red Hen did to get the loaf of bread and will list them on the board.
Independent Practice:
Students will be given a project to plant a seed. They will be given the materials to plant a seed to see if the seed will grow.
Instructional Materials/Handouts:
Students will need small paper cups, potting soil, seeds, and water.
Resources:
The book, The Little Red Hen