A Country’s Economics: Resources and Survival

Introductory Lesson To Fifth Grade Economics

David Weinman- MAT Methods I 533

Context: This is an introductory lesson to a unit on economics for the fifth grade. Students will be able to use their knowledge basic mathematics skills (adding, subtracting), and previous knowledge of the differences between a needs and wants as an aid in this lesson. Students will be able to use their active listening skills, and social skills from previous lessons when interacting in group discussions and the resource game. This lesson will provide a foundation for students’ economic understanding of supply and demand, economic decision-making, opportunity cost, scarcity, and needs and wants. This lesson and unit will take place during allocated social studies time during a daily classroom schedule. The length of the lesson will be approximately one hour and thirty minutes.

Rationale: In the fifth grade, students are at a developmentally appropriate stage, and are cognitively ready to take an active role in understanding the importance of economics in their life. Students at this age are in Piaget’s Concrete Operational Stage. They are able to solve complex problems, understand reversibility, and conservation of units efficiently (Woolfolk, p. 32). Students will be able to understand classification of units, and how they different categories relate to each other. As Vygotsky believed, it is important for students at this age to learn through cooperative dialogues, and use a co-constructed process when doing so.

3. Objectives:

1. By the end of this lesson, students will be able to demonstrate their understanding of opportunity cost by their ability to make educated economic decisions trading resources in a resource trading game.

Rationale: Students at this grade level are at a developmentally appropriate stage to use cooperative dialogues with classmates to demonstrate their understanding of opportunity cost. Within the context of Vygotsky’s Sociocultural Theory, students will be able to learn how to think, learn, and behave at higher levels through social interaction. Their understanding of the vocabulary will increase through their social interaction with peers, (Woolfolk pg. 45). Through social interaction, students will come to understand that deciding to make an economic decision at one point in time would take the place of another opportunity to make a decision in its place.

2. By the end of this lesson, students will be able to demonstrate their understanding of scarcity by analyzing how quantity of a unit is affected by a populations demand for it.

Rationale: This objective relates to Howard Gardner’s logical-mathematical intelligence, (Woolfolk, p 109). Students will apply their understanding of scarcity to their ability to analyze numerical patterns in how the quantity of resources affects demand for them. Students should be able to apply their understanding of how scarcity of a product affects a value of the product, and the cost of how much someone will sacrifice to obtain what they want. This relates to Sternberg’s theory of practical/contextual intelligence, in the context of how scarcity directly relates to the supply of a unit. If students are going to learn about how supply affects demand, then they should also know learn about how the scarcity of a product affects the demand, (Woolfolk, pg. 112).

3. By the end of this lesson, students will be able to demonstrate their understanding of supply and demand by to determining the quantity of resources available for survival in comparison other countries’ needs for these resources in the economic trading game.

Rationale: In reference to Sternberg’s theory of practical/contextual/ intelligence, students will learn to think practically about how supply and demand relates to authentic scenarios like resources for survival. The practical intelligence, as it refers to the students’ understanding of supply and demand, will be able to increase as students communicate with each other in determining the fluctuating ratio, (Woolfolk, pg. 112). Students will be able to understand and analyze the process a person could go through to acquire something they desire, and how the supply and demand surrounding the product affects the possibility of obtaining it.

4. By the end of this lesson, students will be able to demonstrate their understanding of needs and wants by determining which resources to trade for based on necessity for their county’s survival and score during the resource trading game.

Rational: It is important that students understand the difference between these terms because it relates directly to their intellectual choices that occur during their life’s survival experiences. Sternberg’s contextual intelligence theory relates to students’ ability to want to manipulate their countries survival chances, by making the most out of what resources their country was given, (Woolfolk, pg 112). Students will be able to determine a resource’s level of importance by applying their knowledge of point scores in the resource game with the supply, demand, and price fluctuation.

4. Benchmark(s): Social Studies (Economics) Oregon 2006-07 Standards

• SS.05.EC.02 Identify and give examples of the concepts of “trade-off” and “opportunity costs.”
• SS.05.EC.02.01 Identify and give examples of consequences of economic choices in terms of trade-off and opportunity cost.
• SS.05.EC.02.02 Understand the difference between “needs and wants” and their relationship to economic trade-offs.
• SS.05.EC.03 Understand how supply and demand influence price, and how price increases or decreases influence the decisions of consumers.
• SS.05.EC.03.01 Understand that prices rise and fall depending on supply and demand.
• SS.05.EC.04.01 Recognize that nations interact through trade.

Rationale: By the end of fifth grade, students should be able to apply their understanding of economics, to their daily financial transactions, and to further economic education.

5. Preparation:

• The classroom should be prepared so students can sit at tables after each round and work on their data tables.
• Arrange tables so that 3-5 students can sit next to each other.
• There should be some open space where students can get up, move around the classroom, and negotiate trades during the game.
• Information about key terms and rules for exercise will be on the white board before exercise begins.
• Before the lesson, have enough yellow, green, black, grey or white, and orange colored paper to create 17 (one inch by two inch) yellow rectangles, 25 (one inch by two inch) grey or white rectangles, 12 (one inch by two inch) black rectangles, 20 (one inch by two inch) green rectangles, and 19 (one inch by two inch) orange rectangles.
• Have enough copies of Country Resource Forms and Round Forms for the teacher and student in the class.
• Teacher should have a clear understanding of the lesson and game to explain and clarify the objectives, and rules.

Rational: The tables should be arranged so that students can easily apply their understanding of the group objectives, the rules of the economic game, and form countries systematically. It is important for the classroom to have enough space for the students to move around and negotiate trades efficiently. It is important for students to have a designated area or action zone where students can interact most effectively during the lesson’s activity, (Woolfolk, pg. 404). Woolfolk believes that if students have adequate space to interact and learn within their classroom, it will positively influence the learning process, (Woolfolk, pg. 404). It is important for each student to have a copy of the rules, the charts, and objectives clearly accessible so they can demonstrate their understanding of the expectations and proceed with the activity efficiently. It is important to have the materials for the lesson and game ready to go so the teacher can make smooth transitions from explanation of key terms (using the prepared white board or poster paper), to the distribution of resources for counties in the economic game. The teacher should have the prepared knowledge of the lesson well ready to teach so that students will receive correct and a valuable lesson.

Materials:

• Colored paper (yellow, green, black, grey/white, orange) cut out 17 yellow squares for gold, 25 grey/white squares for silver, 12 black squares for oil, 20 green squares for trees, and 19 orange squares for food.
• Each student needs country resources chart.
• Each student in group/country needs a writing tool (pencil).
• White board
• Overheads
• Paper to write down why trades were made.

Rational: Students need writing tools for filling out the country resource chart. The teacher needs to have access to the white board, overhead, and a resource chart to demonstrate examples within the lesson, and economic resource game. The teacher needs to have colored paper cut up into easily exchangeable resources. Every student should have their own resource chart to fill out, and notebook paper to log why they decided to make a trade for resources.

6. Introduction: (15 minutes)

Teacher:

• “We are going to learn about economics and play an economic resource game. Before we start playing the game we have to cover some basic economic vocabulary. Who knows what supply and demand is?”
• If no one answers explain. Supply and demand is the relationship between how many of objects exist in comparison with how high the interest is in the object, (Rhoads, pg 28, 56).
• Explain demand as, “the ability and desire to buy goods or services. The quantity of goods wanted at a started price,” (Merriam-Webster’s Dictionary and Thesaurus, pg 276).
• “Who can give me an example of supply and demand?” Ask for two examples. Have students draw a chart on the board representing their example.

Draw example charts on the black/white board.

· If ten students want a sticker, but there are only two available, it means that the demand for stickers is high and the supply is low.

· If 14 students want to use markers to color with, and there are 20 markers available, it means the supply is high, and the demand is high.

· If 20 markers are available to color with, but all students want to use pencils for their drawings, the supply of markers is high, but the demand for them is low.

· If the price of a teddy bear is usually $3, there are only five of them, and 40 people want one. The price of the teddy bear might increase because 40 people might be willing to pay more for it.

Rationale: It is important for students to understand that economics can be as simple as looking at the quantity of a product and evaluating how many people are interested in the product. In reference to Piaget, it is important for students to be able assimilate and accommodate new information with their understanding of supply and demand, to increase their understanding of economics (Woolfolk, pg 58).

Teacher: Explain opportunity cost. (The cost of doing one thing/making a choice replaces the opportunity to do another task, (Rhoads, pg. 13).

• Use white board to draw out example.
• “Choosing to buy a new jacket for $50 with a $50 dollar bill replaces an opportunity to buy shoes with that same $50 bill.”
• “Who can give me an example of opportunity cost?” Ask for a two examples.

Rationale: Students should be able to demonstrate their understanding of supply and demand, and apply it to the concept of opportunity cost when making a decision with a limited supply of money or resources. In reference to Piaget, it is important that students will be able to organize and assimilate a variety of economic terms together as they relate to the process economic decision-making, (Woolfolk, pg. 58).

Teacher:

Explain scarcity: shortage, or not having enough supply of a unit, (Barrett, pg 14-15).

• “Tommy noticed scarcity among the black makers when he could not find one.”
• “Who can give me an example of scarcity?” Call on two students.

Rationale: It is important for students to demonstrate their understanding of the concept supply and apply it with the concept of scarcity. In reference to Bloom’s Taxonomy, it is important for students to develop knowledge and understanding of the term supply before they can apply it towards an antonym scarce. Students should be able to assimilate and accommodate an understanding of the concept of scarcity, as it refers to the demand of a product, and the increased price if there are limited quantities of the product, (Woolfolk, pg. 58).

Teacher:

• “Who can tell me what a need is?” Ask for a few examples. “Who can tell me what a ‘want’ is?” Ask for a few examples. Who can tell me the difference between a need and a want is?”
• Explain that a want is a “failure to possess, lack of required amount,” (Merriam-Webster’s Dictionary and Thesaurus, pg 1173).
• A need is a “necessity, obligation, a burden, and demand,” (Merriam-Webster’s Dictionary and Thesaurus, pg 706).

Rationale: Students should be able to demonstrate the difference between a need and a want in terms of how it affects the demand of a product. In reference to Maslow’s Hierarchy of needs, students will be more likely to trade for resources that relate to safety and survival (food, and trees) over wealth in times where food and trees are limited and worth more, (Woolfolk, pg 353).

7. Sharing Objectives: (2 min) (Have objectives written on white board, or poster paper before the lesson begins).

By the end of this lesson:

· Understand economic vocabulary: opportunity cost, scarcity, supply and demand, and needs and wants.

· Apply these terms when playing the economic resource game.

· Understand why demand affects opportunity cost, supply, and price influence.

· Be able to identify and describe why certain trades were made using the new vocabulary.

· Create a record of trades with descriptions explaining why trades were made.

Rationale: It is important for students to understand the purpose of the lesson, and how it is going to be applied to the economic resource game. By explaining to students that they need to be able to understand the economic terms before playing a game, will motivate the learning of these terms. By explaining to students that their reward for learning these economic terms is playing a game, then students have an incentive, and participation levels are likely to increase, (Woolfolk, pg 352-3).

Learning Activities: (Game introduction) (5 min explanation)

Teacher:

• “Now we are going to do a trading game based on the terms we have just learned. We are going to use our knowledge of supply and demand, opportunity cost, scarcity, needs and wants, price influence, economic decision making, and team work to complete a game for resources between countries. Students will number off, (by 3,4, or 5 depending on number of students to form 3-5 different countries). (1-2 min)

• Allow students to find their group (1 minutes)
• “You will create a name for your country.” (2 minutes)
• “Your countries will be provided with specific resources (gold (yellow), silver (grey/white), oil (black), food (orange), and trees (green)). Have them split them up between citizens of the country. Remember it doesn’t matter who gets what resources because you are all working as a whole country to pool resources together.”
• “Each of your resources represents points for the round we are in. Each country at the end of each round must have one tree and one food to survive. If you do not have these resources at the end of the round, your country will subtract game points at the end of the round.

Rationale: Having the students form groups by numbering off allows students to interact with peers they might not normally socialize and work with. The resource game is a way for students to apply their knowledge and understanding of the economic vocabulary to an interactive simulation of trading resources between countries. Vygotsky’s Sociocultural perspectives include the co-constructed process, emphasizing the importance for students to negotiate with each other, and work together to solve a problem, (Woolfolk p. 45). It is important for students to learn to work together as a country (team) when making trades for the benefit of the group. It is important for students to understand the possibility of resources in the game being limited (scarce), and causing the demand and price to fluctuate. This relates to Maslow’s Hierarchy in where survival resources are a necessity (deficiency needs), and if more people need them, the demand will increase as well as the value for them, (Woolfolk, pg. 353).

Rules: 5-7 min explanation of rules, answer questions

Teacher: Explain the rules to the students:

• Every country must have in order to survive a round:

· One food (orange) for each person

· One tree (green) for each person

· You can only trade with a person once, only one trade at a time between a pair.

· Subtract five from total score if missing each required food or tree for each member.

· Everyone must write down what was traded, and why the traded happened using economic terms after each trade.

Rationale: Having students only trading with a person once, will apply their understanding of opportunity cost by picking the best economical trades possible for their country. Allowing students one trade per pair at a time will minimize negotiation time, and make trades less complicated. Setting a required minimum of resources for citizens of each country provides students’ opportunity to apply their understanding of scarcity, supply and demand, opportunity cost, and needs and wants to “survival” in the economic resource game.

Hand out the resources randomly to each group: Use this format when handing out the resources: (3 min)

• Group 1/Country: Hand out four gold (yellow), five trees (green), two oils (black), one silver (grey/white), and two food (orange).
• Group 2/Country: Hand out five gold (yellow), zero oil (black), six silver (grey/white), two trees (green), and six foods (orange).
• Group 3/Country: Hand out 2 gold (yellow), 14 silver (grey/white), 2 trees (green), 3 oil (black), and 4 foods (orange).
• Group 4/Country: Hand out six gold (yellow), eight silver (grey/white), six trees (green), zero oil (black), one food (orange), and three trees (green).
• Group 5/ Country: Hand out zero gold (yellow), zero silver (grey/white), four oil (black), five trees (green), and four foods (orange).

Rationale: The resources will be distributed randomly before the first round so that every country will have its own unique supply of resources. Some countries will have more of one particular resource (food, trees), and less of another (gold, silver, oil). The dynamics of each round will give some countries an advantage in wealth (gold, silver), but not in the survival necessities (food, shelter). Students will come to base their trading on the needs and wants of their country, the supply, the scarcity of resources, the demand of the resources available, and the opportunity cost of making one trade over another.

Country Resource Forms

Name of Country

Gold

Pts

Silver

Pts

Oil

Pts

Tree

Pts

Food

Pts

Points Total/Price

Normal Round

Round 1: Price

Medium

Round 2: Price

Extreme Round

Round 3: Price

Round Score Key:

	1 Gold	1 Silver	1 Oil Barrel	1 Tree	1 Food
Round 1	10 points	5 points	10 points	3 points	5 points
Round 2	6 points	8 points	18 points	6 points	8 points
Round 3	4 points	2 points	4 points	10 points	20 points

Rationale: The resource chart was designed so that students/countries could keep track of each type of resource, how much it is worth, and the total value after each round. The round key demonstrates how certain resources are more valuable during different rounds. The chart was created to adjust to the demand of resources changing, and countries starting with a larger quantify of a particular type of resource will not be at a complete disadvantage throughout the game.

Rounds Key:

Regular Conditions, Round 1: (10 minutes trading time)

• One Gold (Yellow) = two silver, three trees, 1 barrel of oil, and two foods.
• One Tree (Green) = zero gold, one silver, zero oil, and zero food.
• One Barrel of Oil (Black) = one gold, two silver, three trees, and two foods.
• One Silver (Grey/white) = zero gold, zero oil, two trees, one food, and one tree.
• One Food (orange) = zero gold, one silver, zero oil, and two trees.

Teacher: “Ok, round one has ended. Make sure you meet with your country and add up your total resources, their points, and have your explanations for why you completed your trades complete. Redistribute the resources you have amongst your country members.” (3 min)

Rationale: The first round provides an opportunity for students to learn how to play the game, and countries trying to obtain larger quantities of the more valuable resources they want. In reference to Piaget’s adaptation and equilibrium principles, students will learn to assimilate and accommodate value of the resource based on the round score key, with the supply of the resource and its demand, (Woolfolk, pg. 58). It is important for students to look pay attention to the points the resource is worth and its value in comparison in value with other resources before deciding to make a trade.

Medium Conditions, Round 2: (10 minutes)

• 1 Gold (Yellow) = 1 tree, 1 silver, 1 food, 0 oil
• 1 Silver (Grey/white) = 1 gold, 0 oil, 1 tree, 0 food
• 1 Oil Barrel (Black) = 3 gold, 3 trees, 2 food, 2 silver
• 1 Tree (Green) = 1 gold, 0 silver, 1 food, 0 oil
• 1 Food (Orange) = 1 gold, 1 silver, 0 oil, 1 tree

Teacher: “Now that you have had some practice negotiating, the conditions are going to change. It turns out that there is a sudden demand for more oil so countries can create more factories, and output of machines used in our lives. Pay attention to the score key and the value of each resource for this round and the next round. Round two begins now.”

Rationale: Students continue to apply their understanding of the economic vocabulary with their economic decision making process. In reference to Piaget’s adaptation principles, students will be able to accommodate the changes in this round to their current resources, and the differences from the previous round, (Woolfolk, pg. 58). It provides an opportunity for other counties that started with more oil to have an economic advantage over other countries when trading. During this round, students should be thinking about the pattern of how resource values will fluctuate, and start planning for the trades towards the end of the game.

Extreme Conditions, Round 3: (13-15 minutes)

• 1 Gold (Yellow) = 1 oil, 2 silver, 0 trees, 0 food
• 1 Silver (Grey/white) = 0 gold, 0 oil, 0 trees, 0 food
• 1 Oil Barrel (Black) = 1 gold, 2 silver, 0 trees, 0 food
• 1 Tree (Green) = 2 gold, 2 oil, 5 silver, 0 food
• 1 Food (orange) = 5 gold, 10 silver, 5 oil, 2 trees

Teacher:

• This is the final round. It seems that due to a harsh winter, many of the countries have lost their food supplies, and homes were destroyed. It seems that a dramatic increase in demand for food and trees as resulted from the terrible winter. This round is the last opportunity for your country to obtain resources it needs, and their value will be your countries total score for the game.
• Round three is over, and the game is over. Go back to your country, and add up your total resources and total for the game. Make sure you have all your written descriptions for each trade completed at this time.” (5 minutes)

Rationale: In the final round, it is important for students to demonstrate their understanding of how scarce resources may increase their value if the demand for them has increased. In this round, students will have more of an urgency to obtain the resources they need for survival, and result in synthesizing (create) new strategies to ensure their countries survival chances. As this round concludes, students are able to evaluate their progress in the activity, and how well they have learned the new economic vocabulary.

8. Closure: 5-10 minutes sharing

Teacher:

• “Now that we completed the economic resource game, we are going to discuss what you have learned from this experience.
• Who can tell me what supply and demand is? Give me an example from the game you just played. Call on two students.
• “Who can provide me an example of how opportunity cost was used in this game?” Call on three students.
• “Can someone explain what scarcity is, and when was it used during this game?” Call on three students.
• “Who can tell me how their needs and wants for resources were affected during the process of playing this game?” Call on two students.
• “Anyone have anything they want to share with the rest of the class about their experience with this game?”

Rationale: The closure provides students an opportunity for students to reflect on their reactions to the lesson, exchange responses on what they took away from it, and if it was affective for them to learn the terms as they applied them to a real simulation. This process relates to Vygotsky’s Sociocultural theory. It relates in the sense that students will learn from each other’s responses to the lesson, and identify if they achieved the lesson’s objectives from their own experiences, (Woolfolk, pg. 45).

9. Student Evaluation:

	Beginning 1	Developing 3	Accomplished 5	Score
Students Demonstrate Their Understanding of the Economic Vocabulary in Their Descriptions of Trades.	Students have some sentences describing the trades they made, but do not include a clear understanding of the economic topics	Students describe all the trades they made. Student describes trades with some correctly used economic terms.	Students are able to clearly describe all their trades using all four economic vocabulary words correctly	__/5
Participation	Students participate in the trading, but not in class discussions, or with the teammates in their country	Students are actively participating in the trading game, with their country teammates, but not in class discussions.	Students participate in trading, class discussions, and are actively involved with their country teammates.	__/5
Country Resource Chart	Students only fill out a small portion of the table.	Students fill out most of the table.	The entire table is filled out, and the totals match the individual resource totals accounted for.	__/5

Rationale: Evaluating students using multidisciplinary methods (math, writing, economic terms) will provide opportunities to see students’ ability to retain the economic material through exercises. It is beneficial for students to explain their understanding of the economic terms through writing, and class discussion in order help retain the information for further lessons within the unit. Evaluating students on their participation, and ability to complete a Country Resource chart will demonstrate students’ ability to understand the game and complete them. The participation assessment comes from identifying students that trade in during the role-play activity, and which students provide their examples during the questioning and reflecting period. Assessing students on their ability to meet the objectives is crucial to identify their understanding of the lesson’s content. The goal for the teacher is to assess the students performance, how the well the entire class scores (norm-referenced testing), and to develop further lessons based off of what the class has learned (Woolfolk, pg. 514). The resource game’s purpose was to provide some authentic experience and opportunity for authentic assessment.

Differentiation and Accommodation: The goal is to accommodate for the diversity of the classroom. Some students might have ADHD. Some students might need both visual and auditory explanations of terms.

o For the ADHD students, I will accommodate them by pairing them up with a group, giving them specific tasks to follow, have peers in the group help direct their attention towards the task.

o For students who need things explained verbally and visually, I will create diagrams, pictures, charts, and graphs representing the key terms for the lesson. I will create visuals and will include explanations with many of the students and lesson’s examples for a clearer understanding.

Teacher Self-Reflection:

Before: This lesson is designed to take place during one hour and thirty minute segment of the day. Although the lesson is a long, it is necessary for student to active during it. During the lesson time, it is expected that students remain on task, be active listeners, contribute to discussions, and take an active role in the trading game. This might be challenging for students who have ADHD. The main goal is to have the students motivated towards actively participating, following instructions, asking questions, working in groups, and enjoying learning about these basic economic terms. The motivation for students during the lesson is the economic resource game. If the students are not focused at the beginning of the lesson, then students will not be able to understand the purpose of the game. It is my goal to explain objectives in a clear way so that students have a concrete understanding of what is expected of them. I will provide examples of the economic terms apply to real life situations that students can relate to. I will provide smooth transitions between explanations and activities.

Resources:

Barrett S. N. (1974) The theory of microeconomic policy. D.C. Heath and Company

p.14-15

Rhoads, E. S (1985). The Economist’s view of the world. Press Syndicate of the

University of Cambridge p. 13-24

Woolfolk, A. (2004). Educational psychology ninth edition. Pearson Education Inc. p.

32-404

Merriam-Webster’s Dictionary (2006). Demand. Merriam Webster Incorporated. pg. 276

Merriam-Webster’s Dictionary (2006). Need. Merriam Webster Incorporated. Pg. 706

Merriam-Webster’s Dictionary (2006). Want. Merriam Webster Incorporated. Pg. 1173