Grades 3-5 Economics: Resources Copyright 2012 1
Table of Contents How to use a unit study from 3 Important Notes to parents 6 Quick Troubleshooting Guide 7 Objectives 9 Materials Needed for this Unit Study 10 Chapter One 12 Activity 1.1 Introduction to factors of production 16 Activity 1.2 Review the economic way of thinking 18 Activity 1.3 Examine three types of resources 19 Activity 1.4 Inspect human resources 20 Activity 1.5 Investigate natural resources 21 Activity 1.6 Explore your state s natural resources 22 Activity 1.7 Identify national natural resources 24 Activity 1.8 Study petroleum as a natural resource 25 Activity 1.9 Analyze how resources are traded 26 Activity 1.10 Complete your KWL chart 27 Activity 1.11 Reflect on and explore the topics in Chapter One 28 Chapter Two 30 Activity 2.1 Introduction to supply and demand 34 Activity 2.2 Define supply and demand 36 Activity 2.3 Explore supply and demand 37 Extension Activity Study supply and demand: Dogs 38 Activity 2.4 Question demand 39 Activity 2.5 Study economic incentives 40 Activity 2.6 Analyze price per unit 42 Activity 2.7 Measure the competition! 43 Activity 2.8 Create an apple empire 44 Activity 2.9 Complete your KWL chart 45 Activity 2.10 Reflect on and explore the topics in Chapter Two 46 Final Activity Put your portfolio together 48 Appendix Answer Key 49 Copyright 2012 2
Objectives Welcome to the Grades 3-5 Economics: Resources unit study! After completing this unit study, your children should be able to: 1. Describe the economic way of thinking. 2. Compare and contrast productive resources. 3. Identify intermediate goods. 4. Summarize state and national natural resources. 5. Explain economic incentives. 6. Evaluate the role of supply and demand in competition. 7. Analyze the price per unit of consumer goods. 8. Apply the laws of supply and demand to consumer products within the community. Copyright 2012 9
Materials Needed for this Unit Study Materials for every chapter: Vocabulary journal Writing and drawing materials Paper Chapter One Activity 1.2 Review the economic way of thinking If You Traveled West in a Covered Wagon, by Ellen Levine Chart paper Scissors Activity 1.3 Examine three types of resources Tortilla Factory by Gary Paulsen Scissors Paper clips Paper plate Green, yellow, red, and brown crayons Glue stick Little House in the Big Woods by Laura Ingalls Wilder Protractor Activity 1.4 Inspect human resources My Side of the Mountain by Jean Craighead George Chart paper Markers Activity 1.6 Explore your state s natural resources Materials depend on activity selected Activity 1.7 Identify national natural resources Materials depend on activity selected Activity 1.9 Analyze how resources are traded Items from your home with labels that indicate where they were made Copyright 2012 10
Chapter Two Activity 2.4 Question demand Samples of advertisements for children s products Markers Television Coat hanger Yarn Heavy paper or index cards Hole punch Activity 2.5 Study economic incentives Activity 2.6 Analyze price per unit Grocery store trip Presentation materials Activity 2.7 Measure the competition! Activity 2.8 Create an apple empire Paper Sample marketing or advertising materials (ads) Colored pencils Crayons Golden apples Copyright 2012 11
Chapter One Factors of Production Copyright 2012 12
Vocabulary journal Writing and drawing materials Paper Materials for Chapter One Activity 1.2 Review the economic way of thinking If You Traveled West in a Covered Wagon, by Ellen Levine Chart paper Scissors Activity 1.3 Examine three types of resources Tortilla Factory by Gary Paulsen Scissors Paper clips Paper plate Green, yellow, red, and brown crayons Glue stick Little House in the Big Woods by Laura Ingalls Wilder Protractor Activity 1.4 Inspect human resources My Side of the Mountain by Jean Craighead George Chart paper Markers Activity 1.6 Explore your state s natural resources Materials depend on activity selected Activity 1.7 Identify national natural resources Materials depend on activity selected Activity 1.9 Analyze how resources are traded Items from your home with labels that indicate where they were made Copyright 2012 13
Chapter One Vocabulary Help your children build vocabulary while having fun! The vocabulary of children is diverse and dynamic. Therefore, we have not included a vocabulary list as each child s vocabulary is at a different stage of development. Instead, encourages children to build their own vocabulary lists. We recommend starting a Vocabulary Journal in Chapter One that your children can add to in each lesson. Below are some ideas for helping your children build vocabulary while having fun! 1. Have your children identify all unfamiliar words as they encounter them in this chapter. 2. Use the link below, if you choose, for the online children s dictionary. Or help your children develop dictionary skills by using a dictionary in your home. http://kids.yahoo.com/reference/dictionary/english/entry/ 3. Copy the unfamiliar words into their Vocabulary Journal (a notebook will do just fine!) and then illustrate the word. 4. Use the new word in a sentence. Encourage them to come up with rhymes, either real words or nonsense words, and include those as well. 5. Write the new words in the air with their fingers, making huge sweeping motions as they write. 6. Write the words on the floor with their toes! 7. Clap out the syllables in each new word. 8. Examine the new word. Identify if it plays by the rules phonetically, so that it can be sounded out for spelling, or if it is a rule breaker that must be memorized. 9. The objective here is to help them use as many senses as possible so that retention of the new words is increased. Copyright 2012 14
Activity List for Chapter One Activity 1.1 Introduction to factors of production Activity 1.2 Review the economic way of thinking Activity 1.3 Examine three types of resources Activity 1.4 Inspect human resources Activity 1.5 Investigate natural resources Activity 1.6 Explore your state s natural resources Activity 1.7 Identify national natural resources Activity 1.8 Study petroleum as a natural resource Activity 1.9 Analyze how resources are traded Activity 1.10 Complete your KWL chart Activity 1.11 Reflect on and explore the topics in Chapter One Copyright 2012 15
Activity 1.1 Introduction to factors of production Welcome to the study of resources! In this chapter, your children will explore factors of production, also referred to as resources. These include natural, human, and capital resources. We begin our study with a brief activity to find out what your children already know as well as what they want to know. To begin, ask your children to describe resources. What is a natural resource? What is a human resource? What is a capital resource? How do all of these contribute to production? Have your children complete the first two sections of the following KWL worksheet before they complete Activity 1.2. They will complete the final section of the KWL chart in Activity 1.10. Important! Before continuing to Activity 1.2, please be sure that you are able to access the Internet by clicking on the links in this unit study. Try clicking on the test link below. If you cannot access the Internet by clicking on the link, please adjust the PDF settings on your computer using the directions in the Quick Troubleshooting Guide on pages 7-8 of this unit study. Test link: www.intellegounitstudies.com Copyright 2012 16
What I already know about resources What I want to know about resources What I learned about resources Copyright 2012 17
Activity 1.2 Review the economic way of thinking In your children s earlier economics studies, they should have learned about scarcity, wants and needs, and opportunity cost. In this activity, we review those concepts and introduce resources with an engaging book-based lesson that explores life on the Oregon Trail! Follow the link below to a lesson that takes your children back in time to explore the economics of westward expansion: http://www.powellcenter.org/uploads/stayorgo.pdf Use the following questions for discussion or as writing prompts: 1. What is the difference between a want and a need? 2. What is scarcity? 3. How would you define opportunity cost? 4. Can you give examples of scarcity, wants and needs, and opportunity cost in your own life? Copyright 2012 18