Component-6

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Sam Houston State University *

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3336

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Economics

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Jan 9, 2024

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docx

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Component 6 Reading: Economics [60 Points] For this Component you will be making plans to teach a lesson on Economics. Within this lesson there will be several components: TEKS, grade level, a mnemonic device, and an artifact or product the students make. Reading Part I: Reading The Economic Principle: https://study.com/academy/lesson/the-economic-principle-definition- example.html 3 things you learned from this article. 1. When buyers make choices, four economic decision-making apply: make trade-offs, must give up something to get something, consider the margin, and respond to incentives. 2. Not all marketplace transactions involve currency. 3. When you want to buy something from the economic marketplace, you must give up something of equal value. https://www.uni-giessen.de/fbz/fb02/fb/professuren/vwl/goetz/lehre/ copy2_of_downloadsordner/mikrooekonomie-i/foliensaetze/chapter-1 What insights did the reading of this “slide show” offer you? Individual choice is the basis of economics. The reason choices must be made is that resources are scarce. Many economic decisions involve the questioning of not “wether” but “how much”. The way an individual makes a decision will also help us understand one’s actual behavior. Principles: http://mrsshar.weebly.com/uploads/3/7/2/9/37290055/seven_economic_principles.pdf Which of these principles will you be best able to teach your anticipated students? And The principle I would best be able to teach to my anticipated students is the future-consequence- count principle. The reason why is that it helps us remember that everything we do or say has a specific consequence. Part II: A. Look at the Economics sections of the Social Studies TEKS. Choose an Economics TEKS for the grade level you are interested in teaching.

My Economics TEKS: Part II: Watch the videos on economics below on teaching economics to children. What is Economics https://youtu.be/9ZqkecHnFpc Needs and wants https://youtu.be/FpNyTKgi1Io Goods and services https://youtu.be/W6rx-fxJeVs Scarcity https://youtu.be/nWPrMmv1Tis Supply and demand https://youtu.be/b9bWNBOItNc Part III: Teaching economics to kids https://compassclassroom.com/blog/teach-your-kids-economics/ Which of these can you use in the classroom? The one I would do is #1(Don’t give kids an allowance; instead, pay them for chores. In my school, teachers have the Starbuck system in the classroom that rewards them with a Starbuck that is worth $1 for their behavior. At the end of the week, the students can exchange them for a prize in the treasure box that ranges from $1-$5. This system helps students work individually toward a personal reinforcer or work together toward a group reinforcer. It helps increase work ethics and helps students develop self-managing skills.

Economics lesson: Read or watch the video embedded in the link: https://www.stlouisfed.org/education/kiddynomics-an-economics-curriculum-for-young-learners Top 3 things to take with you: -I like how the ABC adventure activity is planned out with students categorizing goods and services throughout the alphabet. - I like how you can make a connection between books to economics. For example, An Orange in January provided examples of consumers and producers from the book with people making orange juice popsicles and the consumers are the ones who eat the popsicles. Producers and consumers can be used in a variety of books that can help students understand that producers create or produce, goods and provide services, and consumers buy those goods and services with money. -In lesson 5, I like that students learn about saving and spending. Students should know how to save money to teach discipline and set goals on what they want to spend while also how to manage money effectively. 3 ways to teach economics https://www.edweek.org/teaching-learning/opinion-three-ways-to-teach-economics-through-childrens-literature/ 2017/03 How can you use this in your classroom? Financial literacy teaches students the basics of money management: budgeting, saving, debt, investing, giving, and more. That knowledge lays a foundation for students to build strong money habits early on and avoid many of the mistakes that lead to lifelong money struggles. The main benefit of financial literacy is that it empowers us to make smart financial decisions. Economics lesson https://www.moneyinstructor.com/elementary.asp What two things can you take from this link? The website provides the skills that is needing to be learned for each lesson. The money instructor website has resources such as lesson plans, worksheets, and interactive activities that are beneficial for our future classroom. A wealth of information. Save the links for when you may need them again. Part II: Comprehension/Content Assessment Part A: Write 5 tweets[on this paper] responding to or summarizing what you read or learned from your reading.

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Tweet # 1 Economists are always in demand. Tweet # 2 I hate to spend money on goods and services, but the economy needs me. Tweet # 3 Talk is cheap because supply exceeds demand. Tweet # 4 Is it a good deal worth waiting for or just price discrimination? Tweet # 5 I would tell you an economics joke but there is not enough demand. Part B: 2 Column Notes Using the format below, make a list of 10 important ideas. In the column titled supporting details, explain the significance of each. Important Ideas Supporting Details 1 supply amount of a specific good or service that is available to consumers 2 demand the consumer’s desire and willingness to buy a product or service at a given period of time 3 goods items that satisfy human wants and

provide utility 4 services act or use for which a consumer, firm, or government is willing to pay 5 scarcity the demand for a good or service is greater than the availability of the good or service 6 wants is something that improve your quality of life 7 needs is something necessary to live and function 8 good citizen a person that respect others, respect the law, and participates in the community 9 consumer buys goods and services to satisfy their wants, and producers make goods and services 10 producer is someone who makes something Part III: Mini Lesson Plan

Grade Level and TEKS for SS and LA Social Studies TEKS and Grade level: K.5 Economics. The student understands the difference between human needs and wants and how they are met K.5(A) identify basic human needs of food, clothing, and shelter Language Arts TEKS and Grade Level: K.1(D) work collaboratively with others by following agreed upon ‐ rules for discussion, including taking turns Accommodations Please choose 3 specific accommodations needed [such as dyslexic, hearing impaired] and what you would do to accommodate. Accommodation Name My Accommodation Accomodation # 1:ELLs Pre-teach vocabulary, promoting interactive reading and peer interactions, and visuals Accomodation # 2:Visual impaired verbal descriptions of visual aids, enlarged texts, sitting close to board during video presentation Accomodation # 3: ADHD positive reinforcement and feedback, allowing breaks to move around, flexible seating Your Process Describe the Process you would use to teach the lesson. I would present the book Lily Learns About Wants and Needs. Student will be actively listening while I pause throughout the book and present questions of wants and needs. I would ask questions of things that they see that are relatable to themselves.

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Student Product Describe the product your students will make. After a group discussion, the students will be presented with this worksheet that they will cut and paste the clipart to the right category (need or want) Children’s Literature Title Lily learns about wants and needs Author Lisa Bullard Short Synopsis As Lily and her dad drive around town, Lily soon discovers that wants and needs are different things. She picks out which things people have to have. She might even remind her dad that he doesn't need root beer! Learn how to be wise about money! How you will tie it to the lesson These simple, engaging stories present basic financial literacy concepts, such as saving, spending, borrowing, and comparison shopping to build a foundation

for a lifetime of money smarts. Component Skill [Writing in the Social Studies] In this component the skill must be directly linked to the component materials. Students will orally discuss with a partner or in a whole group discussion of their understanding of wants or needs of the lesson. Materials What materials do you need for your lesson? I would present cliparts or wants and needs to classify with the class as a whole group. I wold also have a worksheet that they can complete individually so that I know they understood. Reflection Write a reflection on this component. You are not limited on what you can say here, but here are some thoughts to get you started: What you learned Ideas on how to implement the information How you can use this to teach a combination of Language and Social Studies. The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change. Incorporating social studies into your language arts block enriches student language acquisition, reading, writing, listening and speaking. The other 30 points for this lesson are for the TK20 Lesson Plan.

Component-6

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