Michael Lamb

Civics Lesson Plan - REVISION Introduction

Topic: Economics Opportunity Costs Length of Lesson (estimated): 45 50 minutes

VA Standards of Learning: Standard 3.9 The student will identify examples of making an economic

choice and will explain the idea of opportunity cost (what is given up when making a choice).
Cognitive Objectives Students will: Gather, classify, and interpret information. Make decisions. Explain cause-and-effect relationships.

Materials/Technology and Advanced Preparation Class set of the book You Cant Buy a Dinosaur with a Dime, by Harriet Ziefert Opportunity Cost handout 50 Erasers, 20 pencils, 20 sticker packets, 10 get out of jail free homework pass Monopoly money ($1 X200) ($5 X 25). ***Set up before class and covered as not to give away the activity*** Experience with using currency, basic addition and subtraction Teaching and Learning Sequence Introduction/Anticipatory Set Pause during the reading to introduce vocabulary terms: goods, services, consumer, producer, opportunity cost, currency Model how you made some decision before you came to school this morning. (cereal or a bagel, ride bike or drive car, read the paper or get news on computer). Ask the students to think about a time when they wanted to buy something but didnt have enough money. What could they do to earn money? (provide a service, make and sell goods, do chores for parents)

Ask the students to think of a time when they wanted to buy more than one item but only had enough money for one item. (What did you do? How did you make your choice? What did you base your decision on?) Opportunity cost!

Lesson Development

Read the book, You Cant Buy a Dinosaur For a Dime, by Harriet Ziefert to the entire class Distribute the handout for Opportunity Cost and instruct the students to pair up for a Think Pair

Michael Lamb

Share to compare the reasons for choosing what they did. (ex, I chose A because I dont need B) and go back through the book and write down: o o 5 examples of choices being made. 3 examples of currency exchange for goods and services

While students are working on the activity, Unveil the pre-set general store on the rear table o o Erasers are $2, pencils are $3, stickers are $5, and Homework passes are $10 Distribute the monopoly money, so that each student has 5($1) and 1($5)

Call the students up to the table and have them make their purchases (note scarcity when passes begin to run out).

Closure

Individually, ask the students to share their experiences about choosing what to do with their money. (Did they choose to save any, go for the pass?)

Ask the students who went to your store to find what they wanted was unavailable, how did they feel? What did they do?)

Homework Ask the students to write in their journals 5 decisions that they make every day as part of their normal routine, stating specifically what the driving factors in their decision making are. Assessment Formative Observe the students while they fill out the handout Listen for appropriate use of terminology and understanding of concepts while they work in pairs and ask concept questions while they are in the store. Summative Collect the handouts and grade using a rubric. Grade homework for concept comprehension. References Ziefert, Harriet, You Can Buy a Dinosaur With a Dime, Blue Apple Books, 2003, 26 pps. Appended Materials SOL 3.9 Curriculum Framework Opportunity Costs handout Differentiated Strategy Organizer Grading Rubric