Tag Archive | economics

Economics

Nov29

In Social Studies we are studying economics. There are quite a few vocabulary terms to reinforce in this unit. We had a great time today shopping (both at the Santa Secret Shop and within the classroom). The children exchanged their tickets for play money to shop at my store. They were able to see how our unlimited wants and limited resources caused scarcity which meant that they couldn’t have all of the goods that they wanted. They had to make a choice. They found out that there were incentives while shopping especially when a truckload arrived. The choices that they made lead to opportunity cost. We also reinforced everything that we are learning about in math but determining/estimating our total cost, as well as, the change that we will receive.

 

 

For extra practice of the vocabulary used in this unit, Mr. Gort created on-line note cards that you can use  to practice.  This site allows you to print flashcards or complete a review online.  http://www.easynotecards.com/notecard_set/1543

Economics

Feb4

We have been talking about our wants and needs (which was a review from first grade) during Social Studies. We have also discussed goods, services, and scarcity. Today we had a guest speaker, Mrs. Raterink, from Michigan State Agriculture come into our classroom to provide us with an opportunity to practice production and distribution. We loved hearing about her dairy farm. We found out that it was not very fun to have to pay the banker after being paid for the milk that we sold. Our vocabulary for the lesson included the following terms: economics, human resource, natural resource, capital resource, producers, consumers, profit, distribution, goods, services, and production. We even used our math skills to figure out our profit. We especially loved being able to be the farmers, truckers, distributors, grocers and our favorite was the consumers. Yummy!

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