LEARN NC

K–12 teaching and learning · from the UNC School of Education

NOT your grandma's lemonade stand

http://www.econedlink.org/lessons/index.cfm?lesson=EM276&page=teacher

A lesson plan for Grades 3–4 Social Studies and Mathematics

Provider: National Council on Economic Education

About this resource

Appropriate grades
3–4
Subjects
social studies (economics)
Provider
National Council on Economic Education

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Creative Commons License

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In this EconEdLink lesson, students will manage a virtual lemonade stand to learn about the market economy. They will identify what they gain and what they give up when they make choices. They will identify people as consumers and/or producers. Students will also predict how prices change when the number of buyers in a market changes and identify the risk of being an entrepreneur.

North Carolina Curriculum Alignment

Social Studies (2003)

Grade 3

  • Goal 5: The learner will apply basic economic principles to the study of communities.
    • Objective 5.01: Define and identify examples of scarcity.
    • Objective 5.02: Explain the impact of scarcity on the production, distribution, and consumption of goods and services.
    • Objective 5.03: Apply concepts of specialization and division of labor to the local community.
    • Objective 5.06: Recognize and explain reasons for economic interdependence of communities.

Grade 4

  • Goal 6: The learner will evaluate how North Carolinians apply basic economic principles within the community, state, and nation.
    • Objective 6.01: Explain the relationship between unlimited wants and limited resources.
    • Objective 6.02: Analyze the choices and opportunity cost involved in economic decisions.
    • Objective 6.05: Recognize that money can be used for spending, saving, and paying taxes.

Mathematics (2004)

Grade 3

  • Goal 1: Number and Operations - The learner will model, identify, and compute with whole numbers through 9,999.
    • Objective 1.02: Develop fluency with multi-digit addition and subtraction through 9,999 using:
      • Strategies for adding and subtracting numbers.
      • Estimation of sums and differences in appropriate situations.
      • Relationships between operations.
    • Objective 1.06: Develop flexibility in solving problems by selecting strategies and using mental computation, estimation, calculators or computers, and paper and pencil.