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

Economics: Market surveys

This lesson plan is for an accelerated, academically gifted 4th/5th grade combination class. The unit of study is economics (social studies). This lesson was designed as a supplemental lesson for a unit I taught called Mini-Society (supported by the Kauffman Center for Entrepreneurial Leadership). I taught this unit for the first time this year after attending a workshop at Chapel Hill, NC. This lesson enhances the Mini-Society unit in which children create their own businesses.

A lesson plan for grades 4–5 Mathematics and Social Studies

By Denise Delp

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Learning outcomes

Students will:

  • review the economic concepts and terms introduced in previous lessons (supply schedule, supply curve, demand schedule, demand curve, profit, market survey, expenses, and opportunity cost).
  • analyze several scenarios in which they must review business records which include the above concepts and terms.
  • conduct a detailed report covering the steps necessary to start a business. This includes: conducting a market survey; creating a demand schedule and demand curve; creating a supply schedule and supply curve; determining an equilibrium price and quantity; and calculating business expenses to determine profitability.

Teacher planning

Time required for lesson

2 hours

Materials/resources

Market Survey handout packet that provides business situations that students must analyze and leads them through the process of starting a business: doc | rtf

Technology resources

More advanced students could use Microsoft Money, Quicken, or Microsoft Excel to create charts or keep track of profit/loss in their businesses.

Pre-activities

Students should have already brainstormed as a group to generate a list of good businesses for 4th/5th graders to “open” in class. In other words, students should have some idea of target markets. Also, at this point, students should have background knowledge of supply and demand, as well as scarcity of resources. These concepts will be reviewed in this lesson.

Activities

  1. Briefly review with students the concepts covered in last week’s lesson (market survey, demand schedule, demand curve, profit and supply curve). Explain that today they will conduct an in-depth investigation of possible business ventures. By the end of the day, they should be able to make an informed decision about whether a business idea will be profitable in the simulated class market.
  2. Distribute the handout packet. Go over the mock business scenarios that should help students review the economic concepts needed to analyze the profitability of their own business ideas. Be certain to discuss the equilibrium point in question #4.
  3. Allow students to work through the packet at their own pace. Students should have 2 possible business ventures in mind prior to beginning this work. (If students do not have 2 ideas, the teacher can pre-set 2 ideas for them based on his/her knowledge of the needs/wants of the class).
  4. Students will complete the market survey to ultimately decide on a product to sell and its equilibrium price.
  5. Upon completion of this packet, students should be able to make a good economic decision about which business may provide them with a profit in class. Also, the teacher may want to discuss opportunity cost and partnership costs/benefits at this time.

Assessment

The assessment is different for my pull-out program. No grades are given. The handouts used as supplemental resources should provide the teacher with sufficient information regarding the extent of student understanding. Also, the success of the simulated business that students begin later will help the teacher see if the students really used the market survey.

Supplemental information

Comments

Teachers can use this approach to reinforce economic concepts in a way that connects student learning to real life entrepreneurial decisions.

North Carolina curriculum alignment

Social Studies (2003)

Grade 4

  • Goal 6: The learner will evaluate how North Carolinians apply basic economic principles within the community, state, and nation.
    • Objective 6.02: Analyze the choices and opportunity cost involved in economic decisions.

Grade 5

  • Goal 5: The learner will evaluate ways the United States and other countries of North America make decisions about the allocation and use of economic resources.
    • Objective 5.06: Examine the different economic systems such as traditional, command, and market developed in selected countries of North America and assess their effectiveness in meeting basic needs.
    • Objective 5.07: Describe the ways the United States and its neighbors specialize in economic activities, and relate these to increased production and consumption.

  • Common Core State Standards

    • Mathematics (2010)

      • Grade 4

        • Number & Operations in Base Ten1
          • 4.NO.4Fluently add and subtract multi-digit whole numbers using the standard algorithm.

    • North Carolina Essential Standards

      • Social Studies (2010)

        • 4.E.1 Understand how a market economy impacts life in North Carolina. 4.E.1.1 Understand the basic concepts of a market economy: price, supply, demand, scarcity, productivity and entrepreneurship. 4.E.1.2 Understand how scarcity and choice in a market economy...

      • Grade 5

        • 5.E.1 Understand how a market economy impacts life in the United States. 5.E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction. 5.E.1.2 Explain the impact of production, specialization, technology...