LESSON PLAN OUTLINE

JMU Elementary Education Program: ELED 434 Sections 0002 and 0003 The following information should be included in the header of the lesson plan: Rebecca ONeill Mrs. Shifflett: Cub Run Elementary School March 13, 2013: 9:40-10:10 AM March 6, 2013 A. Making Decisions- Opportunity Costs: An Economics Lesson B. RATIONALE:

Economics is an essential aspect of every individuals life; in fact, it is everywhere. Therefore, having an understanding of economics is crucial in helping people comprehend the modern world and make positive decisions that will shape the future. It is our job as teachers to influence economic confidence by educating students on the decisions they will make. This lesson will focus on valuable choices such as: what to buy, how much of their income should be spent and how much to save. The topic of opportunity cost will demonstrate to students that not all our wants can always be fulfilled. Therefore, based on this lesson students will have the opportunity to gain a new perspective as to why their parents or guardians are unable to purchase everything theyve ever wanted. In result, students may become more inclined to save their money and become educated spenders. Educating students in economics creates a domino effect in which smart decisions not only influence individual well- being but also the well being of a community and society in whole. CONTEXT OF LESSON
Students in the third grade are expected to have prior knowledge of economics based on the 2.9 Standard of Learning for History and Social Sciences which states, The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services. Furthermore, this lesson on opportunity cost will take place towards the end of the economics unit; therefore students readiness for this lesson will be influenced by other topics of this unit such as: producers and consumers, natural resources, human resources, capital resources, the production of goods and services, specialization and trade. Due to the fact that this lesson is taking place towards the conclusion of the economics unit, it is appropriate to create an activity in which students put what they have learned from this unit into action and become consumers, where they must budget their wants (this aspect effectively targets students interests) by making knowledgeable and logical decisions. Based on child development, this is an appropriate lesson for the third grade level due to the fact that students cognitive skills help them move from being concrete learners to more abstract thinkers, therefore allowing them to apply ideas in various circumstances. C. LEARNING OBJECTIVES Understand Know Do

The student will understand that

The student will know that

The student will gather, classify

people make choices because they cannot have everything they want. The student will understand that all choices require giving up something else (opportunity cost).

economic choice is the choice of or decision among alternatives or possibilities. The student will know that opportunity cost is the next best choice that is given up when an economic choice is made. The student will know that economic decision-making requires comparing both the opportunity cost and the monetary cost of choices with the benefits.

and interpret information about goods and services. The student will make decisions about their wants based on monetary and beneficial factors. The student will explain the causeand-effect relationships of making economic decisions.

D. ASSESSING LEARNING

Task: Students will volunteer examples of a time when they had to make an economic decision between two goods or services. Students will then identify which of the two items or services is an opportunity cost and which is an economic choice. Students will cut and paste items and their prices from various catalogs onto construction paper. Once given a budget, student will circle the items that are classified as economic choices and x items that represent opportunity costs. The student will make a chart, sorting which of their items were economic choices and which of their items were opportunity costs. Students will also

Diagnostic features: Students will cut and paste goods and/or services they want from the provided magazines. Students will circle the good that they would like to include in their $25 budget and x the goods

Support: If a student is unable to use scissors to cut items out of magazine, I will be there to support the student in cutting and pasting the items. If a student is unable to read or distinguish the cost of an item I will further assist them. If a student is unable to cut and paste, I will then tell the student to draw pictures of the items and I will then assign a price. If the student is unable to draw the pictures, I will be there to

provide a reason or explanation as to why they made the economic decisions that they did. Students will write a brief explanation as to why economic choices and opportunity costs exist.

they are giving up (opportunity costs) Following the activity students will list their opportunity costs along with a brief explanation of why the specific good was given upexplanations should be logical and appropriate. The student will complete a chart, listing the items with an x as opportunity costs and the circled items as economic choices. Students will volunteer examples of instances in which they had to make an economic

further assist. If the student is unable to write the list of opportunity costs and provide explanations, I will instead have a conversation with the student that will consist of the information that I am looking for. If a child has difficulty using the calculator, I will assist them in showing how it works.

decision.

E. RELATED VIRGINIA STANDARDS OF LEARNING (and NATIONAL STANDARDS if required) : Economics: 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).

F. MATERIALS NEEDED *Catalogs and magazines *Construction paper Scissors Glue Pencils Calculators Markers *A handmade chart with headings: Choices, Economic Choice, Opportunity Cost, and Explanation. On the bottom of the chart, definitions of both economic choice and opportunity costs are provided. (I will fill in this chart at the beginning of the lesson when students are asked to provided an example of a time when they had to make a decision between two goods or services that they really wanted but could only have one of.) *A handmade example of what is expected of students during the catalog budget activity. This example will be accessible for students to look at if necessary.

*Materials that I will be responsible for. G. PROCEDURE Activity Element & Time (in minutes) Procedures and management Step-by step procedures including questions and main points visualize what you are going to say to the students. It might be helpful to script out what you are going to say, although during the lesson you Students Describe what the students will be doing as a result of your instructions Academic, physical, social & linguistic differentiation, resources, and support How will you support ALL students?

Introduction

do not need to use this language verbatim. I will begin by asking students to, Raise your hand if you have ever had to make a choice between two toys that you really wanted. I will then instruct students to take a second and think of two toys or items they once really wanted but had to chose only one of. I will continue by asking, Was it a hard decision to make? (I expect students to respond with yes) I will then ask the class, How did you finally decide which of the two toys you wanted? I will select students to volunteer their answers to the questions. I will inform students that their responses should include what the two items were, which of the two items they chose, and how they came to their decision. As students volunteer their answer, I will record the information in a chart with labels: choices, choice made, opportunity cost, and explanation. After recording several responses, I will ask students if they can tell me what an opportunity cost is based on the chart previously filled out. Students should be able to distinguish that items listed under the opportunity cost column, are

Students will be responding to my questions and thinking of economic decisions they have made in the past.

I will use a variety of vocabulary so that all students are able to understand the questions I am asking. If I observe students do not understand my questions, I will reword the question. I will repeat all responses so that students have a second chance to hear, in a loud and clear voice. If students cannot think of items I will suggest thinking back to holidays or birthdays. I will read the column headings aloud for those students that are unable to read. I will give an example of a logical and appropriate explanation as to why I may choose one item over another.

those not chosen. I will then discuss with students the formal definition of opportunity cost and decisionmaking, emphasizing that decision-making should be logical and appropriate. Activity 1 Each student will be given a large sheet of white paper, scissors, glue and an old catalog. Students will cut out items that they would like to have, along with their price, from the catalog. Next students will glue the items and prices to their paper. Twelve minutes will be allotted for this part of the activity. After students have completed this part of the activity, I will then inform students they have a budget of $25 to spend. I will instruct the students that they must decide which items they will choose to spend their $25. Students will then have the opportunity to make logical decisions and choose items whose costs are no more than $25, and circle them. The items the students choose not to purchase should have an x over the picture. Students will cut and paste 5-10 items and prices from catalogs onto the provided construction paper. Once completed, students will wait for further instructions. .I will assist students if they need help cutting out items or finding the prices. For students unable to cut and paste items, I will have them draw pictures of items they want instead.

Transition

Students will ask any questions they may have about the next step in the activity.

I will give a brief tutorial on how to use a calculator to add up item prices.

Activity 2

Using their designated budget of $25.00 Students will make economic decisions and circle the items they want to purchase and x out the items they must give up.

I will provide a model that students can refer to on the board.

Transition

After students have made their decisions, I will instruct them to provide a list of their opportunity costs as well as a brief and logical explanation as to why the student did not chose each item. I will conclude by asking students, what they have learned about being consumers.

Students will construct their own personal chart (using my handmade chart as a model) listing which of their items are economic choices and which are opportunity costs, also providing a brief explanation as to why they made the decisions that they did. This chart will be recorded on the back of their construction paper.

If a student is unable to list the opportunity costs and explanations, I will instead have a conversation with that student about his/her opportunity costs.

H. DIFFERENTIATION: Write a narrative explanation of two to three paragraphs describing how you have planned to meet the needs of all students in your classroom with varied learning styles and abilities, English language proficiency, health, physical ability, etc. How will you extend and enrich the learning of students who finish early? How will you support the learning of children struggling with your objectives? Based on this lesson plan, it is important to address any differentiation that may occur during the activity. Having been with my practicum class for about a month and a half, I have been able to observe varied learning styles and abilities, as well as English language proficiency. It is without a doubt that the classroom of twenty students consists of a variety of learning styles and abilities. One reason I chose this lesson is due to the fact that it touches on all three learning styles- auditory, kinesthetic and visual. The introduction of the lesson caters to students who are auditory and visual learners. Continuing with the activity, students physically become consumers by cutting and pasting items that they want and then circling items to purchase and xing their opportunity costs- again catering to kinesthetic and visual learner. By implementing a lesson plan that benefits all learners, I am confident that it will be effective for all students. One way that I plan to differentiate this lesson is by having various visuals and models for students to refer to throughout the lesson. These models include: the handmade chart, definitions for both economic choice and opportunity cost, and an example of what is expected of the students for the catalog budgeting activity. Students will also be strategically seated so that desk clusters consist of students of all levels, making sure that English language learners are divided into groups with students fluent in English. This simple differentiation plan encourages students to immerse themselves into a cooperative learning environment. I will also be sure to repeat all student responses loud and clear so that all students have an opportunity to hear their peers feedback. At the end of each instruction or transition, I will ask students if they need me to repeat anything and also ask if anyone has questions for further clarification. If there are students who finish earlier than others, I will instruct those students to first go around the classroom and ask their peers if they need help with the activity. If this help is not needed, I will have the student find a partner and compare the items he/she decided on. I will then instruct them to discuss why he/she chose to purchase the items they did as well as the items not purchased. I will also have the students come up with a conclusion as to why they may have chosen different items than their partner. (These instructions and questions will be written as a worksheet for students to fill out). For those students that are struggling with the designated objectives for this lesson, I will personally work with them and provide simple and brief instructions that will hopefully support students in fulfilling my objectives. One way that I will make sure that these students

have a clear understanding is by having them repeat all instructions to me. Therefore, by listening to the student I will be able to pinpoint where there may be confusion with the learning objectives. I will also encourage cooperative learning throughout the catalog budget activity. I. WHAT COULD GO WRONG WITH THIS LESSON AND WHAT WILL YOU DO ABOUT IT? Students may not have responses to my introduction questions, therefore I will provide an example and prompt students to think. Students may not understand the concept of opportunity cost, therefore I will provide the formal definition again, along with an example. Students may not find items that they prefer in the catalog, therefore I will suggest them to shop for items for family members or others. If I forget the magazines, I will instead have students draw pictures of items they want and then designate a list of general prices on the board. For example, clothing $4, toys $5, food $3 etc. If calculators do not work or cannot be provided, I will have students add the prices on paper. If students reasoning for purchase is not logical, I will provide an example to the entire class.

Lesson Implementation Reflection

As soon as possible after teaching your lesson, think about the experience. Use the questions/prompts below to guide your thinking. Be thorough in your reflection and use specific examples to support your insights. I. How did your actual teaching of the lesson differ from your plans? Describe the changes and explain why you made them. I had the awesome opportunity to teach my social studies lesson to two separate classes. Therefore, during the first class, through observation I made sure to take notes on where specific components of my lesson needed to be adjusted. One thing that I observed during the catalog budgeting activity was that students (mainly the boys) focused solely on cutting out fairly expensive items in a sports catalog. At this point in the activity, students were unaware that they would be given a budget of $25.00; therefore I highly encouraged these students to begin picking items from another catalog where items were less expensive. Although they were not thrilled, they followed my instructions and began picking more economically conscious items. In result of this observation, for the following class I encouraged students to limit themselves to only two items in the sport catalog and to mainly focus on the other catalogs provided. During the second class I also observed that many of the students were bargain hunters and only included items that were less than $10. In response, I decided to change the budget amount for this class- lowering it to $20.00, instead of $25.00. Overall, I found it very beneficial to have the opportunity to teach this lesson to two classes, allowing me to make adjustments so that this lesson was most effective as possible. II. Based on the assessment you created, what can you conclude about your impact on student learning? Did they learn? Who learned? What did they learn? What evidence can you offer that your conclusions are valid? After reviewing all forms of assessment used during this lesson, I was able to conclude that students really did have a firm grasp on my learning objectives. By having them sort their personal economic choices and opportunity costs in a chart on that back of their construction paper, I was able to check whether or not students truly understood the distinguishing factors. I also found their explanations as to why they made the choices they did to be very valuable in evaluating student knowledge. Based on their reasoning, I was able to confirm that this lesson was in fact effective for all students. During this lesson, students learned two key vocabulary words: economic choice and opportunity cost. Based on these words, they were able to distinguish instances where these two words would be used. By having a budget during the catalog activity, students also learned that people have to make choices because they cannot have everything they want; therefore all choices require giving up something else. Overall, the construction paper each student worked on during the catalog budgeting activity provided me with valuable evidence making my conclusions valid. III. Describe at least one way you could incorporate developmentally appropriate practice in a better or more thorough way if you were to teach this lesson again. If I were to teach this lesson again, one developmentally appropriate practice that I would enact in this lesson would be to have students write a letter to either their parents, guardians, or friends about what they learned about making economic decisions. This letter prompt would include: the meaning of both economic choice and opportunity cost, a reason for why we need to make economic decisions, an example of a decision they had to make and a plan to save for those items that were once given up. This writing prompt completed by students will provide me with concrete information in reference to individual student knowledge on this topic- therefore being a valuable indicator of students development as logical consumers.

IV. Based on the assessment data you collected, what would you do/teach next if you were the classroom teacher? As stated previously in the Context of Lesson section, this lesson will have taken place at the end of the economics unit. Therefore, for the next class I would prepare a review activity for the entire unit, making sure that all learning objectives for each SOL are addressed. I will be sure to include an overall unit assessment during this review activity, making sure that there are no specific issues in student understanding that need to be addressed prior to the final assessment of the unit. V. As a result of planning and teaching this lesson, what have you learned or had reinforced about young children as learners?

Addressed in final paragraph below. VI. As a result of planning and teaching this lesson, what have you learned or had reinforced about teaching?

Addressed in final paragraph below. VII. As a result of planning and teaching this lesson, what have you learned or had reinforced about yourself?

After implementing this lesson plan I have learned that young learners are very quick and eager to process all information being taught to them. Therefore, as a future educator, I have become aware that flexibility in all lesson plans is a must. I also learned that relating topics in social studies to students personal experiences is most effective in fulfilling learning objectives. I have also learned that students have more fun when they are actively engaged in learning rather than just listening to the teacher. I think that interactive learning is so important within the classroom, yet sadly something that I see lacking in my practicum classroom due to a lack of time. Overall, this experience has taught me as a future teacher that I am able to think on my toes when approached with an unplanned factor of a lesson. If I am able to think on the spot like I was able to do during my lesson plan, yet still challenge the students, then I am positive that I am going to be the effective teacher that I aspire to be!

In sum, I learned. POWERFUL SOCIAL STUDIES NEEDS TO BE IMPLEMENTED IN ALL CLASSROOMS AND LESSONS IN ORDER TO PROVIDE STUDENTS WITH MEANINGFUL LEARNING EXPERIENCES THAT THEY DESERVE!