Parker - UbD Unit Plan

Stage 1: Desired Results
UBD Template
Topic/Theme: Scarcity and value, as they affect our economic decision-making processes.
Time frame: 3 Weeks / 5 times every 2 weeks / 70 minute blocks
Class/Grade Level: 8th grade
Established Goals: (from the Iowa Core Standards for 6-8 Economics)
Understand the role of scarcity and economic trade-offs and how economic conditions impact peoples lives.
Understand the functions of economic institutions.
Understand the function of common financial instruments
Essential Questions:
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
How is value created and/or determined?

How do I perceive value?
What makes something scarce?
Are markets created or discovered?
Is supply or demand the stronger force in markets?
Why does mutual exclusivity (trade-offs) necessarily exist?
What are humans greatest needs?
What things are wants and what are needs?
What is the value (or cost) of money?
How is debt used wisely?
Understandings: Students will understand that

1)
2)
3)
4)
Value is perception-based.
Value is often a function of scarcity.
Scarcity implies a lack of resources.
Scarcity can be caused by natural or man-made forces.

5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
The invisible hand is a useful concept in considering the origin and nature of markets.
Demand is influenced by individual valuations.
In economic trade-offs, there are always costs and benefits.
Economic decisions imply opportunity costs.
Essential needs are survival-based.
Wants and needs are determined individually.
Perceptions of rationality influence determined wants and needs.
Money has a cost.
Money does not always cost the same.
The value of money is market-based.
Perceptions of wants and needs influence debt use.
Debt can be dangerous.
Debt can be advantageous when used responsibly.
The cost of money influences the leveraging-effect of debt.
Knowledge: Students will know

1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
Definitions of value.
Differing interpretations and perceptions of value.
Economic definition of scarcity.
How scarcity logically influences perceptions of value.
Typical causes of scarcity (ie: natural limitations, governmental restrictions, monopolies, etc.).
Adam Smiths ideas about the invisible hand.
Differing perspectives/opinions about the origin of markets.
Demand is positively correlated to value.
Market supply and demand account for all participants in that market.
Definitions of trade-off and opportunity cost.
The basic human needs for survival.
Wants-based markets are less elastic than needs-based.
Money has a cost.
That interest represents the cost of money.
UBD Template

15)
16)
17)
18)
19)
20)
21)
22)
UBD Template
How to calculate interest rates.

Interest-based calculation formulas.
Debt can cause long-term financial issues for individuals.
How credit interest in compounded.
How to avoid over-paying for borrowed money.
How to compare costs of money to make economically-sound decisions.
The difference between short-term and long-term.
Key terms: opportunity cost, scarcity, value, short-term, long-term, creditor, debtor, interest, checking account, savings
account, trade-off, cost, benefit, money, economy, market.
Skills: Students will be able to

.
1) Explain differing perceptions of value.
2) Articulate and defend personal interpretation(s) of value.
3) Identify causes of scarcity.
4) Draw connections between scarcity and value.
5) Solve issues of scarcity.
6) Read closely for comprehension and understanding.
7) Represent their understanding of the invisible hand.
8) Defend an opinion as to the origin/nature of markets.
9) Manipulate simple supply and demand models.
10) Explain economics decisions in terms of opportunity cost.
11) Differentiate between wants and needs.
12) How to calculate interest rates and payments based on loan terms.
13) Manipulate interest rate calculators to find unknown information.
14) Common issues which cause debt-based issues for individuals.
15) Calculate interest accumulated from overdue credit card payments.
16) Evaluate personal economic decisions in terms of short and long-term considerations.
17) Define personal long and short-term goals.
18) Use key terms in discussion and in written responses.
Stage 2: Assessment Evidence
UBD Template
Class/Grade Level: 8th grade
Performance Tasks/Summative Assessment:
Task / Assessment
U (or K or S)
(a) G.R.A.S.P.S.: Barter economy situation Students will assume various roles and work together to make
trades in an effort to meet their individual wants and needs. Students will organize and prioritize prior to
beginning and will work with others perceptions of value to meet their need.
Deliverables:
List of merchants along with product/service offerings.
Conversion chart which indicates value of the various offerings in terms of the individual students good
or service offered. (K 1-3)
Log or record of transactions. (K 7, 8)
Written analysis: to address concepts of efficiency, double coincidence of wants, differing perceptions of
value, etc. (K 4, 6, 7, 8, 10)
U: 1-4, 6, 7, 8, 10
K: 1-5, 8-12
S: 1-6, 9, 10, 11
(b) Debt & Loan Calculations Test - Maximize financial stability: Students will be given a variety of options
for financing various purchases. They will find the combination of options which meets their individual needs
and achieves their desired level of financial stability. Different students will have differing perceptions of
financial stability.
U: 12-18
K: 12-21
S: 11-17
(c) Unit Test: To consist of multiple-choice, matching, and short answer questions.
U: 1-10
K: 1-12
S: 1-11
UBD Template
Informal Assessment/Formative Assessment:

Task / Assessment
U (or K or S)
(d) Quick Write: Explain in 5 7 sentences two different factors which can influence how a person or group perceives
value. Support these with concrete examples either from your life or from our discussion today.
U: 1-4
K: 1-5, 8
S: 1-6, 9
(e) Invisible Hand Representation Activity: Students will be supplied with a variety of materials with which to
create a small representation of the invisible hand. The purpose of this activity is to add depth to students
understanding of the concept by pushing them to communicate the concept through visual means. This activity will be
challenging for all students, but will be particularly challenging for students who are less creative or visual. Later
assessments will be offered to fit their personal preferences.
U: 4, 5, 6
K: 3-9
S: 1, 3-9
(f) Group practice manipulating models. Students will all be at the white board. They will construct their own models
and then make the appropriate adjustments to it when I relate various scenarios.
U: 4, 5, 6
K: 3-9
S: 1, 3-9
(g) Short answer/essay prompts pertaining to double coincidence of wants and trade-offs.
Give an example of an economic decision which you might make in the next 4 years. Explain this decision in
terms of its costs and benefits. Be sure to provide enough detail and explanation that all implications are
considered. Do not assume or imply anything. (U 7, 8)
We have discussed, at length, wants and needs. How are wants and needs determined and by who? (U 10, 11)
U: 7, 8, 10, 11
K: 10, 11, 12
S: 7, 10, 11
(h) G.R.A.S.P.S. (round 1).
U: 1-4, 6, 7, 8, 10
K: 1-5, 8-12
S: 1-6, 9, 10, 11
(i) Pre-assessment: Small group evaluation of bank loan examples.
U: 12, 13, 17
K: 13-16, 18, 19, 20
S: 12-15

(j) Whole group board-work to practice calculating interest rates and payments.
k) Think-ink-pair-share: Prompts focused on themes of financial stability, cost of money, debt and leverage, and free
cash. Share with different partners each time.
Do you think debt should be used to fulfill wants or needs? Why? (U 15)
What pros and cons can you think of for using debt to purchase wants v, needs? (U 15)
What dangers do you associate with debt? Do these make debt too risky in your mind? (U 16)
Explain what responsible borrowing means to you? (U 17)
List 5 examples of how you can be responsible with your debt? (U 17)
What is the relationship between leverage and the cost of money? (U 18)
How can you use debt as leverage? (U 18)
(l) Assignment to practice calculating interest rates and payments (to be finished as homework).
UBD Template
U: 12, 13, 14, 17
K: 13-16, 18, 19, 20
S: 12-15
U: 15-18
K: 14, 17-21
S: 10, 11, 14-17
U: 12, 13, 14, 17

K: 13-16, 18, 19, 20
S: 12-15
Stage 3: Learning Plan
UBD Template
Class/Grade Level: 8th Grade
Learning Plan:
Learning action
UP Connects
1) Individual valuation activity using a given set of objects and goods. To include written
explanations/justifications.
EQ: 1, 2
U: 1
2) In small groups, compare individual valuations.
EQ: 1, 2
U: 1
3) Explanation of finding average value.
EQ: 1, 2, 4
U: 6
4) Return to groups and come to consensus (average) values.
EQ: 1, 2, 4
U: 1, 6
K:
S: 2
A: a, c, d, h
K: 2
S: 1, 2
A: a, c, d, h
K: 1, 2, 9
S:
A: a, c, d, h
K: 1, 2, 9
S: 1, 2, 4
A: a, c, d, h
UBD Template
5) Group sharing and class discussion around individual perception of value and differences w/in groups.
Why did everyone value things differently? (U 1)
What things about you account for these differences? (U 1)
How would you explain your perceptions compared to others in your group? (U 1)
How are your lives different? Your cultures different? Your interest or values different? (U 1)
Consider the things you valued highly, are there any that you would want more of? (U 6)
If you could only have 4 of those things and only one of each of those 4, which ones would you want?
Why? (U 6)
How is demand correlated with value? (U 6)
6) Lecture/discussion around existence or creation of markets using average value exercise. Conclude
with explanation of market value.
7) Invisible Hand article and discussion. (possibly read aloud, or individually)
What things do you consider scarce? (U 3)
How would you define scarcity? (U 3)
How does scarcity influence your perception of a good or service? (U 3)
How is value a function, or related to, scarcity? (U 2)
Explain this connection.
What causes scarcity? (U 4)
Which causes of scarcity are most powerful or most difficult to overcome? (U 4)
Thinking about Adam Smiths invisible hand do you think markets exist and humans just participate
in them? Or do you think humans create markets? (U 5)
Does the hand come before people, or people before the hand? (U 5)
How can the demand of one person influence an entire market? (U 6)
How can your demands influence a given market? Give an example. (U 6)
8) Lecture introducing supply and demand model with explanations of simple influences on the model.
EQ: 1-4
U: 1, 6
EQ: 1, 3, 4
U: 1-6
EQ: 1, 3, 4, 5
U: 2-6
EQ: 4, 5
U: 3, 4, 6, 9
K: 1, 2, 9
S: 1, 2, 4
A: a, c, d, h
K: 1-7
S: 1-4
A: a, c, e, f, h
K: 3, 6-9
S: 3-8
A: a, c, e, f, h
K: 6-9
S: 3, 4, 8, 9
A: a, c, f, h
UBD Template
9) Case study involving supply of gasoline after middle east turmoil or after tropical whether and the
resultant effect on price.
10) Case study discussion.
What was scarce in this example? (U 3)
What caused this scarcity to occur? (U 4)
What was the resultant influence on the market for oil? (U 9)
How did this influence consumers; in the U.S., China, Europe, Sudan? (U 9)
Would you consider oil an essential need? Why or why not? (U 9)
11) In pairs, students will organize a set of goods and services in terms of their value in relation to each
other (i.e.: what could be exchanged for what or how many of one product would be worth how many of
another product). Rotate pairs 3 times.
12) Class discussion around experiences with different partners from previous group activity.
Why did you find difference in your valuations with each partner? (U 1)
Where there any items that you valued similarly? Why? (U 2)
What relationship do you find between scarcity and essential needs? (U 9)
What are the implications of this, for you and for different groups of people? (U 9)
Of the non-essential things, are there any which you valued similarly to someone else? (U 10)
Why do you think this is? What similarities do you have with this person? (U 10)
13) Practice reading closely with adapted Selgin article over barter economy.
EQ: 3, 4, 5
U: 3, 4, 9
K: 5, 6, 8, 9
S: 3, 5, 9
A: a, c, h
EQ: 3, 4, 5
U: 3, 4, 9
K: 5, 6, 8, 9
S: 3, 5, 9
A: a, c, h
EQ: 1, 2, 7, 8
U: 1, 2, 9
K: 2, 4, 11
S: 1, 2, 4, 5, 11
A: a, c, g, h
EQ: 1, 2, 7, 8
U: 1, 2, 9, 10,
11
K: 2, 4, 11, 12
S: 1, 2, 4, 5, 11
A: a, c, g, h
EQ: 3, 4, 6, 7, 8 K: 4-7, 10-12

S: 3-6, 9, 10, 11
U: 6-11
A: a, c, g, h
UBD Template
14) Pair-share over their notes from reading closely.
EQ: 3, 4, 6, 7, 8 K: 4-7, 10-12

S: 3-6, 9, 10, 11
U: 6-11
A: a, c, g, h
15) Lecture over concepts from Selgin article (i.e.: double coincidence of wants and barter economy).
EQ: 3, 4, 6
U: 6-11
K: 4-7, 10-12
S: 3-6, 9, 10, 11
A: a, c, g, h
16) Personal prioritization activity and discussion (wants vs. needs).
EQ: 2, 3, 7, 8
U: 7-11
K: 4, 5, 10, 11, 12
S: 2, 10, 11
A: a, c, h
17) Individual organization for activity.
EQ: 2, 3, 7, 8
U: 7-11
K: 4, 5, 10, 11, 12
S: 2, 10, 11
A: a, c, h
18) Whole group discussion around bank loans and interest rates.
What is a dollar worth to you? (U 12)
What if you didnt have any dollars? What if you had millions of dollars? (U 12)
Can money have a cost? Is it ever fair to exchange a dollar for a different amount? (U 12)
How would you define the cost of money? What word would represent this? (U 12)
Why would interest rates ever be different or fluctuate? (U 13)
Who decides interest rate and how? (U 13)
What influences interest rates? (U 13)
Does any, one person, have complete control over an interest rate? (U 14)
How do you influence interest rates? How do your parents influence them? (U 14)
19) Lecture: loan calculations (i.e.: payments, payback period, down payment, interest rate).
EQ: 9
U: 12, 13, 14
EQ: 9
U: 12-15
K: 14, 15
S:
A: b, j, k
K: 13-16
S: 12, 13, 15
A: b, j, k
UBD Template
20) Whole group board-work to practice calculating interest rates and payments.
EQ: 9
U: 12, 13, 14
21) Whole group brainstorming session about the kinds of purchases for which one might seek a loan and
why or why not.
EQ: 7-10
U: 15
22) Think-ink-pair-share: Prompts focused on themes of financial stability, cost of money, debt and
leverage, and free cash. Share with different partners each time.
Do you think debt should be used to fulfill wants or needs? Why? (U 15)
What pros and cons can you think of for using debt to purchase wants v, needs? (U 15)
What dangers do you associate with debt? Do these make debt too risky in your mind? (U 16)
Explain what responsible borrowing means to you? (U 17)
List 5 examples of how you can be responsible with your debt? (U 17)
What is the relationship between leverage and the cost of money? (U 18)
How can you use debt as leverage? (U 18)
EQ: 7-10
U: 15-18
K: 13-16
S: 12, 13, 15
A: b, k
K: 14, 17, 20, 21
S:
A: b, k
K: 14, 17-21
S: 10, 11, 14-17
A: b
23) Whole group discussion/lecture over TIPS.
EQ: 7-10
U: 15-18
K: 14, 17-21
S: 10, 11, 14-17
A: b
24) Assignment to practice calculating interest rates and payments (to be finished as homework).
EQ: 9
U: 12, 13, 14
K: 13-16
S: 12, 13, 15
A: b
Unit Pacing Calendar

Monday
Tuesday
Wednesday
Lesson 1 Day 1
Quick Write
Thursday
Lesson 1 Day 3
Practice Manipulating
Models
9
Lesson 2 Day 1
Homework: Short
Answer/Essay Prompts
12
After-School
Review Session (optional)
14
Lesson 3 Day 1
Pre-Assessment: Loans
Board Work: Calculations
Practice
17
18
Before-School Review
Session (optional)
Unit Exam
Debt & Loan Calculations

Test
* See lesson plans for detailed activities for each day.
10
Lesson 2 Day 2
G.R.A.S.P.S. Set-Up
13
Lesson 1 Day 3
G.R.A.S.P.S Activity
16
Lesson 1 Day 2
Invisible Hand Activity
11
Friday
15
Lesson 3 Day 2
Think-Ink-Pair-Share: Debt
Assignment: Calculations
Practice
19
20
UBD Lesson Plan
Gabe Parker
Class/Grade Level: 8th Grade
Lesson #1
Lesson Summary:
In this lesson we will discuss the concept of value as it pertains to scarcity. We will explore various ideas about how value is created
and perceived by different groups of people and individuals. The lesson will conclude with conversations about the origin of markets,
whether they are created or discovered by humans, and beginning connections of value/scarcity to supply and demand. These
understandings will be arrived at via many small and large group discussions, an edited reading about the invisible hand, and basic
manipulations of the supply and demand model.
Lesson Objective(s):
Given a list of various goods and services, students will reason why things in their lives hold particular value during a class
discussion.
After an individual exploration activity, a group activity and extensive group discussion, students will explain the connection
between scarcity and value during class discussion.
After reading an article about the invisible hand and discussing it, students will create a visual representation of the
invisible hand which demonstrates understanding of the pervasive and often-unnoticed movement of the invisible hand.
After reading the invisible hand article and discussion, students will articulate and defend their opinion on the origin of
markets through class discussion.
After lecture, demonstration, and discussion around supply and demand models, students will construct and manipulate supply
and demand models on the white board when given basic influences on the market.
UBD Lesson Plans
UBD Template
Materials/Resources required
Lecture notes: origin of markets, supply/demand.
Copies: sheet of objects for evaluation, Invisible Hand article, supply/demand case study.
Quick write prompt.
Computer w/ projection.
White board and markers.
Paper, colored pencils, crayons, markers, yarn, scissors, glue, etc.
Desired Results
Established Goals: (from the Iowa Core State Standards for 6-8 Economics)
Understand the role of scarcity and economic trade-offs and how economic conditions impact people's lives. .
Understand how the laws of supply and demand affect price and consumers' responses to prices.
1. How is value created and/or determined?
2. How do I perceive value?
3. What makes something scarce?
4. Are markets created or discovered?
5. Is supply or demand the stronger force in markets?
1. Value is perception-based.
2. Value is often a function of scarcity.
3. Scarcity implies a lack of resources.
4. Scarcity can be caused by natural or man-made forces.
5. The invisible hand is a useful concept in considering the origin and nature of markets.
6. Demand is influenced by individual valuations.
UBD Lesson Plans
UBD Template

1. Definitions of value.
2. Differing interpretations and perceptions of value.
3. Economic definition of scarcity.
4. How scarcity logically influences perceptions of value.
5. Typical causes of scarcity (ie: natural limitations, governmental restrictions, monopolies, etc.).
6. Adam Smiths ideas about the invisible hand.
7. Differing perspectives/opinions about the origin of markets.
8. Demand is positively correlated to value.
9. Market supply and demand account for all participants in that market.
1. Explain differing perceptions of value.
2. Articulate and defend personal interpretation(s) of value.
3. Identify causes of scarcity.
4. Draw connections between scarcity and value.
5. Solve issues of scarcity.
6. Read closely for comprehension and understanding.
7. Represent their understanding of the invisible hand.
8. Defend an opinion as to the origin/nature of markets.
9. Manipulate simple supply and demand models.
UBD Lesson Plans
UBD Template
Assessment Evidence
Performance Tasks/Formal/Summative Assessment:
Task / Assessment
UP Connects
Other Evidence/Informal/Formative Assessment:

Task / Assessment
UP Connects
(d) Quick Write: Explain in 5 7 sentences two different factors which can influence how a person or group perceives value.
Support these with concrete examples either from your life or from our discussion today.
U: 1-4
K: 1-5, 8
S: 1-6, 9
(e) Invisible Hand Representation Activity: Students will be supplied with a variety of materials with which to create a small
representation of the invisible hand. The purpose of this activity is to add depth to students understanding of the concept by
pushing them to communicate the concept through visual means. This activity will be challenging for all students, but will be
particularly challenging for students who are less creative or visual. Later assessments will be offered to fit their personal
preferences.
U: 4, 5, 6
K: 3-9
S: 1, 3-9
(f) Group practice manipulating models. Students will all be at the white board. They will construct their own models and then
make the appropriate adjustments to it when I relate various scenarios.
U: 4, 5, 6
K: 3-9
S: 1, 3-9
UBD Lesson Plans
UBD Template
Detailed Steps/Procedures
Learning action
Time (mins)
Day 1 INTRO:
Over the next 2 weeks or so, we are going to do some personal exploration. We will be thinking a lot about what is valuable to
us and why. Furthermore, we will look into the ways that these values influence the world around us. I am especially excited
for this unit because we will get to work together a lot and this will help us to better understand things. In fact, if we were to try
to do these things on our own, we probably would not reach a very good understanding. Lucky for you all, you wont have to
listen to me talk too much!
1) Individual valuation activity using a given set of objects and goods. To include written explanations/justifications.
10
2) In small groups, compare individual valuations.
10 - 15
3) Explanation of finding average value.
4) Return to groups and come to consensus (average) values.
10 - 15
5) Group sharing and class discussion around individual perception of value and differences w/in groups.
Why did everyone value things differently? (U 1)
What things about you account for these differences? (U 1)
How would you explain your perceptions compared to others in your group? (U 1)
How are your lives different? Your cultures different? Your interest or values different? (U 1)
Consider the things you valued highly, are there any that you would want more of? (U 6)
If you could only have 4 of those things and only one of each of those 4, which ones would you want? Why? (U 6)
How is demand correlated with value? (U 6)
15 - 20
2) Quick Write: Explain in 5 7 sentences two different factors which can influence how a person or group perceives value.
Support these with concrete examples either from your life or from our discussion today.
TOTAL:
10
61 - 76
UBD Lesson Plans
UBD Template
Day 2 INTRO:
Recall that yesterday we learned that even when we consider the same things, every single one of us has a different idea as to
the value of those things. We learned that those different valuations were dependent upon a number of factors: scarcity (who
can define scarcity for me?), our experiences, our perceptions, our values all kinds of things. Lets pick up where we left off
talking about finding an average value for these things which considers everyones valuations.
1) Lecture/discussion around existence or creation of markets using average value exercise. Conclude with explanation of
market value.
3) Invisible Hand article and discussion. (possibly read aloud, or individually)
What things do you consider scarce? (U 3)
How would you define scarcity? (U 3)
How does scarcity influence your perception of a good or service? (U 3)
How is value a function, or related to, scarcity? (U 2)
Explain this connection.
What causes scarcity? (U 4)
Which causes of scarcity are most powerful or most difficult to overcome? (U 4)
Thinking about Adam Smiths invisible hand do you think markets exist and humans just participate in them? Or do you
think humans create markets? (U 5)
Does the hand come before people, or people before the hand? (U 5)
How can the demand of one person influence an entire market? (U 6)
How can your demands influence a given market? Give an example. (U 6)
4) Individual activity: Visual representations of the invisible hand. Short presentations if time.
10 - 15
15 - 20
35 - 40
TOAL:
61 81
UBD Lesson Plans
UBD Template
Day 3 INTRO:
Today students we will round out our conversation about scarcity, value and markets, by examining how these things actually
affect market conditions. As we know, it is debatable whether we create markets or if markets exist outside of us, but what we
do know it that there are relationships between markets and people. Today we are going to explore this relationship in terms of
supply and demand.
20 25
1) Lecture introducing supply and demand model with explanations of simple influences on the model.
2) Group practice manipulating models. Students will all be at the white board. They will construct their own models and then
make the appropriate adjustments to it when I relate various scenarios.
15
3) Case study involving supply of gasoline after middle east turmoil or after tropical whether and the resultant effect on price.
15 - 20
4) Case study discussion.

What was scarce in this example? (U 3)
What caused this scarcity to occur? (U 4)
What was the resultant influence on the market for oil? (U 9)
How did this influence consumers; in the U.S., China, Europe, Sudan? (U 9)
Would you consider oil an essential need? Why or why not? (U 9)
15 - 20
TOTAL:
66 - 80
UBD Lesson Plans
UBD Template
Lesson #2
Lesson Summary:
This lesson will build off of the understandings about scarcity, value, demand, and markets from the previous lesson. In this lesson
students will work to build a formal understanding of trade-offs and their associated cost and benefits and they will experience market
simulations which require an understanding of the double coincidence of wants and the associated implications in a barter economy.
This lesson will include with challenging readings that have been adapted and will be supported by small group conversations, large
group discussion and lecture.
1) Using the previous lessons information about value and scarcity, students will value goods and services relative to each other
by way of an in class activity and worksheet.
2) After closely reading an article by Selgin, sharing with partners and lecture, students will explain the barter system and
understand the connection between barter, double coincidence of wants, and trade-offs via a take-home essay prompt.
3) After reading Selgin, lecture, discussion, and a practice activity, students will communicate effectively and create double
coincidences of wants in order to meet their needs, during an in-class simulation.
4)
, students will describe transactions in terms of their costs and
benefits via a post-simulation reflection.
Lecture notes: Selgin article.
Copies: goods/services list, Selgin article, essay prompts, wants v. needs list, assignment sheet for G.R.A.S.P.S.
Environmental print about how to read closely.
Desired Results
Understand the cost and benefits of economic trade-offs and how scarcity of resources affects costs and benefits.
Understand economic trade-offs at different levels (personal, business, local government).
UBD Lesson Plans
UBD Template
4. Are markets created or discovered?
5. Is supply or demand the stronger force in markets?
6. Why does mutual exclusivity (trade-offs) necessarily exist?
7. What are humans greatest needs?
8. What things are wants and what are needs?
4. Scarcity can be caused by natural or man-made forces.
5. The invisible hand is a useful concept in considering the origin and nature of markets.
6. Demand is influenced by individual valuations.
7. In economic trade-offs, there are always costs and benefits.
8. Economic decisions imply opportunity costs.
9. Essential needs are survival-based. (to be assessed during the final unit test)
10. Wants and needs are determined individually.
11. Perceptions of rationality influence determined wants and needs.
3. Economic definition of scarcity.
4. How scarcity logically influences perceptions of value.
5. Typical causes of scarcity (ie: natural limitations, governmental restrictions, monopolies, etc.).
6. Adam Smiths ideas about the invisible hand.
7. Differing perspectives/opinions about the origin of markets.
8. Demand is positively correlated to value.
9. Market supply and demand account for all participants in that market.
10. Definitions of trade-off and opportunity cost.
11. The basic human needs for survival.
12. Wants-based markets are less elastic than needs-based.
UBD Lesson Plans
UBD Template

3. Identify causes of scarcity.
4. Draw connections between scarcity and value.
5. Solve issues of scarcity.
6. Read closely for comprehension and understanding.
7. Represent their understanding of the invisible hand.
8. Defend an opinion as to the origin/nature of markets.
9. Manipulate simple supply and demand models.
10. Explain economics decisions in terms of opportunity cost.
11. Differentiate between wants and needs.
Assessment Evidence
Task / Assessment
UP Connects
(a) G.R.A.S.P.S.: Barter economy situation Students will assume various roles and work together to make trades in an
effort to meet their individual wants and needs. Students will organize and prioritize prior to beginning and will work with
others perceptions of value to meet their need.
Deliverables:
List of merchants along with product/service offerings.
Conversion chart which indicates value of the various offerings in terms of the individual students good or service
offered. (K 1-3)
Log or record of transactions. (K 7, 8)
Written analysis: to address concepts of efficiency, double coincidence of wants, differing perceptions of value, etc.
(K 4, 6, 7, 8, 10)
10
U: 1-4, 6, 7, 8, 10
K: 1-5, 8-12
S: 1-6, 9, 10, 11
UBD Lesson Plans
UBD Template

Task / Assessment
UP Connects
(g) Short answer/essay prompts pertaining to double coincidence of wants and trade-offs.
Give an example of an economic decision which you might make in the next 4 years. Explain this decision in terms of
its costs and benefits. Be sure to provide enough detail and explanation that all implications are considered. Do not
assume or imply anything. (U 7, 8)
U: 7, 8, 10, 11
K: 10, 11, 12
S: 7, 10, 11
(h) G.R.A.S.P.S. (round 1): Students will do the barter economy activity, but this first round will be a sort of practice
round to work out any kinks and to give them a better idea about what strategies will work well and which ones will not.
U: 1-4, 6, 7, 8, 10
K: 1-5, 8-12
S: 1-6, 9, 10, 11
Learning action
Time (mins)
Day 1 INTRO:
Students, by now we realize that markets are influenced by lots of different players. Even in our small class, we have seen how
different our opinions can be and how differently we value particular goods and services. Imagine this diversity on a larger
scale: our town, Iowa, the Midwest, the U.S., the world. Hopefully at this point you are wondering, How does it work? In our
next lesson, were going to get a small glimpse of what things must happen for markets to function. Were going to start from
the ground up; by understanding where we have come from, we can better understand where we are going.
1) In pairs, students will organize a set of goods and services in terms of their value in relation to each other (ie: what could be
exchanged for what or how many of one product would be worth how many of another product). Rotate pairs 3 times.
11
15 - 20
UBD Lesson Plans
UBD Template
2) Class discussion around experiences with different partners from previous group activity.
Why did you find difference in your valuations with each partner? (U 1)
Where there any items that you valued similarly? Why? (U 2)
What relationship do you find between scarcity and essential needs? (U 9)
What are the implications of this, for you and for different groups of people? (U 9)
Of the non-essential things, are there any which you valued similarly to someone else? (U 10)
Why do you think this is? What similarities do you have with this person? (U 10)
10
3) Practice reading closely with adapted Selgin article over barter economy.
15
4) Pair-share over their notes from reading closely.
5 10
5) Lecture over concepts from Selgin article (ie: double coincidence of wants and barter economy).
15 20
6) Homework: Short answer/essay prompts pertaining to double coincidence of wants and trade-offs.
Give an example of an economic decision which you might make in the next 4 years. Explain this decision in terms of its
costs and benefits. Be sure to provide enough detail and explanation that all implications are considered. Do not assume or
imply anything. (U 7, 8)
TOTAL:
Day 2 INTRO:
So, yesterday we discovered an enormous problem! This double coincidence of wants business is a serious issue, at least
according to Selgin. You all did a great job reading closely yesterday and you really engaged the concepts and issues he was
highlighting. Today, we are going to put on the shoes of someone who lives in a barter economy and see if we cant create
some double coincidences of wants.
1) Personal prioritization activity and discussion (wants vs. needs).
61 - 76
15
2) Explanation and overview of G.R.A.S.P.S. activity.
10 - 15
12
UBD Lesson Plans
UBD Template
3) Individual organization for activity.
30
4) Q&A over activity.
5 - 10
TOTAL:
Day 3 INTRO:
Today is the day, the day we put our knowledge about markets to the test in a real-life simulation. You all did a great job of
organizing, planning and preparing yesterday. I hope you are successful in your endeavors today!
61 - 71
1) G.R.A.S.P.S. activity round 1.
15
2) G.R.A.S.P.S. activity round 2.
15
3) Individual work time to organize deliverables from activity.
30 - 35
4) Hand in deliverables for G.R.A.S.P.S. activity: list of merchants and goods, prioritization scheme of needs, conversion
charts demonstrating perceived value, transaction log, and reflection on forces and trends in the market.
TOTAL:
13
5
66 - 71
UBD Lesson Plans
UBD Template
Lesson #3
Lesson Summary:
This lesson serves to transition students from our learning about barter economies into learning about money-based economies. This
lesson will be focused on calculation skills and also on establishing personal preferences and opinions about how and when to use
debt. In this lesson, these concepts will be discussed primarily in a personal finance context, but many of the concepts are
transportable and will be helpful for future conversations about business and/or government finance.
After lecture and given numerous examples and scenarios, student will perform calculations using interest formulas to find
unknown information during an in-class practice exercise and on a homework assignment.
After much large and small group discussion, students will articulate their personal preferences pertaining to debt-use through
a think-ink-pair-share.
By the end of the lesson, full of discussion and brainstorming session, student will differentiate between wants and needs as
evidenced during discussion.
Lecture notes: loan calculations.
Copies: loans pre-assessment, interest rate assignment.
TIPS prompts.
Desired Results
Understand the services that are available at banks and credit unions.
Understand the process of interests and payments for goods.
Understand the role banks play among savers, borrowers, and investors.
14
UBD Lesson Plans
UBD Template
9. What is the value (or cost) of money?
10. How is debt used wisely?
12. Money has a cost.
13. Money does not always cost the same.
14. The value of money is market-based.
15. Perceptions of wants and needs influence debt use.
16. Debt can be dangerous.
17. Debt can be advantageous when used responsibly.
18. The cost of money influences the leveraging-effect of debt.
13. Money has a cost.
14. That interest represents the cost of money.
15. How to calculate interest rates.
16. Interest-based calculation formulas.
17. Debt can cause long-term financial issues for individuals.
18. How credit interest in compounded.
19. How to avoid over-paying for borrowed money.
20. How to compare costs of money to make economically-sound decisions.
21. The difference between short-term and long-term.
12. How to calculate interest rates and payments based on loan terms.
13. Manipulate interest rate calculators to find unknown information.
14. Common issues which cause debt-based issues for individuals.
15. Calculate interest accumulated from overdue credit card payments.
16. Evaluate personal economic decisions in terms of short and long-term considerations.
17. Define personal long and short-term goals
15
UBD Lesson Plans
UBD Template
Assessment Evidence
Task / Assessment
UP Connects
(b) Loan Pmt. Calculations - Maximize financial stability: Students will be given a variety of options for financing
various purchases. They will find the combination of options which meets their individual needs and achieves their
desired level of financial stability. Different students will have differing perceptions of financial stability.
U: 12-18
K: 12-21
S: 11-17

Task / Assessment
UP Connects
(i) Pre-assessment: Small group evaluation of bank loan examples.
U: 12, 13, 17
K: 13-16, 18, 19, 20
S: 12-15
(j) Whole group board-work to practice calculating interest rates and payments.
U: 12, 13, 14, 17

K: 13-16, 18, 19, 20
S: 12-15
k) Think-ink-pair-share: Prompts focused on themes of financial stability, cost of money, debt and leverage, and free
cash. Share with different partners each time.
Do you think debt should be used to fulfill wants or needs? Why? (K 15)
What pros and cons can you think of for using debt to purchase wants v, needs? (K 15)
What dangers do you associate with debt? Do these make debt too risky in your mind? (K 16)
Explain what responsible borrowing means to you? (K 17)
List 5 examples of how you can be responsible with your debt? (K 17)
What is the relationship between leverage and the cost of money? (K 18)
How can you use debt as leverage? (K 18)
(l) Assignment to practice calculating interest rates and payments (to be finished as homework).
16
U: 15-18
K: 14, 17-21
S: 10, 11, 14-17
U: 12, 13, 14, 17

K: 13-16, 18, 19, 20
S: 12-15
UBD Lesson Plans
UBD Template
Learning action
Time (mins)
Day 1 INTRO:
Today class we are going to shift gears just a bit. By now we understand the difficulties of maneuvering in a barter economy. A
different system which we are going to begin to explore is a money economy. We live in a money economy. In this system,
instead of trading goods, we use currency, or money, to buy and sell. Sometimes in business or personally, we have purchases
to make for which we do not have the money, so we may need to take out a loan, or borrow money. Thats where we are going
to pick up today; were going to begin learning about loans, interest and borrowing money.
1) Pre-assessment: Individual evaluation of bank loan examples.
10
2) Whole group discussion on bank loans and interest rates.

What is a dollar worth to you? (U 12)
What if you didnt have any dollars? What if you had millions of dollars? (U 12)
Can money have a cost? Is it ever fair to exchange a dollar for a different amount? (U 12)
How would you define the cost of money? What word would represent this? (U 12)
Why would interest rates ever be different or fluctuate? (U 13)
Who decides interest rate and how? (U 13)
What influences interest rates? (U 13)
Does any, one person, have complete control over an interest rate? (U 14)
How do you influence interest rates? How do your parents influence them? (U 14)
15 20
3) Lecture: loan calculations (i.e.: payments, payback period, down payment, interest rate).
20
20 25
4) Whole group board-work to practice calculating interest rates and payments.

TOTAL:
17
66 - 76
UBD Lesson Plans
UBD Template
Day 2 INTRO:
Yesterday we really got into the nitty-gritty of loans. We learned a few formulas and practiced applying them. It is important
that we are able to manipulate these tools and to understand what they tell us. However, it is arguably more important that we
understand when loans are appropriate before we worry about how to perform calculations of them. So today, were going to
take step back and think about when and why we might seek a loan. As we do this it is imperative, or important, that we think
personally about our goals, or abilities and our comfort level with taking on risk. Lets start today with a whole group
discussion.
1) Whole group brainstorming session about the kinds of purchases for which one might seek a loan and why or why not.
5 10
2) Think-ink-pair-share: Prompts focused on themes of financial stability, cost of money, debt and leverage, and free cash.
Share with different partners each time.
Do you think debt should be used to fulfill wants or needs? Why? (K 15)
What pros and cons can you think of for using debt to purchase wants v, needs? (K 15)
What dangers do you associate with debt? Do these make debt too risky in your mind? (K 16)
Explain what responsible borrowing means to you? (K 17)
List 5 examples of how you can be responsible with your debt? (K 17)
What is the relationship between leverage and the cost of money? (K 18)
How can you use debt as leverage? (K 18)
20 25
3) Whole group discussion/lecture over TIPS.
30
5 10
4) Assignment to practice calculating interest rates and payments (to be finished as homework).
TOTAL:
18
61 - 76
Can You Thrive in a Barter Economy?

For this activity you will be assigned a good or service to offer in a small-scale market governed
by a barter system. In your community, there is no such thing as dollar bills, coins, gold, or any
other sort of common currency. The only way to buy and sell goods and services is by trading
them. That is the premise of this simulation, to work to create double coincidences of wants in
order to meet your individual needs.
You may market your good or service however you wish. For example, if you raise chickens you
might choose to trade some of your eggs and you might choose to use the rest of your eggs to
make pie crusts which you also trade. Whatever you choose to do, remember that the only good
you own without trading with someone else is that one thing which is assigned to you from the
beginning.
We will be doing two in-class simulations in order to help us better understand the ideas weve
been discussing in this unit. These simulations will deal directly with trade-offs, value, scarcity,
and market creation/existence. The first simulation will be a sort of practice run to work out any
kinks and to clarify any questions. The second round will be more official and will be the
simulation which you will be assessed over.
The deliverables for this assessment are described below:
1. List of Merchants:
In this document, you are asked to list the other merchants in the market and note what goods or
services they offer. You are encouraged to include any other information which would help you
to do business with them in the future.
2. Conversion Chart:
In this document, you are asked to create a chart which lists the values of other goods and
services in terms of what you offer. You are encouraged to create additional charts which equate
goods and services in terms of other merchants offerings, to help you to be most efficient.
3. Transaction Record:
In this document, you are asked to record each transaction you make. At the end of the
simulation, you will use this record to list your inventory of all tangible goods you have procured
by the end of trading.
4. Analysis:
In this document, you are asked to reflect upon the simulation and your experiences. Talk about
what things went well and what things were frustrating. Were there needs that were easily met?
Were others more difficult to meet? A well written analysis will likely be 2-4 pages. In your
analysis be sure to create connections from your experiences back to concepts from the unit. For
example: efficiency, double coincidence of wants, perceptions of value, scarcity,
existence/creation of markets.
Deliverable/
Observable
Command
(100 pts.)
Proficiency
(92 pts.)
Developing
(75 pts.)
Basic
(60 pts.)
Participation
(25%)
In addition to proficiency
expectations, student
finds creative and
respectful ways to barter
with classmates and/or
works collaboratively
with others to achieve
greater efficiency.
Student participates
fully in simulation
and follows
instructions while
bartering respectfully
with others.
Student follows
instructions, but with
hesitant or partial
participation.
Respect for others
may be lacking.
Student partially
follows instructions,
does not participate
fully, and/or is
disrespectful to
others.
List of
Merchants
(15%)
Student follows directions

completely. In addition,
student includes
information about other
merchants which clearly
informs their trading
during the simulation.
Student follows
directions completely
and creates a
document which is
useful for trading.
Student partially
follows instructions.
Document lacks
organization, clarity,
and/or usefulness for
trading.
Student creates a
document which is
only partial or
otherwise
incomplete. This
document is
disorganized and/or
is not useful for
trading.
Conversion
Chart
(20%)
Student follows directions

completely. In addition,
student includes
valuations of
goods/services in terms of
others offerings in a way
which clearly increases
their efficiency in trading.
Student follows
directions completely
and creates a
conversion chart
which clearly
informs their trading
decisions.
Student partially
follows instructions
and creates a chart
which informs
trading decisions
sometimes.
Document may lack
clarity or
organization.
Student creates a
document which is
only partial or
otherwise
incomplete. This
document is
disorganized and/or
is not useful for
trading.
Transaction
Record
(15%)
Student accurately records

transactions as they go.
Record translates into a
clearly organized
inventory list.
Student accurately
records transactions
as they go. Record is
helpful for creating
an inventory list.
Student creates a
record which is
mostly accurate.
Record is not helpful
for creating an
inventory list.
Student creates a
record which is
partially accurate and
is not useful for
creating an inventory
list.
Written
Analysis
(25%)
Student writes an analysis

of appropriate length
which clearly ties
experiences to concepts
from the unit. In addition,
student reflects upon
ways which they could
utilize what they learned
in future simulations
and/or in real life.
Student writes an
analysis of
appropriate length
which clearly ties
experiences to
concepts from the
unit. Reflection is
thoughtful and
purposeful.
Student writes an
analysis of
appropriate length
which is superficially
tied to some concepts
from the unit.
Reflection may lack
thoughtfulness and
purpose.
Student writes an
analysis which may
be of inappropriate
length which is
superficially tied to
some concepts from
the unit. Reflection
lacks thoughtfulness
and purpose.

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Stage 1: Desired Results

How is value created and/or determined?

Understandings: Students will understand that

Stage 1: Desired Results

Knowledge: Students will know

Stage 1: Desired Results

How to calculate interest rates.

Skills: Students will be able to

Stage 2: Assessment Evidence

Stage 2: Assessment Evidence

Informal Assessment/Formative Assessment:

(h) G.R.A.S.P.S. (round 1).

(i) Pre-assessment: Small group evaluation of bank loan examples.

Stage 2: Assessment Evidence

U: 12, 13, 14, 17

Stage 3: Learning Plan

2) In small groups, compare individual valuations.

3) Explanation of finding average value.

4) Return to groups and come to consensus (average) values.

Stage 3: Learning Plan

Stage 3: Learning Plan

EQ: 3, 4, 6, 7, 8 K: 4-7, 10-12

Stage 3: Learning Plan

14) Pair-share over their notes from reading closely.

EQ: 3, 4, 6, 7, 8 K: 4-7, 10-12

16) Personal prioritization activity and discussion (wants vs. needs).

17) Individual organization for activity.

Stage 3: Learning Plan

23) Whole group discussion/lecture over TIPS.

Unit Pacing Calendar

Debt & Loan Calculations

* See lesson plans for detailed activities for each day.

UBD Lesson Plan

UBD Lesson Plans

UBD Lesson Plans

Knowledge: Students will know

UBD Lesson Plans

Other Evidence/Informal/Formative Assessment:

UBD Lesson Plans

2) In small groups, compare individual valuations.

3) Explanation of finding average value.

4) Return to groups and come to consensus (average) values.

UBD Lesson Plans

UBD Lesson Plans

4) Case study discussion.

UBD Lesson Plans

UBD Lesson Plans

UBD Lesson Plans

Skills: Students will be able to

UBD Lesson Plans

Other Evidence/Informal/Formative Assessment:

UBD Lesson Plans

4) Pair-share over their notes from reading closely.

2) Explanation and overview of G.R.A.S.P.S. activity.

UBD Lesson Plans

3) Individual organization for activity.

4) Q&A over activity.

1) G.R.A.S.P.S. activity round 1.

2) G.R.A.S.P.S. activity round 2.

3) Individual work time to organize deliverables from activity.

UBD Lesson Plans

UBD Lesson Plans

UBD Lesson Plans

Other Evidence/Informal/Formative Assessment: