TEACHER:
CLASS: 5th Grade
DATE: May 23
M T W TH F
FRAME THE LESSON
Supply and Demand
&The Marketplace
Student Expectations Bundled in Lesson
Noun=Underline Verb=Italicize
Resources/Materials
11B: describe how the free enterprise system works in the United States
11C: give examples of the benefits of the free enterprise system in the United States
Pearson’s 5th Grade
Building Our Nation
TE
(p. 30-32)
12A: explain how supply and demand affects consumers in the United States
12B: evaluate the effects of supply and demand on business, industry, and agriculture, including the plantation system, in the United
States
13D: describe the impact of mass production, specialization, and division of labor on the economic growth of the United States
13E: explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the
United States
25A: use social studies terminology correctly
Closing Product/
Question/ Informal
Assessment:
Objective/Key Understanding:









Explain supply and demand.
Describe America’s free enterprise system and the importance of competition.
Explain scarcity and opportunity cost.
Explain basic concepts of banking.
Explain the importance of international trade.
Describe the types of jobs people can have.
Explain the idea of equal opportunity.
Identify the importance technology has on the economy.
Explain specialization and describe its impact.
Vocabulary
Consumer
demand
supply
Got it Questions
1-5 (p. 30-32)
Stop and Check for Understanding- High Level Questions
Supply and Demand (p. 30-31)
 How is demand related to price?
 In the shoe store example in the text, how does demand relate to how much money the store makes?
 What in the photograph represents supply?
 Why is the show store promoting a half-price sale?
 If a popular sports jersey sold out in a n hour, should the store owner raise or lower the price of the jersey when a new shipment arrives? Why?
 When would store owners make a great profit: when demand goes up or when supply goes up? Why?
 What is one way a store owner could gain more customers?
 If you owned a store and had an excess supply of books, what might you do to sell them?
Marketplace (p. 32)
 What are the characteristics of a free enterprise system?
 How does a free enterprise system work?
 What are two effects that free enterprise has on consumers?
 How would a free enterprise system differ from a government-led economy?
 In a free enterprise system, what happens when there is a high demand for goods?
 Look at the photographs. Which photographs illustrate competition among producers for the money consumers spend?
Engage
Explore
Explain
Prepare to Read (p. 30)
Preview the lesson with students by asking them to tell what they understand about what an economy is.
 How do people make money?
 How do businesses make money?
 What does it mean for an economy to have supply and demand?
Introduce Vocabulary (p. 30)
Read aloud consumer, demand, and supply.
 How familiar you are you with consumer, demand, and supply ?
Begin to Read
 Supply and Demand (p. 30-31)
 Marketplace (p. 32)
Supply and Demand (p. 30-31)
 Economics is the study of the production, distribution, and consumption, or use, of goods and services. Economists ate experts who
analyze the changing habits of consumers, or people who buy goods and services. They also analyze the relationship between supply
and demand.
Marketplace (p. 32)
 The United States has an economic system in which people are free to start their own businesses or to do whatever work they want.
Private people and companies, and not the government, own factories and stores. The correct social studies term for this kind of
economic system is a free enterprise.
Elaborate Questions from the Stop and Check for Understanding- High Level Questions are to be used here. (Please see this from above).
Evaluate
Students will demonstrate mastery by completing the Got It Questions: (below is a sampling of the questions a teacher can use to evaluate
student mastery).
 Suppose there are 100 students who want to buy sneakers. The store, however, only has 50 pairs. Should the store owner raise or
lower the price of the sneakers?
 Suppose a store has 100 pairs of sneakers, but only 50 students want to buy them. Should the store owner raise or lower the price of
the sneakers?
 Explain how supply and demand affect consumers. Then evaluate how the affect businesses.
 In the second paragraph, find examples of the benefits of the free enterprise system in the United States. Underline benefits for
consumers and circle benefits for businesses.
 On a separate sheet of paper, describe how the four images show how the free enterprise system works in the United States. Be sure
you use social studies terms correctly.
TEACHER:
CLASS: 5th Grade
DATE: May 24
M T W TH F
FRAME THE LESSON
Scarcity and Opportunity Cost
Student Expectations Bundled in Lesson
Noun=Underline Verb=Italicize
Resources/Materials
Pearson’s 5th Grade
Building Our Nation
TE
11B: describe how the free enterprise system works in the United States
11C: give examples of the benefits of the free enterprise system in the United States
(p. 33)
12A: explain how supply and demand affects consumers in the United States
12B: evaluate the effects of supply and demand on business, industry, and agriculture, including the plantation system, in the United
States
13D: describe the impact of mass production, specialization, and division of labor on the economic growth of the United States
13E: explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the
United States
25A: use social studies terminology correctly
Closing Product/
Question/ Informal
Assessment:
Objective/Key Understanding:









Explain supply and demand.
Describe America’s free enterprise system and the importance of competition.
Explain scarcity and opportunity cost.
Explain basic concepts of banking.
Explain the importance of international trade.
Describe the types of jobs people can have.
Explain the idea of equal opportunity.
Identify the importance technology has on the economy.
Explain specialization and describe its impact.
Rigor & Relevance: (Real World Connection)
Got it Questions
6 (p. 33)
Vocabulary
Free enterprise system
Opportunity cost
competition
scarcity
Stop and Check for Understanding- High Level Questions
Scarcity and Opportunity Cost (p. 33)
 What happens when businesses engage in competition?
 What is scarcity?
 Why do people sometimes have to make personal economic choices?
 What is opportunity cost?
 Look at the photograph. Why might someone choose to go on a ski trip with friends rather than sleep late?
 After completing question 6, come up with another scenario that demonstrates scarcity, choice, and opportunity cost.
Engage
Summarization Activity (p. 33)
Have students work in pairs and write a short summary of the relationship between scarcity, choice, and opportunity cost. Then have them
engage in an activity where they refine and reduce their written piece until only the most essential and relevant information remains.
 Ask students to begin with a summary that is about half a page, then try to get it down to two paragraphs, the none paragraph; then
two or three sentences; and ultimately a single sentence.
 At the end, have pairs present their single sentences to the class.
 Note the variety of sentences together as a group.
Explore
Begin to Read
 Scarcity and Opportunity Cost (p. 33)
Explain
Scarcity and Opportunity Cost (p. 33)
 We want many things and, in general, more and more of those things. Yet, we can’t always have everything that we want because of scarcity.
Elaborate Questions from the Stop and Check for Understanding- High Level Questions are to be used here. (Please see this from above).
Students will demonstrate mastery by completing the Got It Questions: (below is a sampling of the questions a teacher can use to evaluate student
Evaluate mastery).
 In each row, circle the option you would choose. Write the caption you would not choose, or the opportunity cost, in the third column.
TEACHER:
CLASS: 5th Grade
DATE: May 25
M T W TH F
FRAME THE LESSON
Banks
&The Economy Today
Student Expectations Bundled in Lesson
Noun=Underline Verb=Italicize
Resources/Materials
Pearson’s 5th Grade
Building Our Nation
TE
11B: describe how the free enterprise system works in the United States
11C: give examples of the benefits of the free enterprise system in the United States
(p. 34-35)
12A: explain how supply and demand affects consumers in the United States
12B: evaluate the effects of supply and demand on business, industry, and agriculture, including the plantation system, in the United
States
13D: describe the impact of mass production, specialization, and division of labor on the economic growth of the United States
13E: explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the
United States
25A: use social studies terminology correctly
Closing Product/
Question/ Informal
Assessment:
Objective/Key Understanding:









Explain supply and demand.
Describe America’s free enterprise system and the importance of competition.
Explain scarcity and opportunity cost.
Explain basic concepts of banking.
Explain the importance of international trade.
Describe the types of jobs people can have.
Explain the idea of equal opportunity.
Identify the importance technology has on the economy.
Explain specialization and describe its impact.
Got it Question
7-8 (p. 34-35)
Vocabulary
Bank account
interest
credit card
trade agreement
import
export
Stop and Check for Understanding- High Level Questions
Banks (p. 34)
 What does the word interest mean in this discussion of the economy?
 What happens when a person is late making payments on a credit card?
 Which picture shows someone making a bank deposit? According to the flow chart, what does Mr. Daniels do with the money he earned from
selling apples?
 Why do you think Mr. Daniels chose to go to a bank and take out a loan?
 How are business owners affected by a high interest rate on bank loans?
 Besides loans, what other reasons would people use credit cards?
 Why is it important to keep your credit card balance low?
The Economy Today (p. 35)
 How does the government influence the economy?
 What is an import?
 Why is it important for the United States to have trade agreements with other countries?
 What effect does a trade agreement have on American consumers, other than making new goods available to them that they might not otherwise
have?
 What two countries have the most lucrative trade partnerships with the United States?
 What products do you and your family use that are made in other countries?
Engage
Explore
Explain
ELPS Activity (p. 34)
Ask students to form small groups and prepare to act out the pictures on page 34 that show how banks work.
Beginning
 Ask two students to act out the first image as another student reads the caption. Repeat the exercise until all students have had a
turn.
Intermediate
 Guide students to act out each picture as another student reads the accompanying caption. Have students continue until all have had
a turn and all pictures have been acted out.
Advanced
 Have one student in the group read one of the captions randomly. Then two other students should get up and act out the picture.
Continue this way until all students have had a turn and all pictures have been acted out.
Advanced High
 Ask students to take turns acting out all the pictures for the class. Have other students describe each step as it happens in their own
words. Make sure they are not just reading the captions in the book.
Begin to Read
 Banks (p. 34)
 The Economy Today (p. 35)
Banks (p. 34)
 Many people put their money into a bank to keep it safe to earn interest. This is called having a bank account.
The Economy Today (p. 35)
 Every day, we make economic decisions that affect the economy. We decide what to buy based on what we can afford. We
consider what we have to give up in order to get what we want.
Elaborate Questions from the Stop and Check for Understanding- High Level Questions are to be used here. (Please see this from above).
Evaluate
Students will demonstrate mastery by completing the Got It Questions: (below is a sampling of the questions a teacher can use to evaluate
student mastery).
 Write a check mark next to the image that shows the bank lending money.
 Circle the image that shows the bank paying interest.
TEACHER:
CLASS: 5th Grade
DATE: May 26
M T W TH F
FRAME THE LESSON
Jobs
&Equal Opportunity
Student Expectations Bundled in Lesson
Noun=Underline Verb=Italicize
11B: describe how the free enterprise system works in the United States
11C: give examples of the benefits of the free enterprise system in the United States
12A: explain how supply and demand affects consumers in the United States
Resources/Materials
Pearson’s 5th Grade
Building Our Nation
TE
(p. 36-37)
12B: evaluate the effects of supply and demand on business, industry, and agriculture, including the plantation system, in the United
States
13D: describe the impact of mass production, specialization, and division of labor on the economic growth of the United States
13E: explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the
United States
25A: use social studies terminology correctly
Objective/Key Understanding:









Explain supply and demand.
Describe America’s free enterprise system and the importance of competition.
Explain scarcity and opportunity cost.
Explain basic concepts of banking.
Explain the importance of international trade.
Describe the types of jobs people can have.
Explain the idea of equal opportunity.
Identify the importance technology has on the economy.
Explain specialization and describe its impact.
Vocabulary
Manufacture
specialize
Closing Product/
Question/ Informal
Assessment:
Got it Question
9-10 (p. 36-37)
Stop and Check for Understanding- High Level Questions
Jobs (p. 36)
 What does manufacture mean?
 Which jobs are moving to other countries? Why?
 What are some impacts of the U.S. economy when manufacturing jobs and technology services are moved to other countries? Why?
 Why are some service jobs likely to never move to other countries?
 Look at the chart. What are service-related jobs you might be interested in doing?
 Look at the chart. Why would someone major in a foreign language in college or graduate school?
Equal Opportunity (p. 37)
 Wat is the idea of equality or opportunity?
 In what way is the idea of equality of opportunity a very American idea?
 Why do you think a diverse workforce impacts the economy in a positive way?
Engage
Explore
Differentiated Instruction Activity (p. 36)
Have students demonstrate that they understand the information in the chart.
Special Needs:
Ask students to create labels to be pinned to the map. Ask them to brainstorm important classrooms, school common areas, and
surrounding neighborhood landmarks.
Extra Support:
Ask students to place the labels on the map in the correct places. Gently correct students if they make any errors.
On-Level:
Ask students to draw a map of their entire school and the surrounding neighborhood.
Challenge/Gifted:
Ask students to go around the school with a chaperone and take detailed noted about where certain places are located. Also ask students to
take notes when they go home that night of places they notice in their neighborhood that the class wants to include.
Begin to Read
 Jobs (p. 36)
 Equal Opportunity (p. 37)
Jobs (p. 36)
 Some economic conditions make it cheaper for companies to hire workers in countries such as China and India to manufacture, or
make, goods. As a result, many manufacturing jobs are moving to those and other Asian countries.
Equal Opportunity (p. 37)
 The economy of the United States continues to develop because of the impact of certain American ideas. One such idea is equality
of opportunity. This idea says that everyone should have the same chance to succeed.
Elaborate Questions from the Stop and Check for Understanding- High Level Questions are to be used here. (Please see this from above).
Explain
Evaluate
Students will demonstrate mastery by completing the Got It Questions: (below is a sampling of the questions a teacher can use to evaluate
student mastery).
 Name three additional service jobs not listed in the chart.
 Explain how equality of opportunity impacts the United States’s economic development.
TEACHER:
CLASS: 5th Grade
DATE: May 27
M T W TH F
FRAME THE LESSON
Technology and Specialization
Student Expectations Bundled in Lesson
Noun=Underline Verb=Italicize
11B: describe how the free enterprise system works in the United States
11C: give examples of the benefits of the free enterprise system in the United States
12A: explain how supply and demand affects consumers in the United States
Resources/Materials
Pearson’s 5th Grade
Building Our Nation
TE
(p. 37)
12B: evaluate the effects of supply and demand on business, industry, and agriculture, including the plantation system, in the United
States
13D: describe the impact of mass production, specialization, and division of labor on the economic growth of the United States
13E: explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the
United States
25A: use social studies terminology correctly
Objective/Key Understanding:









Explain supply and demand.
Describe America’s free enterprise system and the importance of competition.
Explain scarcity and opportunity cost.
Explain basic concepts of banking.
Explain the importance of international trade.
Describe the types of jobs people can have.
Explain the idea of equal opportunity.
Identify the importance technology has on the economy.
Explain specialization and describe its impact.
Vocabulary
Manufacture
specialize
Closing Product/
Question/ Informal
Assessment:
Got it Question
11 (p. 37)
Stop and Check for Understanding- High Level Questions
Technology and Specialization (p. 37)
 What are some things that a business does to make itself more competitive?
 What is a piece of technology that you use today that has improved over time? How has it improved?
 Why do doctors have specialties?
 Why would a business that is specialized (and hires workers who are specialized) experience economic growth?
Engage
Explore
Explain
Introduce Vocabulary (p. 21)
Read aloud the vocabulary words: resource map and satellite map.
 Have you ever used a special-purpose map, which is a map that shows information about a single topic, such as population, weather,
or resources?
 What would a resource map, of the town or city in which you live might, show?
 Based on the term, what might a satellite map show?
Begin to Read
 Technology and Specialization (p. 37)
Technology and Specialization (p. 37)
 Some special-purpose maps deal with current events. They help people decide what laws to make or how to work for change. They
can also show the outcome of an election.
Elaborate Questions from the Stop and Check for Understanding- High Level Questions are to be used here. (Please see this from above).
Evaluate
Students will demonstrate mastery by completing the Got It Questions: (below is a sampling of the questions a teacher can use to evaluate
student mastery).
 Describe how specialization impacts the economic growth of the United States.