K
I Mean Business
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Teacher Word Bank with Meanings
1. Economics – the study of the choices people make to meet their needs, to
stay alive, and to achieve what they feel is a good life
2. Wants – things people would like to have
3. Needs – things we cannot live without
4. Goods – things people make or grow
5. Services – things people do for others; jobs that help others.
6. Producers – people who make goods or sell services
7. Consumers – people who buy or use goods and services
8. Produce – to make or grow
9. Consume – to buy or use a good or service
10. Income – money that people get from working
11. Market – refers to any places where goods and services are exchanged,
often for a price
12. Money – main medium for exchange
13. Scarcity – when there is not enough of something or when we want more
than our money will buy
14. Choice – the act of choosing
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My Economics
Journal
______________________________________
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Producer and Consumer Cards
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Key for Producer and Consumer Cards
Producer
Consumer
Producer
I Mean Business
Producer
Producer
Producer
Consumer
Consumer
Consumer
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I Mean Business
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Note To Parents
Dear Parent,
Our class is studying about how people all around the world depend on each other
to meet their needs and wants by exchanging goods and services. For homework,
each student has been asked to go on a “scavenger hunt” to find a good or product
that was produced in a different country. The student is to bring his/her scavenger
hunt find to school by ___________________________. Thank you in advance
for your assistance with this assignment.
Note To Parents
Dear Parent,
Our class is studying about how people all around the world depend on each other
to meet their needs and wants by exchanging goods and services. For homework,
each student has been asked to go on a “scavenger hunt” to find a good or product
that was produced in a different country. The student is to bring his/her scavenger
hunt find to school by ___________________________. Thank you in advance
for your assistance with this assignment.
Note To Parents
Dear Parent,
Our class is studying about how people all around the world depend on each other
to meet their needs and wants by exchanging goods and services. For homework,
each student has been asked to go on a “scavenger hunt” to find a good or product
that was produced in a different country. The student is to bring his/her scavenger
hunt find to school by ___________________________. Thank you in advance
for your assistance with this assignment.
I Mean Business
©2002, 2003 www.BeaconLearningCenter.com
7
Rev.04.28.03
Producer/Consumer Role-Playing Cards
You are an artist. You are painting a picture
using watercolors. You dip your brush into the
paint. Then you begin to paint your lovely
picture.
Act this out.
You are in the lunch line. You give the lady
your money. She gives you a tray of food.
You take the tray and sit down at a table. You
begin to eat.
Act this out.
See if your classmates can tell if
you are a producer or consumer.
See if your classmates can tell if you are a
producer or consumer.
You have a quarter in your pocket. You reach
into your pocket and get the quarter out. You
find a gumball machine. You put the quarter
in the gumball machine and turn the handle.
Out comes a big ball of gum. You put it into
your mouth and start chewing.
Act this out.
You are in the garden. You have some bean
seeds. You dig a row to put the seeds in. You
drop the seeds into the row. Carefully you
cover the seeds with soil. You get your
watering can and water the seeds.
Act this out.
See if your classmates can tell if you are a
producer or a consumer.
You are at the grocery store. You are pushing
a shopping cart. You stop and put the goods
you want to buy in your cart. You go to the
checkout counter. You unload the goods in
your cart and place them on the counter. Then
you pay the cashier for your goods.
Act this out.
See if your classmates can tell if you are a
producer or a consumer.
I Mean Business
See if your classmates can tell if you are a
producer or a consumer.
You are a policeman or policewoman.
A traffic light on a busy street is broken. You
need to direct traffic until it can be fixed. You
stand in the middle of the road and direct the
traffic. You move your arms to show the
drivers which way to go. You put your hand
up to show them when they need to stop.
Act this out.
See if your classmates can tell if you are a
producer or a consumer.
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I Mean Business
Journal Entries
Eco the Gecko – On the first day of the unit students will construct their “I Mean
Business Journals.”
All I Ever Wanted – Make a list of all the goods you see in your classroom.
Scarcity in Scare City – Draw and label 2 workers in your school. Write a
sentence to tell how each worker helps you. Write another sentence to tell some
goods he/she uses to provide the service.
People in the Process – Have you ever gone to buy a new pair of shoes and were
told they didn’t have your size? Or, have you ever wanted a special toy and when
you got to the store you were told, “Sorry, we are out of those.” Tell about a time
when there wasn’t enough of something that you wanted or needed. What did you
do?
Show You Know – Draw a picture of a producer and a consumer. Tell how a
producer is different from a consumer.
Exciting Exchanges – Tell about a time at school when you were a consumer.
Remember, a consumer is a person who buys or uses a good or service. What
goods or services do you use at school? What do you use to do your assignments?
What goods or services do you buy at school? Have you ever paid to have your
picture made at school?
Scavenger Hunt – Draw a picture of a market. Tell why we have markets.
Make and Take – Draw a picture of the good you brought for the class scavenger
hunt. Write a sentence to tell what you brought and where it was produced. Tell
one more interesting fact about the scavenger hunt.
Production Pals – Write a paragraph about the work you plan to do to earn the
money to buy what you want. Predict how much money you will earn before
Market Day.
Production Pals (cont.) – You are ready to do your homework. You sit down at
your desk. You have a pencil, but no paper. Tell one choice you could make to
deal with this scarcity situation.
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Millionaire Game – Share about your jobs and the money you are earning. What
jobs do you like to do? What have you learned about working for money?
Decisions, decisions – Draw a picture of how much money you have earned. Is
this more or less than the amount you predicted? Suggestion – The teacher should
model an easy way for the students to draw the amount of “money” they have
earned.
To Market, To Market – Tell about the choices you made at the market today.
What did you get? What did you give up?
I Mean Business
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I Mean Business Journal Checklist
Student__________________________________
Lesson
GLE
All I Ever
Wanted
SS.D.1.1.3.2.1
Scare
City
SS.D.1.1.3.2.1
People in
the Process
SS.D.1.1.1.2.1
Show You
Know
SS.D.1.1.3.2.2
Exciting
Exchanges
Learning
in
Progress
Lack of evidence
of
understanding
or knowledge
Knows the difference between goods and
services.
Knows the difference between goods and
services.
Understands ways scarcity affects the
choices people make in everyday situations.
Knows the difference between producers
and consumers
SS.D.1.1.3.2.2
Knows the difference between producers
and consumers.
Scavenger
Hunt
SS.D.2.1.2.2.1
Make
and
Take
SS.D.2.1.4.2.1
Production
Pals
SS.D.2.1.1.2.2
Production
Pals
(cont.)
SS.D.1.1.1.2.1
Millionaire
Game
SS.D.2.1.1.2.2
Decisions,
decisions
SS.D.2.1.1.2.2
To
Market,To
Market
SS.D.1.1.4.2.1
I Mean Business
Evidence of
understanding
or knowledge
Understands the purpose of markets.
Understands that people in different places
around the world depend upon each other
for the exchange of goods and services.
Understands that work provides income to
purchase goods and services.
Understands ways scarcity affects the
choices people make in everyday situations.
Understands that work provides income to
purchase goods and services.
Understands that work provides income to
purchase goods and services.
Knows examples of economic choices and
what is given up when making a choice.
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Sample Graph for Day 7
Five Countries Most of Our Goods Came From
Country
Japan
Number of Goods from that Country
Mexico
England
Taiwan
Canada
Each
= one good
I Mean Business
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