Educators from Ariel Community Academy, in Chicago, have provided lesson plans and Web resources to help you get started.
March 28, 2012
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Documents to Help You Get Started -- Lesson Plans
Below is a sample lesson about goods and services provided by Ariel Community Academy. Connie Moran, the investments teacher for grades 6-8, explained how the lesson works: "These lessons are not by grade level, but progress in difficulty. We felt that following Bloom's Taxonomy would allow the curriculum to be adaptable to the students' needs, not necessarily their grade. For example, if a classroom has never been exposed to a concept at 6th grade, the teacher would be able to begin at the remembering stage if necessary. However, if the group is more advanced, the teacher could begin at the analyzing or creating stage."
Goods and Services Unit
Entire unit on goods and services with five lessons (see individual lessons below). Unit essential question: How are goods and services produced, consumed, and exchanged to satisfy needs and wants? Unit covers key concepts such as scarcity, allocation, trade, money, inflation, and economic standards.
Examples below are individual lessons from the Goods and Services Unit. Although Ariel progresses through the lessons using Bloom's Taxonomy to determine the class's level, the sequence below shows how the lessons could also progress by grade.
4th Grade Lesson -- Define and give examples of goods as objects that satisfy people's wants and services as activities performed by people, firms, or government agencies to satisfy economic wants.
5th Grade Lesson -- Explain that economic wants are desires that can be satisfied by consuming a good or service or leisure activity and explain why not all wants can be satisfied.
6th Grade Lesson -- Diagram the relationship among a final good or service, the way it’s produced, and who consumes and produces it. Define capital goods and compare market value of different goods and services.
7th Grade Lesson -- Compare different ways resources are used to buy and consume goods and services and give examples of how technology has improved how goods and services are produced and provided.
8th Grade Lesson -- Explain scarcity and how not all wants for goods and services can be satisfied because people's wants exceed the quantity of goods and services that can be produced using all available resources.
For grades K-3, Ariel uses the Financial Fitness for Life curriculum, developed by the Council for Economic Education.
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Additional Resources on the Web
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More Edutopia Resources about Financial Literacy