OTTAWA UNIVERSITY TEACHER EDUCATION DEPARTMENT LESSON PLAN OUTLINE Level 1 Name: Joel McGhee Date: 2/10/13 School:

BES Grade Level: 4th Approximate length of time: 45 mins Subject: Social Studies

Title: To Spend or Save Unit Goal: Spending and Saving the Opportunity Cost STANDARD, BENCHMARK, INDICATOR(S): 2.1.1 The student knows that every spending and saving decision has an opportunity cost. WHAT IS (ARE) THE LEARNING OBJECTIVE(S) FOR THIS LESSON? After the discussion the student will be able to identify and define opportunity cost with 85% accuracy. After completing the activity the student will be able to apply, appraise, and justify a spending or saving decision and its opportunity cost with 85% accuracy. HOW WILL YOU ASSESS STUDENT LEARNING? Formal Assessment: Writing identifying decisions, distinguishing opportunity cost, and justifying selections made during the activity Informal Assessment: Observation WHAT MATERIALS, EQUIPMENT, AND RESOURCES ARE NECESSARY TO TEACH THIS LESSON? Materials: 50 To Spend or Save Writing Packets Whiteboard Projector Computer Dry Erase Marker and Eraser Pencils Paper Pretend Currency - $10 per student Items to Purchase Prepare questions to check for understanding: Give an example of a time when you wanted to do more than one activity, but you could only do one. Describe the choices you made during your selection process.

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When have you had to choose between several different things? How would you describe opportunity cost to someone? How can you use your understanding of opportunity cost when making a decision? What items might you examine when making a decision? Develop a plan minimizing the opportunity cost of your weekend. Idea came from: state standards WHAT ADAPTATIONS AND MODIFICATIONS WILL BE CONSIDERED? A student with autism will receive an extended amount of time to complete the writing. The student will also receive an increased level of support from a teacher and paraprofessional. The student may be asked to identify the opportunity cost in a situation rather than writing a justification for making a decision. The class will engage in a hands-on activity to help solidify their understanding of opportunity cost. This activity will be helpful to all learners. WHAT EVIDENCE-BASED INSTRUCTIONAL STRATEGIES WILL BE USED? Complex Cognitive Task Students will make decisions during the activity that will demonstrate opportunity cost Discussion Students will engage in a discussion preparing them for the activity and that helps them determine the meaning of opportunity cost Interactive Game Students will engage in activities that simulate real life decisions, but will do so in a game like atmosphere WHAT QUESTIONS NEED TO BE CONSIDERED DURING THE LESSON? What pre-requisite skills and/or knowledge are required for this lesson? Decision Making Writing explaining their thought process Understanding of money How will you check for understanding throughout this lesson? Students will participate in an activity in which they are given the opportunity to make decisions. They will then justify, in writing, their decision making process. Class discussion of opportunity cost FOCUSING EVENT (BASED ON THE PRE-REQUISITE SKILLS AND/OR KNOWLEDGE) Tell students the following story: You are looking through a catalog trying to decide how to spend the $50 you received for your birthday. Write a list on the board of what you saw that you would like to buy. Explain that you do not have enough money to buy everything on the list. Ask students to help you decide what to do and lead a discussion based on their suggestions.

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PURPOSE (THE WHY OF THE LESSON) Today we will be learning about opportunity cost and how it helps us to make better decisions. It is extremely important to weigh your choices when making a decision. Each decision we make has a cost, the cost may be good or bad. To make sure that we are making the best choices we must look closely at the opportunity cost or our decisions. DELIVERY OF INFORMATION Provide students with the definition of opportunity cost Opportunity cost - the money or other benefits lost when pursuing a particular course of action - what is given up when you make a decision MODELING/DEMONSTRATION/SKILL CUES Discuss a recent decision that was made weighing the cost of each decision - going back to school - buying or repairing a car - iPhone or PS3 - going to bed or staying up to watch a movie - riding a bike or going for a walk Ask students for several choices that they have made recently and weigh the cost of each decision GUIDED PRACTICE Have students fold paper into fourths number each portion 1, 2, 3, 4 - write definition of opportunity cost in box one - write 7 -10 of your favorite activities in box 2 - circle your top three activities - write the top three activities in box 3 - circle the top two activities - write your final activities in square 4 - put a one next to your top choice and a 2 next to your second choice o the second choice is your opportunity cost the next best thing INDEPENDENT PRACTICE/EXTENSIONS AND REFINEMENTS (Students will be given $10 of pretend currency and will be given 15 minutes to make decisions in a market place established in the classroom.) Each of you has $10 to use in the class market. You may save or spend your money as you please. You may spend all of your money or you may choose to save your funds. You also have the opportunity to invest your money. If you invest your money will earn interest, you will end up making more money, which you can later spend, but the money will not be readily available to you. The decisions are up to you.

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CLOSURE/WRAP-UP (ENDING THE LESSON) (Ask a student to define opportunity cost.) - briefly discuss some of the choices that could have been made during the activity (Pass out To Spend or Save Writing Packet have students write their justifications for the decisions they made.) (Allow students time to complete writing) Make sure that when you have completed your writing on your decision process that you have placed it in the tray. Then return to your seat and clear your desk for our next activity. REVIEW, EVALUATE, AND REFLECT Based on the information obtained from planning, teaching and assessing this lesson, respond to the following questions: What data do you have to support the instruction? What indications do you have, in addition to the data, that your instruction was successful? What do you perceive as the strengths of your instruction? What would you change when teaching this lesson again? What have you learned about content, teaching and learning from teaching this lesson?

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