1

4th Grade Economics Unit Plan

Lindsay LaPointe
SST 309-01
Winter 2015

SST 309-01-Lindsay LaPointe- Unit Plan

2
Table of Contents
Page 3..Overview/Rationale/Introduction and GLCEs
Page 4..KUDs, Lessons, Assessments
Page 22..Vocabulary Lesson
Page 26..Attachment A
Page 27..Attachment B
Page 28.. Attachment C
Page 29..Attachment D
Page 30..Attachment E
Page 31.. Citation Page

SST 309-01-Lindsay LaPointe- Unit Plan

3
Overview/Rationale/Introduction
Overview: This unit is designed for fourth grade students to begin to understand how the economy
works in the United States. The unit is comprised of four Grade Level Content Expectations. Students will
learn how the concepts of supply and demand affect every day purchasing decisions as well as how they
affect the economy in general. Students will be exposed to economic terms that will help them navigate
through ideas and concepts discussed in this units. Students will learn not only how the economy effects
them, but also how they effect it. They will become familiar with producers, consumers, goods, services,
supply, demand, and how it applies to the way we live in the United States through our market economy.
Rationale: It is important for students to learn this because the economy is something they will deal with
for the rest of their lives. They will grow up and get jobs, being both a producer and consumer in our
society. It is important for students to have and understanding of goods, services, supply, and demand
because these things will be part of their daily lives. Having this knowledge will make them aware of how
they play a part in our economic society, as well as making them aware of their economic decisions and
those impacts. We want students to make smart decisions when it comes to money, and this unit gives
them the tools to understand how the choices they make will impact the economy and how the economy
will impact their decisions.
Introduction: This social studies unit allows fourth graders to explore the world of economics. Students
will engage in activities and be exposed to scenarios so that they see how economics is relevant and
important in their world. Through the use of thinking maps, books, media, and writing, students will learn
through a variety of learning styles. Students will need to apply the knowledge that they gain in order to
complete the assessments for this unit.
Michigan Social Studies GLCEs in this unit:
4 E1.0.1 Identify questions economists ask in examining the United States (e.g., What is produced? How
is it produced? How much is produced? Who gets what is produced? What role does the government play
in the economy?).
4 E1.0.3 Describe how positive and negative incentives influence behavior in a market economy.
4 E1.0.4 Explain how price affects decisions about purchasing goods and services (substitute goods).
4 E1.0.6 Explain how competition among buyers results in higher prices and competition among sellers
results in lower prices (e.g., supply, demand).

SST 309-01-Lindsay LaPointe- Unit Plan

1. KUDs: The road map:

GLCE (coding and
4 E1.0.1 Identify questions economists ask in examining the United States (e.g.,
wording); Verb(s)
What is produced?
underlined; type
How is it produced? How much is produced? Who gets what is produced? What role
of learning:
does the government play in the economy?).
Knowledge, Skill,
(Knowledge)
Reasoning,
Product
Knowledge (K)

Good- A product
that consumers
purchase.
Service An
economic activity
that is tangible, but
is not stored or
result in ownership.

Understand (U)

DO:
Demonstration of
Learning (DOL)

Vocabulary

Students will
understand that
economists ask
questions when
examining the
United States.

Each student will

be given a blank
tree map with four
stems on it. The
four stems will be
labeled: history
economics
geography and
civics. They will
also be given a list
of questions.
Students must put
each question on
the tree map where
it belongs. Each of
the four sections
needs to have the
questions that
people who study

Good
Service
Economy
Producer
Consumer
Economist
Market economy
Supply
Demand

Economy The
activities related to
the distribution and
production of
goods and services.
Producer - A person
or business that
attempts to sell a
SST 309-01-Lindsay LaPointe- Unit Plan

I Can

I can identify
questions that
economists ask.

5
good or service.
Consumer - A
person who wants
to purchase a good
or service.
Supply- The
amount of a
product that
producers are
willing to sell at a
given price.
Demand- A
consumer's desire
and willingness to
pay a price for a
specific good or
service.
Economist A
person who works
with or studies
economics.
Economics The
study of how
resources are
allocated.
Market economy
The allocating of
resources through
SST 309-01-Lindsay LaPointe- Unit Plan

that specific branch

of social studies
would ask.

6
supply and
demand, free of
government
interaction.
The 5 questions
economists ask:
-What is produced?
-How is it
produced?
-How much is
produced?
-Who gets what is
produced?
-What role does the
government play in
the economy?
Producers supply
either a good or
service.
Consumers
demand (and
purchase) a good
or service.
The United States
has a market
economy, meaning
that ideally, the
government does
not play a part in it.
SST 309-01-Lindsay LaPointe- Unit Plan

7
Economists asks
the five questions
in order to
determine why the
economy is acting
the way it is.
4. Sequence of Instruction (including one below for Vocabulary): What will you do? What will they do?
Lessons: How will you take them where they need
Resources needed: What materials
to go? (Step-by-Step plan)
and resources will they need?
Instructional strategies/Social constructs: How will they
(Page #s read, graphic organizers, books,
work?
posters, realia, etc)
(AND what will YOU do?)
Lessons:
Resources needed: What materials and
Anticipatory Set:
resources will they need ? (also included
on Works Cited page)
Play the first 1:16 of the youtube video
Blank tree map
https://www.youtube.com/watch?v=CINoHl9FO7I
Have students list off 3 things they heard that economists
https://www.youtube.com/watch?
do from the video aloud
v=CINoHl9FO7I
List of questions
Modeling:
Scissors
On a large piece of paper (the kind that would fit on an
Poster paper
easel), have the following 5 questions written down: What
Glue
is produced? How is it produced? How much is produced?
Who gets what is produced? What role does the
government play in the economy?
Explain that there are 5 questions that economists ask
Read each aloud from the paper
Guided Practice:
Give the students 5 minutes to talk to their partners and
table mates about the questions that economists ask and
SST 309-01-Lindsay LaPointe- Unit Plan

8
give them the opportunity to ask any questions
In partners, give students the following list of questions
and instruct them to cut the questions into strips so that
each question is on an individual slip of paper
What does government do?
What are the basic values and principles of American
democracy?
What is the relationship of the United States to other nations?
What are the roles of the citizen in American democracy?
What happened?
When did it happen?
Who was involved?
How and why did it happen?
How does it relate to other events or issues in the past, in the
present, or in the future?
What is its significance?
Where it is? What is it like there?
How is it connected to other places?
What is produced?
How is it produced?
How much is produced?
Who gets what is produced?
What role does the government play in the economy?
Mix up the papers on the table
Have students group the questions together based on the
stand of social studies they fall under: history, economics,
civics, geography
Give the students poster paper and glue so that they can
glue down their questions into categories once their sort
has been approved by the teacher
Checking for Understanding:
Walk around the room during the sort to check for
SST 309-01-Lindsay LaPointe- Unit Plan

accuracy and answer questions

The poster of the sort

5. Assessment ideas: Each student will be given a blank tree map with four stems on it. The four stems will
be labeled: history economics geography and civics. They will also be given a list of questions. Students
must put each question on the tree map where it belongs. Each of the four sections needs to have the
questions that people who study that specific branch of social studies would ask. All 5 economics questions
must be given to students to put in categories, the rest of the questions may be chosen randomly, all
questions from the other three categories do not need to be given.
Students will have already gone over the other 3 sections in past lessons.
For this assessment, only the economic part will be graded. The 5 questions that economists ask will need to
be under the economics branch and each is 1 point. For the other sections, note down for the student which
ones are incorrect, but do not take off any points.
Civics:
What does government do?
What are the basic values and principles of American democracy?
What is the relationship of the United States to other nations?
What are the roles of the citizen in American democracy?
History:
What happened?
When did it happen?
Who was involved?
How and why did it happen?
How does it relate to other events or issues in the past, in the present, or in the future?
What is its significance?
Geography:
Where it is?
What is it like there?
How is it connected to other places?
Economics:
What is produced?
How is it produced?
SST 309-01-Lindsay LaPointe- Unit Plan

10
How much is produced?
Who gets what is produced?
What role does the government play in the economy?
Resource Attachments, labeled A, B, C, D, for the lesson above.
GLCE (coding and
wording) and Verb
underlined

4 E1.0.3 Describe how positive and negative incentives influence behavior in a

market economy.
(Performance)

Knowledge (K)

Understand (U)

DO:
Demonstration of
Learning (DOL)

Vocabulary

Market economy
See 4 E1.0.1

Students will
understand that
incentives
influence the way
we spend our
money.

Students will
receive a
worksheet with
short descriptions
of incentives in a
market economy.
Each student will
have to answer if
the incentive is
positive or
negative, why, and
also if the scenario
would influence
that students
behavior and why.

Market economy
Incentives
Price
Supply
Demand
Good
Service

Incentives A
reward for a
specific behavior,
usually to
encourage that
behavior.
Price Cost,
usually in terms of
money
Supply- See 4
E1.0.1
Demand See 4
E1.0.1
Good See 4
E1.0.1
Service See 4
E1.0.1

SST 309-01-Lindsay LaPointe- Unit Plan

I Can

I can describe
about how positive
and negative
influences
determine how my
family spends its
money and
behaves.

11
An example of a
positive incentive
could be a rewards
card. The kind of
rewards cards that
say buy 5 get 1
free or refer us to
a friend and get
15% off. These
types of incentives
encourage
consumers to
purchase more
which is effecting
their economic
behavior.
A negative
incentive would be
a video game
rental store that
gives fines for
video games being
returned late. In
this case, the store
is charging the
consumer and
extra fee (late fee=
paying more
money) because
the video game
was not returned
on time. The video
SST 309-01-Lindsay LaPointe- Unit Plan

12
game store uses
this fee so that
people will return
their games on
time. Negative
incentives
discourage
behaviors and in
the case, the store
wants to
discourage people
from returning
games late.
Lessons: How will you take them where they need to
Resources needed: What
go? (Step-by-Step plan)
materials and resources will they
Instructional strategies/Social constructs: How will they
need?
work?
(Page #s read, graphic organizers,
(AND what will YOU do?)
books, posters, realia, etc)
Lessons:
Resources needed: What materials
Anticipatory Set: Using a personal narrative as a hook.
and resources will they need ? (also
When I was little, there were sometimes really cool toys in fast food included on Works Cited page)
kids meals. Sometimes McDonalds would have a toy that was part
of a movie, or Wendys would have a toy that flew. These would be
advertised on TV, the toy more than the food! This would cause me
Assessment worksheet:
to ask my parents if we could get food from the fast food restaurant
http://www.econedlink.org/lessons/
that had the best toy. A toy inside a meal is a positive economic
docs_lessons/390_economicincenti
incentive. The toy is causing more people to buy the product the
vesws2.pdf
producer is really selling, the food! Use a think-pair-share. Let the
Tic Tac Toe game:
students turn to a table partner and talk about an economic incentive
http://www.econedlink.org/intera
they think that they have encountered at some point in their lives.
ctives/EconEdLink-interactiveShare out a few examples to the whole class.
tool-player.php?
filename=em390_whatdoyoukn
SST 309-01-Lindsay LaPointe- Unit Plan

13
Modeling:
After the think-pair-share, explain that there are also negative
incentives as well (ex. library fines, speeding tickets)
Ask the class to brainstorm what they believe are negative
incentives aloud and write them on the board
Go over the examples given and discuss whether they are
examples or non-examples of negative incentives
Give examples of positive and negative incentives and list
them on a large piece of paper to be hung in the room.
Discuss how each example would affect consumer decisions
(make people want to buy something, make people less likely
to make a decision, etc.)
Guided Practice:
Students will work in pairs on this the following website to
practice looking at examples of positive and negative economic
influences.
Tic Tac Toe - What Do You Know?

Checking for Understanding:

During the lesson the teacher will monitor the conversation
during the pair part of think-pair-share.
The share will be used to check for understanding
The full class brainstorm will also check for student
understanding and what needs clarification
The tic tac toe game will also be monitored by the teacher
All of these points will be a time for the teacher to check for any
misconceptions
Assessment ideas:

SST 309-01-Lindsay LaPointe- Unit Plan

ow.swf&lid=390
Computers
Internet connection

14

Each box on the matrix will be worth .5 points for a total of 36 points. The bottom box will be worth 2 points. If
the student chooses to create a positive AND negative influence for the bottom box, they will get an extra 2
points.
Resource Attachments, labeled A, B, C, D, for the lesson above.
GLCE (coding and
wording) and Verb
underlined

4 E1.0.4 Explain how price affects decisions about purchasing goods and services
(substitute goods).
(Reasoning)

Knowledge (K)

Understand (U)

SST 309-01-Lindsay LaPointe- Unit Plan

DO:
Demonstration of
Learning (DOL)

Vocabulary

I Can

15
Substitute goods
Items or products
that serve the
same purpose.

Students will
understand that
prices affect
purchasing
decisions.

Opportunity Costs
The act of passing
up the next best
choice when
making a decision.
Price See 4
E1.0.3
Goods See 4
E1.0.1
Services -See 4
E1.0.1
Supply -See 4
E1.0.1
Demand -See 4
E1.0.1
An example would
be a florist deciding
not buy seeds from
a farmer who has
raised his shipping
prices. The florist
would now have to
pay more, and that
discourages his
decision from
buying from that
specific farmer.
SST 309-01-Lindsay LaPointe- Unit Plan

Students will be
given
advertisements
from real stores.
These
advertisements will
be of the sales that
the stores have for
their products.
Each student will
have to examine
his or her own
advertisements
and use them to
answer questions.
Each student will
have a survey to fill
out. Questions will
ask students to
look at the same
product in 3
different
advertisements
(ex. Toilet paper,
shampoo, etc.) and
answer the
questions Which
one would you
buy? Why?
Students will
explain how price
affected their
decision and also
explain how the

Goods
Services
Substitute goods
Opportunity costs
Price
Supply
Demand

I can tell how price

affects choices
about buying goods
and services.

16
This florist may
look around to
other farmers for a
better price.
Another example is
a sale. If a store is
having a sale
(reducing the price)
of an item a
consumer wants,
that consumer has
a positive incentive
to buy it. This could
make a consumer
more likely to buy
the item than if it
were regular price.
Sometimes
consumers
purchase substitute
goods because of
the price. For
example, a person
may buy a generic
brand product over
a name brand
product because
the generic is
cheaper. (ex. Store
brand cola over
Coca-Cola)
SST 309-01-Lindsay LaPointe- Unit Plan

concept of
substitute goods is
demonstrated.

17
Consumers have to
be conscious of
how much money
they have to
spend, to know
what they are able
to buy. If a
consumer does not
have enough
money to purchase
a good or service,
he or she
sometimes has to
pass up that option
for the next best
thing.
Lessons: How will you take them where they need to go?
(Step-by-Step plan)
Instructional strategies/Social constructs: How will they work?
(AND what will YOU do?)
Lessons:
Anticipatory Set: Ask the students to think about a difficult decision
they have had to make. Ask the students the decisions they settled on
turned out to be satisfactory. Why or why not? Why do you think
decisions and choices are hard to make? Tell the students that we
make personal decisions and we make decisions as groups.
Modeling:
Explain that we make choices everyday (What am I going to
wear today? What should I do after school, homework or play
outside? How should I spend my birthday money?)
SST 309-01-Lindsay LaPointe- Unit Plan

Resources needed: What

materials and resources will
they need?
(Page #s read, graphic organizers,
books, posters, realia, etc)
Resources needed: What materials
and resources will they need ? (also
included on Works Cited page)

Local store advertisements

http://www.econedlink.org/less
ons/index.php?
lid=396&type=educator
http://www.econedlink.org/less
ons/docs_lessons/396_group_d

18

Give personal example: I had $20 in my wallet and I needed to

buy bread, and bottled water. The bread was on sale for 2/$6, so
I bought two loaves. There was Dasani water in a pack for $8 or
Meijer brand water for $5. I have enough money to buy either
one, but I chose the Meijer brand. To me, water tastes like water
and either brand would give me what I wanted. By choosing the
Meijer brand I saved $3.
Open the room up for discussion
Ask leading questions: Could I have bought the Dasani water?
Why did I choose the Meijer brand instead? Which brand would
you have bought?
Guided Practice:
Pass out the Mission Possible worksheet to pairs
Have students work with a partner to complete the activity
Have students share out to the class the decisions they made so
that they may see other students thinking and choices and how
they differ
Allow for conversation about different choices
Independent practice:
On computers, have students look up stores they know
Tell the students to find 5 stores that have items online with
prices
Have students write down on a piece of paper similar or same
items that they see at different stores. Record the prices as well
Students will circle the item they would more likely purchase and
explain why
Give students a list of: butter, milk, and paper towel
Tell them to look at grocery stores to see if they can find prices
or sales
Which store are you more likely to buy from? Why?
Checking for Understanding:
Use the discussion time to see if students are understanding
SST 309-01-Lindsay LaPointe- Unit Plan

ecision_making2.pdf
Internet access
Computers

19

Monitor pair work

Monitor computer time

Assessment ideas: Students will be given advertisements from real stores. These advertisements will be of
the sales that the stores have for their products. Each student will have to examine his or her own
advertisements and use them to answer questions. Each student will have a survey to fill out. Questions will
ask students to look at the same product in 3 different advertisements (ex. Toilet paper, shampoo, etc.) and
answer the questions Which one would you buy? Why?
Students will explain how price affected their decision and also explain how the concept of substitute goods is
demonstrated.
Survey:
Which store sells the product for the cheapest?
Which store sells the product for the most expensive?
Do any stores sell this product in bulk for the sale? Which? How many?
Do any stores sell this products with other products? Which? What products?
Is there a limit on how many you can buy at any stores? Which? How many?
Any other factors you feel are important:
Students will get full points if their surveys are completed, they pick a store to buy from, and explain how
price (and other factors if applicable) affected their decision as a consumer. At least one of their responses
needs to address the concept of substitute goods and explain how it was demonstrated.
Resource Attachments, labeled A, B, C, D, for the lesson above.
GLCE (coding and
wording) and Verb
underlined

4 -E1.0.6 Explain how competition among buyers results in higher prices and
competition among sellers results in lower prices (e.g., supply, demand).
(Reasoning)

Knowledge (K)

Understand (U)

Buyer (Consumer) Students will

See 4 E1.0.1
understand that
supply of sellers
SST 309-01-Lindsay LaPointe- Unit Plan

DO:
Demonstration of
Learning (DOL)

Vocabulary

Students will be
given a worksheet
of scenarios that

Supply
Demand
Buyer

I Can

I can tell how

competition affects
price.

20
Seller (Producer)
See 4 E1.0.1

and demand of
buyers affects
price.

Competition- The
rivalry among
sellers trying to
increase profits, or
rivalry between
buyers who are
attempting to
purchase the same
good or service.
Good -See 4
E1.0.1
Service See 4
E1.0.1
Supply -See 4
E1.0.1
Demand -See 4
E1.0.1
Competition among
buyers results in
higher prices
because the
demand is high. If
many people are
looking to purchase
the same good or
service, producers
can make the price
higher because
people want the
SST 309-01-Lindsay LaPointe- Unit Plan

involve either
competition
between buyers or
between sellers.
They will have to
determine whether
the competition
would cause the
prices to rise or
fall. For each
scenario, they will
also have to
explain how supply
and demand affect
the prices by
writing 2-3
sentences making
sure they use both
words of supply
and demand.

Seller
Competition
Consumer
Producer
Good
Service

21
item and are willing
to pay for it. An
example of this
would be snow
blowers in Michigan
during the winter.
Many consumers
want to purchase a
snow blower in the
winter, so
producers make
the prices higher
because many
consumers are
looking to buy one.
Competition among
sellers results in
lower prices
because the supply
is high. If many
producers are
selling the same
thing, they lower
the price so that
consumers are
more likely to
purchase from
them. An example
of this would be
fruit in the summer.
Grocery stores and
markets sell fruit,
and they all want
SST 309-01-Lindsay LaPointe- Unit Plan

22
the most business.
They may lower the
price of their fruit
so that consumers
will come purchase
the fruit from their
store instead of a
competing store.
High demand and
low supply = high
prices
High supply and
low demand = low
prices

Lessons: How will you take them where they need to go?
(Step-by-Step plan)
Instructional strategies/Social constructs: How will they work?
(AND what will YOU do?)
Lessons:
Anticipatory Set: Read Lemonade in Winter: A Book About Two Kids
Counting Money
Modeling:
Discuss aloud some of the struggles the siblings in the book
went through
Write the words competition of sellers competition of buyers
high price low price on the board
SST 309-01-Lindsay LaPointe- Unit Plan

Resources needed: What

materials and resources will
they need?
(Page #s read, graphic
organizers, books, posters, realia,
etc)
Resources needed: What
materials and resources will they
need ? (also included on Works
Cited page)

Lemonade in Winter: A Book

About Two Kids Counting

23

Pass out construction paper, scissors, colored pencils, and

staplers to each table
Model how to create a Top Tab Book
Have students write the 4 categories from the board on the tabs
Students will create this foldable as a way to keep notes (See
Attachment E)
Create one on the ELMO so that students can follow along
Guided Practice:
Students will work in pairs to create their own scenarios of both
competition of buyers and sellers
In the pairs, there need to be 4 scenarios made up, with 2 on
one piece of paper and two on the other
Students then need to create an answer key, showing if it is
competition of buyers or competition of sellers as well as if the
situation would create a high price or low price
Independent practice:
From the pairs, students will trade papers with their table mates.
Each person should have their own piece of paper with 2
scenarios on it
Taking a few minutes to complete, have students individually try
to answer the scenarios given
Give the papers back to the original author and have that
person correct it
Each table should then have a discussion about any problems
they saw, or confusion they had
Individual students may t come up to the ELMO and share with
the whole class
Checking for Understanding:
Periodically check in with students using the thumbs up or
thumbs down system (Does this part make sense? Should we
do another example? Etc.)
Classroom monitoring during pair time
SST 309-01-Lindsay LaPointe- Unit Plan

Money by Emily Jenkins

Construction paper
Scissors
Colored pencils
Staplers
ELMO

24

Looking for any misconceptions during the full class share of

scenarios

Assessment ideas: Students will be given a worksheet of scenarios that involve either competition
between buyers or between sellers. They will have to determine whether the competition would cause the
prices to rise or fall. For each scenario, they will also have to explain how supply and demand affect the
prices by writing 2-3 sentences making sure they use both words of supply and demand.
Each scenario will be worth 4 points. 1 point for correctly saying if it is competition of buyers or sellers, 1
point for correctly stating that the price will rise or fall, 2 points for explaining the scenario and using
supply and demand.
Resource Attachments, labeled A, B, C, D, for the lesson above.
The lessons below are Marzanos Six (6) Steps. This is a template for your own vocabulary ideas. The choices
you make in the various steps will depend on the grade level of your unit and the words that need to be taught.
ALL of these Six (6) steps need to be evident in your lessons.
Vocabulary Lessons: How will you take them
Resources needed: What materials and
where they need to go? (Step-by-Step plan)
resources will they need?
Instructional strategies/Social constructs: How will
(Page #s read, graphic organizers, books,
they work?
posters, realia, etc)
(AND what will YOU do?)
4 E1.0.4 Explain how price affects decisions about
Resources needed: What materials and
purchasing goods and services (substitute goods).
resources will they need ? (also included on
Works Cited page)
Words: substitute goods, supply, demand.
Includes:
Lessons:
Step 1
Substitute goods: First, we will review what we already
know about goods from earlier in the unit. Everyone
please take out your vocabulary journal and turn to a
blank page. For the term, write substitute goods. Now
SST 309-01-Lindsay LaPointe- Unit Plan

Pictures from Attachment A

ELMO
Projector
Attachment B
Lemons and Lemonade: A Book About

25
please circle 1 2 3 or 4 for your understanding. As a
Supply and Demand by Nancy Loewen
reminder, 1 means you have never heard the term before,
2 means that youve heard it but dont really know what it
means, 3 means that youve heard it and you sort of know Marzano, R. and Pickering, D. (2005), Building
what it means, and 4 means that you know the term so
Academic Vocabulary: Teachers Manual,
well, you could teach it.
Chapter 3, Teaching the Selected Terms
Show students the pictures of cheese. Okay, so I am
grocery and I need to buy string cheese because I like to
bring that in for my healthy snack. Im looking at what the
store has and I see both of these options. Now, both of
these are string cheese and so both would fulfill my need
for string cheese, they both serve the same purpose. I do
notice that the price is different though, the name brand
cheese is more expensive. Show the students the picture
of the oats. While Im at the grocery store, I need to buy
some oats too, so I can make oatmeal. When I walk down
the aisle with the oats, I see both of these available.
Would both of these oats serve my purpose of making
oatmeal? (Students answer). What do you think the
difference is between these items? (Students answer
Next, show pictures of the shoes. Okay, why would I need
these? (Students answer). Would both of these shoes
serve those purposes? (Students answer) What do you
know about the shoe with the swoosh on it? (Students
answer) Finally, show the pictures of the phones. I have
two phones here, and both will let me call people and use
the internet. What are some differences between them?
(Students answer). Do they serve the same purpose?
(Students answer).
Supply and Demand: When the xbox one came out, it was
extremely popular. Many many many people wanted to
buy it. Every time a store had it in stock, people bought it
right away. The stores had trouble keeping it on the
SST 309-01-Lindsay LaPointe- Unit Plan

26
shelves. People would wait outside and line up if they
knew that the store was going to have some in stock that
day.
Demand: The demand for xbox ones was very high.
People wanted the item and were willing to purchase it.
These consumers were willing to wait outside, even
overnight, to be in line to buy a product. That is just one
example. Sometimes the demand can be the opposite. In
the summer, people are not very interested in buying
snow blowers, so they do not shop for them then.
Supply: When thinking about the Xboxes we talked about,
the stores did not always have the item in stock.
Consumers were buying it so quickly and the stores did
not have enough available for everyone who wanted one.
The stores inventory would run out. Lets look another
example of what supply is.
Read Lemons and Lemonade: A Book About Supply and
Demand by Nancy Loewen to the class.
What was the supply in this book? (Students answer).
Step 2
Substitute goods: Now, in your vocabulary journals please
write down your description of substitute goods. The
teacher will walk around the room and monitor what
students are writing for their descriptions. After a couple
minutes or when it seems like students are finishing up
their writing, have students share their ideas with the
people at their table. Give the tables 3-5 minutes to share
their ideas and then have one person from each table
share what their table came up with to the whole class.
Supply: Think-pair-share. Weve been talking about
supply, so take a minute to think about what supply
SST 309-01-Lindsay LaPointe- Unit Plan

Attachment B- Vocabulary Journal

Attachment C Word Map

Marzano, R. and Pickering, D. (2005), Building

Academic Vocabulary: Teachers Manual,
Chapter 3, Teaching the Selected Terms

27
means, make up a definition of the word. Write down a
couple notes if you need to get your thoughts straight.
Now turn and talk to a partner. Once the partners have
shared, we will share as a whole class. The teacher will
write down the definition ideas on the board.
Demand: Using ideas from the xbox example and the
book we read, write down your own definition of demand
in your Word Map. Teacher will need to walk around the
room and check that all students are understanding
correctly.
Step 3
Substitute goods: Still using your vocabulary journal, draw
a picture or representation or symbol or some kind of
visual that will help you to remember what substitute
goods are. The teacher will again walk around the room to
monitor students.
Supply: Each student will get a half sheet of paper and be
instructed to draw a picture or symbol that represents
supply. Once the pictures are complete, have students
clear off their desks of everything but the picture.
Students will then go a gallery walk to see their
classmates work.
Demand: Students will draw a visual representation of
demand on their word map and share it with their table
groups. Each student will describe what he or she drew
and why.
Step 4
Substitute goods: In the last section of your vocabulary journal, I want
you to make a Bridge Map. I want each of you to create to bridge maps.
SST 309-01-Lindsay LaPointe- Unit Plan

Resources for Vocabulary Activities:

Attachment B

28
They should be good is to ____ as substitute good is to _____. Please
discuss these with your tablemates.
Supply and Demand: Students will need to write a total of
8 sentences. Each of these sentences should use at least
one of the vocabulary words, but the vocabulary would
should be left as a blank. Students will trade their
sentences with a partner and need to fill in the blanks
with the correct words.
Step 5
Substitute goods:
During step 2, students will talk with their table mates to
combine ideas about what substitute goods are. Also, in
step 4, there was discussion between students about
analogies.

Attachment B
Attachment C

Supply: Students discussed during the think-pair-share

during step 2.
Demand: Students share and discuss nonlinguistic
representations that they created in step 3.
Step 6
Fly swatter game.
The teacher will write the vocabulary words on the board. The class is
divided in half and one person from each team will come up at a time.
The teacher will read a scenario and the student needs to hit the word that
corresponds with the scenario. The first person to hit the correct term
gets a point for their team. If students are debating about supply or
demand, they can rationalize their choice in order to win the round.
SST 309-01-Lindsay LaPointe- Unit Plan

Two fly swatters

Attachment D
Resource for Playing Games with Words:
Marzano, R. and Pickering, D. (2005), Building
Academic Vocabulary: Teachers Manual,
Chapter 4, Review Activities and Games

29
Resource Attachments
Attachment A: Pictures to discuss substitute goods

Term: __________________________________________________________________ My Understanding:

_____1 2 3 4________
Describe:
_____________________________________________________________________________________________
_____________________________________________________________________________________________
__________________________________________________________________
_____________________________________________________________________________________________
Attachment B :
_____________________________________________________________________________________________
Vocabulary Journal
_____________________________________________________________________________________________
_____________________________________________________________________________________________
______
Draw:
Attributes/Characteristics:

SST 309-01-Lindsay LaPointe- Unit Plan

30

Attachment C: Word Map

What I think it means:
SST 309-01-Lindsay LaPointe- Unit Plan

Definition in my own words:

31

Picture of what I think it is:

Attachment D: Scenarios
Answers are in parenthesis
SST 309-01-Lindsay LaPointe- Unit Plan

Examples:

32
1.
2.
3.
4.
5.
6.

At the store I want to buy pop and I see both Coke and Pepsi (substitute goods)
We had a really bad snow storm and people really needed to get new shovels (demand)
A cool new gadget was released and people are signing up early to buy one (demand)
The grocery store got in a shipment new cereal (supply)
I bought new jeans from a secondhand store rather than a department store (substitute goods)
The lunchroom ran out of pizza because more students wanted pizza than what they expected (supply or
demand)
7. The flower shop had hundreds of new plants out so that they were ready for spring (supply)
8. The store ran out of flashlights the day after we lost power (supply)
9. A customer chooses Meijer brand peanut butter over JIF (substitute goods)
10.
A new movie theater opens up just down the street from the already existing movie theater
(supply)

Attachment E: Foldable
SST 309-01-Lindsay LaPointe- Unit Plan

33

Works Cited
SST 309-01-Lindsay LaPointe- Unit Plan

34
Cross Curricular Connections. (2013, May 16). Economic Incentives in Our Community. Retrieved April 10, 2015,
from http://www.econedlink.org/lessons/index.php?lid=390&type=educator
Cross Curricular Connections. (2013, May 16). Tic Tac Toe What Do You Know? Retrieved April 10, 2015, from
http://www.econedlink.org/interactives/EconEdLink-interactive-tool-player.php?
filename=em390_whatdoyouknow.swf&lid=390
Education Fundas. (2012, August 31). What does an economist do? Retrieved April 14, 2015, from
https://www.youtube.com/watch?v=CINoHl9FO7I
Hyerle, D., Yeager, C., & Maps, I. (2007). Chapter 1: Introducing Thinking Maps. In Thnking Maps: A Language
for Learning. Cary, N.C.: Thinking Maps.
Jenkins, E., & Karas, G. (2012). Lemonade in winter: A book about two kids counting money. New York City, New
York: Schwartz & Wade Books.
Kehler, A. (2003, July 18). Mission Possible. Retrieved April 10, 2015, from
http://www.econedlink.org/lessons/docs_lessons/396_group_decision_making2.pdf
Kehler, A. (2003, July 18). You Decide! Retrieved April 10, 2015, from
http://www.econedlink.org/lessons/index.php?lid=396&type=educator
Loewen, N., & Jensen, B. (2004). Lemons and lemonade: A book about supply and demand. Minneapolis, Minn.:
Picture Window Books.
Marzano, R. and Pickering, D. (2005), Building Academic Vocabulary: Teachers Manual. Alexandria, VA:
Association for Supervision and Curriculum Development.
Zike, Dinah (2000) Foldables. New York, NY: Macmillan/McGraw-Hill.

SST 309-01-Lindsay LaPointe- Unit Plan