Economics
Grade Level: 3rd Grade
Subject: Social Studies
Time Frame: 8 weeks (October-December)
​
Big Understandings
​
- producers and consumers exchange goods and services in different ways
- create a plan to meet a financial goal
​
Essential Questions
​
- why do people exchange goods and services?
- what would happen if there was no such item as money?
- what would happen if consumers did not want what a producer made?
- what would the world look like if there was no transportation that could move goods more than 50 miles?
- what would happen if an individual spent all earnings on entertainment?
- why do individuals give away money?
- why is personal financial goal setting important?
- how does an individual know when a good short-term goal is well written?
​
​
By the end of the unit, students will be able to:
​
- describe the difference between producers and consumers and explain how they need each other
- describe and give examples of forms of exchange (monetary exchange and barter)
- describe how the exchange of goods and services between businesses and consumers affects all parties
- recognize that different currencies exist and explain the functions of money (medium of exchange, store of value, and measure of value)
- cite evidence to show how trade benefits individuals, businesses, and communities and increases inter-dependency
- give examples of short-term spending and savings goals
- identify jobs that children can do to earn money to reach personal financial goals
- differentiate the roles of income and expenses when creating a budget
- create a plan with specific steps to reach a short-term goal
- model strategies to achieve a personal financial goal using arithmetic operations
​
Topics:
​
â—¦ define: producers, consumers, goods, services, trade, barter
â—¦ related producers and consumers to each other
â—¦ describe different ways and methods that goods and services are exchanged
â—¦ purpose of money
â—¦ trade among different cultures, countries, and communities
â—¦ sources of income (child verses adult)
â—¦ costs and benefits to borrowing money
â—¦ create a plan for a short-term financial goal, including the steps to meet the financial goal
​
Standards
SS.3.3.1
SS.3.3.2