1. Grade 3: Economics Market Economy and International Economy
Derek Paiz
SST
ILA
Grade 3: Economics Market Economy and International Economy

2. GLCE
3-E1.01- Explain how scarcity, opportunity costs, and choices affect what is produced and consumed in Michigan.

3. Activity Books
Focus: Grades 3-5 Economics. This activity book contains various lesson plans, activities, and worksheets centered around teaching economics in a upper elementary classroom.
Mathematics & Economics: Connections For Life – Grades 3-5. This activity book contains lesson plans, crafts, and activities that integrate mathematics with economics.

4. Textbook
Glencoe: Economics – Today and Tomorrow by Roger Leroy Miller. This textbook includes a chapter on scarcity and opportunity cost (chapter 1). The chapter does a great job introducing scarcity and opportunity cost to students and also explains the effect each term has on what is being produced and consumed within an economy.

5. Reading Book
The Doorbell Rang by Pat Hutchins is a book that can be used in a 3rd grade classroom to teach the economic principle of scarcity.
Victoria and Sam are forced to share or distribute a limited number of cookies. Each time the doorbell rings, more friends arrive and the children face a cookie scarcity problem.

6. Reading Book
Erandi’s Braids by Antonio Hernandez Madrigal is a book that can be used in a 3rd grade classroom to teach the economic principle of opportunity cost.
Erandi and her mother are poor and need money to purchase a new fishing net. Erandi also hopes that her mother will buy her a new dress for the upcoming fiesta. One option is to sell their hair to the hair buyer, who will use it for wigs, eyelashes, and fine embroidery. The hair represents the opportunity cost.

7. Lesson Plan Ideas Back-to-school Scarcity:
This lesson plan focuses on defining scarcity, and explaining how scarcity of resources affect what is produced.
Focus: Grades 3-5 Economics by Barbara J. Flowers, Penny Kugler, Bonnie T. Meszaros, Layna Stiles, and Mary C. Suiter

8. Lesson Plan Ideas Choices, Choices:
This lesson focuses on economic decision making (choices) and opportunity cost. Students will learn how choices and opportunity costs affect what is being produced and consumed within an economy.

9. Video Clip CashVille Kidz Episode 15: Opportunity Costs
In this video clip, a group of kids are each faced with making a choice on what they are going to do during the day. They are introduced to the term opportunity cost; what they are giving up by choosing to do one activity instead of the other activity.

10. Song Economics is FUNdamental: Scene 5: Scarcity
This is a song on scarcity that is performed by a group of cheerleaders. It is an upbeat fight song that can be used as a fun, interactive way to introduce a classroom to the economic principle of scarcity.

11. Poem Toys For Me by C.D. Crain
This is a poem on scarcity, opportunity cost, and choices. It can be used as an anticipatory set to introduce a class to the economic principles of scarcity, opportunity cost, and choices.

12. Posters
Posters on opportunity cost and scarcity that can be displayed inside a 3rd grade classroom.

13. Websites
Each one of these websites contain lesson plans, activity worksheets, and games that can be implemented into a 3rd grade classroom to cover a lesson on the economic principles of scarcity, opportunity cost, and choices.

14. Citations
Basic Economics: Scarcity and Choices Part 1. (n.d.). Retrieved December 2, 2014, from
Online Lessons. (n.d.). Retrieved December 2, 2014, from
Economic Education Web : EcEdWeb. (n.d.). Retrieved December 2, 2014, from
Flowers, B., Kugler, P., Meszaros, B., Stiles, L., & Suiter, M. (2005). Focus: Grades 3-5 Economics. New York: National Council on Economics Education.
Suiter, M., Wright, D., Hinchik, S., Masters, M., & Wulff, M. (2005). Mathematics & Economics: Connections For Life Grades 3-5. New York: National Council on Economics Education.

15. Citations continued..
Miller, R. (2005). Glencoe: Economics Today and Tomorrow. New York: Glencoe/McGraw-Hill.
Hutchins, P. (1986). The doorbell rang. New York: Greenwillow Books.
Madrigal, A. (2001). Erandi's Braids. New York: Puffin.
CashVille Kidz Episode 15: Opportunity Costs. (n.d.). Retrieved December 2, 2014, from
Economics is FUNdamental: Scene 5: Scarcity. (n.d.). Retrieved December 2, 2014, from
Crain, C. (n.d.). Toys For Me.
(n.d.). Retrieved December 2, 2014, from
Posters | KidsEcon Posters West Lafayette, IN. (n.d.). Retrieved December 2, 2014, from