1. Economics
Third Grade SOLs 3.8, 3.9,3.10, 3.1 h

2. Goods
Something someone makes that satisfies your needs or want

3. Services An activity that satisfies your needs or wants
Something that someone does for you.
watch the Brain Pop Jr.video on Good and Services

4. Consumer
A person who buys a good or service

5. Producer
Someone who uses natural, capital, and human resources to make goods or provide services.

6. Choices!
You are at Busch Gardens you have $5.00. You really want ice cream for $5.00. But you also want your face painted. This costs $2.00. What would you do?

7. What did you choose?
We don’t always have enough money to buy everything we want. When we have to make choices like this one it is called economic choice.
The item you don’t choose is called the opportunity cost. – the next best choice-

8. When we make decisions about what we want to buy we think about…
Economic Choice-
What item should I choose?
Opportunity Cost-
What will I choose to NOT get?
What will be lost? Your opportunity lost.

9. Name: ________________________________________
Name: ________________________________________ Date: ______________ Quick Check Assessment

10. Shopping Time! You have $100.00 to spend
Mario Game
$49
Shopping Time! You have $ to spend
Movie
$14
Scooter $49
Portable DVD player $86
Guitar $39
Green Machine Bike $84
Cell phone $87
Any board game- $11
Lego set $23
Basketball Net
$95
Marker Maker $18

11. What one item would you like to buy if you had more money?
Name/Number ________________________________________ Date _________________________
You have $100 to spend!
Make a list of what you will buy. Total up how much you have spent and make sure you are not over your $100 limit.
I will buy:
What one item would you like to buy if you had more money?
___________________________________________________________________________
By choosing to buy what you did you made an ___________________ __________________.
The items you choose not to buy are called the __________________ _______________.
If you are the one buying these items you are called the ______________________________.
Are these items needs or wants? _____________________________________
The person selling you these items is called the _______________________________________.
Your friend wanted the movie and the board game, but he only had enough money for the movie. What was his opportunity cost? ___________________________________
What was his economic choice? ____________________________________
Item
Cost
Total:

12. Types of Resources What do these resources have in common?
Natural Resources- come from nature

13. Types of Resources What do these resources have in common?
Human Resources- people who produce the goods or provide the service

14. Types of Resources What do these resources have in common?
Capital Resources- goods made by people used to make other goods or provide services

15. Name: ________________________________________
Name: ________________________________________ Date: ______________ Quick Check Assessment

16. Activity/ Assessments
Read aloud or watch Max’s Dragon Shirt and complete the sheet:

17. Name: ___________________ Name: ___________________
Max’s Dragon Shirt Questions
1. What did Max need and want in the story? ______________________________________
3. Who were the consumers? __________________
4. Who were the producers? __________________
5. What service was provided to Ruby?
__________________________________________________________________________________________
6. What good was provided to Max? _____________________________________________
7. Identify each of the following from the story:
human resource: ________________________________
capital resource: _______________________________
8. Do you think Max made a smart economic choice? Explain your answer. What was his opportunity cost? _________________________________________________________________________________________________________________________________________________
Max’s Dragon Shirt Questions
1. What did Max need and want in the story? ______________________________________
3. Who were the consumers? __________________
4. Who were the producers? __________________
5. What service was provided to Ruby?
__________________________________________________________________________________________
6. What good was provided to Max? _____________________________________________
7. Identify each of the following from the story:
human resource: ________________________________
capital resource: _______________________________
8. Do you think Max made a smart economic choice? Explain your answer. What was his opportunity cost? ________________________________________________________________________________________________________________________________________________

18. Goods and Producers
Producers will create goods based on where they live and what resources are available to them.
Certain places grow certain things! Certain places have certain resources!

19. Where you live!
Areas by the water may have fish and other sea foods.

20. Where you live!
Rocky, mountainous areas may have coal.

21. Teacher notes: You can use the following photograph slides as a
whole group discussion
small group jigsaw
partner work
Around the Room (on large chart paper with post-its or as stations)

22. What might you produce living in these places?

23. What might you produce living in these places?

24. What might you produce living in these places?

25. What might you produce living in these places?

26. Specialization
When you focus on a special, specific skill or you focus on providing a special service.
Let’s look at some companies and name their specialties.
What are they good at doing or making?

27. What’s their specialty?

28. What is their specialty?

29. What is their specialty?

30. What is their specialty?

31. What is their specialty?

32. What’s their specialty?

33. What’s their specialty?

34. What’s their specialty?

35. Good Service Good Service
Name: ____________________________ Date: ______________
Name that Specialty!
Look at the company logo and name the economic specialization.
Then think about what do they supply: a good or service.
Circle your Answer.
What do they specialize in?
Good Service
Good Service

36. Review Slides Let’s Put it All Together!
Teacher notes:
Student can complete these slides individually from the screen, as a print out in an around the room format, in groups, as a jigsaw, or with partners.
The last slide is an assessment slide.

37. Let’s put it all together! Orange Grove
What good will be sold?
Is this a need or want?
What kind of resource is this?
What specialty company might be created near here?

38. Let’s put it all together! Wind Turbine Field
What product is being created?
Is this a need or want?
What kind of resource is this?

39. Let’s put it all together! Wheat Field
What good will be sold?
Is this a need or want?
What kind of resource is this?
What specialty company might be created near here?

40. Let’s Put it All Together Cattle Ranch
On your own! Record on paper.
What good will be sold?
Is this a need or want?
What kind of resource is this?
What specialty company might be created near here?

41. Consumer: ______________________________
Name ______________________________ Date: _______________
Unit Review Questions
Jack is shopping at a store. He decides to buy milk, bread, apples and cereal. A nice person working the cash register helps him bag his groceries. Name the following:
Consumer: ______________________________
Producer: ____________________________
Good: ______________________________
Service: _____________________________
2. Tim is at Subway getting a sandwich for lunch. A nice girl named Jane makes his hot turkey sandwich with lettuce and tomato. Name the following:
Human Resource: ________________________________
Capital Resource: _______________________________
Natural Resource: _______________________________
3. What is the difference between a need and a want?
________________________________________________________________________________________________________________________________________________________________
Name 3 examples of needs: ______________________________________________________________
Name 3 examples of wants: ______________________________________________________________
4. What is the name of your favorite store? _______________________
Complete the chart with information about that store.
Good(s) sold there
Item that is demand
What do they specialize in?
What do you want from this store?

42. Scenario 1 (6pts.) Scenario 2 (6pts.) Scenario 3 (5pts.)
Name: ___________________________________________ Date: ____________________________ Let’s Put it Together Again! Economics Unit Alternative Assessment (17 pts.)
Scenario (6pts.)
You would like to start your own business! You live in Yorktown, Virginia, on the York River.
What natural resource could you use to start a business? ____________________________
What capital resource will be needed to start this company? _________________________
Will you provide a good or service? _____________________________________
What will you specialize in? _____________________________________
Name your company: _____________________________________
Design a logo for your company that represents your specialty.
Scenario (6pts.)
You live by a dense forest area. You would like to start your own business.
Scenario (5pts.)
You at Chick-fil-A eating lunch. Your order a chicken sandwich and a soda. You only have enough money to get either fries or a milkshake. You choose to eat fries.
What natural resource was used to make your lunch? ________________________________________
What capital resource was used to make your lunch? ________________________________________
What human resource was use dot make your lunch? _______________________________________
What was your economic choice? ________________________________________________________
What was your opportunity cost? __________________________________________________________