Name: ___________________________________________ Date: ___________ Economics Pre-Assessment 1.

If Joey goes to a basketball game with his friends instead of working at the grocery store, the opportunity cost of his decision is: O A. He gives up the chance to earn money. O B. He gives up going to the library. O C. He gives up going to college. 2. When Joey works at the grocery store, he is an example of a _________________. O A. capital resource O B. natural resource O C. human resource 3. Which of the following is a list of capital resources that might be found at the grocery store? O A. the building, the refrigerators, and the cash register. O B. the shelves, the containers, and the equipment. O C. all of the above. 4. Natural resources are sometimes referred to as gifts from nature. Which of the following is a list of natural resources found in Michigan? O A. glass, metal, and paper O B. sand, trees, and coal O C. paper, scissors, and crayons 5. Economics is the study of how O A. people use resources to produce a good or service. O B. people save their money. O C. people make decisions and take a stand.

6. Amanda noticed that many of her elderly neighbors were not able to shovel the snow off their sidewalk. She decided to start a shoveling business. She offered to shovel snow for $3.00 an hour. After the first afternoon, she already made $12.00. Amanda is ___________________________. O A. a capital resource O B. an entrepreneur O C. a consumer 7. It was Lauras birthday and she received $45 from her aunt and uncle. She went to the store to purchase the newest Wii game. However, when she got to the store, they were sold out. She decided to buy a different Wii game instead. What is her scarcity problem? O A. She doesnt have enough money. O B. There arent enough Wii games in the store. O C. There isnt enough of the newest Wii game. 8. Kristen, Tina, Erin, and Alyssa are putting on a school play. They made a chart to show who would be responsible for each task. Task Stage Costumes Script Posters Props Tickets Volunteer Erin ? Tina Alyssa Kristen ?

Which sentence describes the childrens problem? O A. They had a scarcity of actors costumes. O B. They had a scarcity of props. O C. They had a scarcity of human resources.

9. Which Michigan industry would provide the natural resources needed to make the test you are taking right now? O A. farming O B. mining O C. logging 10. Michigan manufactures many products for trade. Two of these products are _________________________________. O A. cars and bowling alley equipment. O B. salt and clocks O C. lumber and office furniture. 11. Henry Ford was a famous _________________________. O A. resident of Ohio O B. entrepreneur O C. computer engineer 12. The difference between a human resource and a capital resource is ________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________.

Economics Unit Pre-Assessment Your student is starting a new unit in social studies next week! This pre-assessment was used to see what the students understand about economics and what areas need a little more attention. Over the next several days, students will gain a better understanding of human, natural, and capital resources; specialization and entrepreneurs; and wants, needs, goods, and services. There are a lot of fun things planned for this unit and we are excited to become the best Michigan economists we can be!

Economics Unit Pre-Assessment

Your student is starting a new unit in social studies next week! This pre-assessment was used to see what the students understand about economics and what areas need a little more attention. Over the next several days, students will gain a better understanding of human, natural, and capital resources specialization and entrepreneurs and wants, needs, goods, and services. There are a lot of fun things planned for this unit and we are excited to become the best Michigan economists we can be!

Name: _______________________________ Dear Michigan Economist, Throughout the unit, we are going to learn a lot of new words. sheet. Make sure you keep this in your binder! Every time we

learn a new, very important word, we will take a minute to update our vocabulary This sheet is going to help us become the best Michigan economists we can be!

Vocabulary Word
Capital Resources

Definition

Example

Economics

Entrepreneur

Goods

Human Resources

Natural Resources

Needs

Opportunity Cost

Scarcity

Services

Specialization

Wants

Economic Learning Goals ____ I can define economics. ____ I can identify natural, human, and capital resources. ____ I know the difference between needs and wants. ____ I can define opportunity cost and scarcity. ____ I can create an item and describe its economic characteristics.

Lesson 1: Economics
What is economics? Economics is the study of how people use resources to produce a good or service. Anticipatory Set: eview good and service terms they should remember from second grade. Good: an item that is made and given, sold, or used. Service: when a person does something for another person teacher, police officer, etc. Instruction: There are many different economies: Country-wide State-wide School-wide Classroom economies Explain they are part of a classroom economy. They provide a service (do their best work as students) and they are rewarded with keys (money). Read article on handout as a class. Application and Assessment: Have students complete the worksheet. Why are they a part of the economy? These may be gathered at the end of the unit for a grade. Conclusion: If time, read My Rows and Piles of Coins. It is about African economy but it might be nice for kids to see economies of the world. This book also integrates math curriculum.

Economics
Economics has everything to do with your life and mine. Its about how people get and use the things they need and want. The jobs we have, the home we live in, even the food we eat for lunch all these things are a part of economics. This includes the money you make shoveling snow for the neighbors or the baseball bat you bought last week. Think about the last time you were in a store. All around you, people exchanged money for things that are made or grown and then sold. The workers were providing a service, a job that one person does for another. Both customers and workers are part of the economy, or the system for producing and distributing goods and services. Economics teaches us about the money people earn and spend. Do you have a home or clothes? People made them. Your parent or guardian bought them with money they earned at their jobs, where they provide goods and services to other people. Have you ever spent money or earned money? You are a part of the economy!
(Adapted from Textbook)

I am a part of the economy because __________________________________ __________________________________ __________________________________ __________________________________ __________________________________ __________________________________ __________________________________ __________________________________

Lesson 2: human, natural and capital resources

What are resources? Resources are things used to create or deliver a good or service. Ancticipatory Set: Review the definition of economics. Instruction: There are three types of resources: Natural sources: relate back to geography unit. What are natural characteristics? Things found in nature. Natural resources are things found in nature that are used to create items. Lake Michigan is a natural characteristic, the water of Lake Michigan is a natural resource. The sand dunes are a natural characteristic, the sand is a natural resource. Human resources: a person that completes a task. Relate back to being a teacher: I am a human resource. I provide a service I teach third graders. Use several examples: police officers, what do their parents do? Their parents are a human resource. Without their parent, something wouldnt be getting made/done. Capital resources: a capital resource is something used by humans to help create a good or fulfill a service. The desk, floor, whiteboard, etc. are all capital resources. They help to keep the students focused on learning. Assessment: Go back to seats. Read each section of handout together and have students finish each sentence the sentence.

Natural Resources
Economics is about the use of resources. Natural resources are one kind of resource. Natural resources are things that occur in nature. Land, water, and rocks are some natural resources. So are oil, iron, and coal. Plants and animals are natural resources, too. Buildings, streets, and cars are NOT natural resources. People do not make natural resources, but people use natural resources to make things. Many things can be made from natural resources. Sometimes, natural resources are called raw materials. From these raw materials, people make finished products.

One natural resource in Michigan is ___________________________.

Human Resources
Human resources are another kind of resource. Human resources are the people who work in jobs. They may make things. They may help other people. People earn money by working. What kind of job do you want when you grow up? Your teacher is a human resource. A fire fighter is a human resource, too! So are clerks, cowboys, and carpenters. Anyone who works is a human resource, but a machine is not a human resource.

When I grow up, I want to be a ________________________________.

Capital Resources
Capital resources is the third kind of resource. Capital resources are made by people. They are used by people to make things. They may also be used to do work. Farmers use tractors to plow their land to grow crops. Workers in factories use machines to make shoes. Plumbers use special tools to fix broken pipes. Tractors, machines, and tools are capital resources. The factory building is a capital resource, too.

One capital resource I use is a __________________________________.

Lesson 3: natural, human, and capital resources

Learning goal: I can identify natural, human, and capital resources.
Anticipatory Set: Review the definition of economics. What are natural, human, and capital resources? Instruction: Last class we learned about three resources. Sometimes it may be overwhelming to learn so many new things at once. Today youll have an activity where you may sort the cards by pictures. Demonstrate how to cut up the paper, how to sort the papers, how to clean up. Explain expectations clearly. Application: Have students take the packet of pictures and cut them up. Sort into three piles using the attached worksheet. Assessment: Teachers will be walking around during class time to see if students are on task and completing the assignment correctly. This also provides time for the student to seek more individualized attention for their direct needs.

Natural Resources

Human Resources

Capital Resources

Lesson 4: opportunity cost and scarcity

3 E1.0.1 Explain how scarcity, opportunity costs, and choices affect what is produced and consumed in Michigan.
Anticipatory Set: Spend a few minutes at the beginning of class reviewing: Economy Natural Resources Human Resources Capital Resources Let students provide examples of each. Lesson: Introduce Opportunity Cost. The opportunity cost is what you gave up in order to get what you got. Application: Who likes xBox? Lets say you saved up your money for a whole year until you had enough money to buy an xBox. Mom or Dad take you to the store to get one but when you get there, you decide you want a Wii. The opportunity cost is the xBox. Lesson: Introduce scarcity. Unlimited wants with limited resources. Application: Now what if you went to the store to get the newest Justin Beiber poster. You had saved your allowance for a few weeks so you could buy one but once you get there, the store was sold out. That is scarcity. Scarcity is when there is not enough of something. In this case, posters. Maybe you saved up 4 dollars and you got to the store and the posters were 5 dollars. Then the scarcity problem is money. You dont have enough money to buy the good you want. Assessment: Back to their seats to read the following worksheet as a class. Students may complete the sentences on the bottom. These pages may be sent home for review or collected to assess the students comprehension.

Opportunity cost and Scarcity

(Adapted from Textbook)

Most of us understand that we cannot have everything we want. This is called scarcity. When we buy something, scarcity may mean not having enough money and therefore, having to make a choice. When making an economic choice, consider whether you really need something or whether you just want it. Suppose that a student has only enough money for lunch on the day of the school bake sale. She needs to eat lunch; it will help her body get through the day. The cookie is just something she wants, an extra. Buying lunch is the better choice, but this decision will cost the student a chance to eat a cookie. This cost is called an opportunity cost, or what is given up when a choice is made.

One thing I want is ____________________________________ ______________________________________________________ _____________________________________________________. One thing I need is ____________________________________ ______________________________________________________ _____________________________________________________. I choose ______________________________________________ ______________________________________________________ _____________________________________________________. The opportunity cost is _______________________________ ______________________________________________________ _____________________________________________________. If I cannot afford the item I want or need, this is called ______________________________________________________ ______________________________________________________ _____________________________________________________.

Lesson 5: Specialization
3 E2.0.1Using a Michigan example, describe how specialization leads to increased interdependence (cherries grown in Michigan are sold in Florida; oranges grown in Florida are sold in Michigan).
Spend a few minutes at the beginning of the class reviewing: Definition of economics Human, natural, and capital resources Opportunity cost Scarcity Introduce specialization. What does it mean to be special? Unique. A garbage man specializes in collecting trash. What do you think I specialize in? What kind of services do I provide? Do you think I made my clothes and shoes? Why or why not? I depend on someone who specializes in making clothes to make the clothes I wear. Michigan specializes in a lot of things. Cars. Bowling alley equipment. Cherries Do you think Michigan specializes in: Oranges? Pineapples? No, we depend on other states to specialize in those. Do you know what Hudsonville specializes in? What do you specialize in? Have students update vocabulary sheet.

_____________________ Specializes

Right now I am ________ years old and I specialize in ______________________________________________________ ______________________________________________________ _____________________________________________________.

When I grow up I would like to specialize in ____________ _____________________________________________________. I hope to _____________________________________________ ____________________________________________________.

Lesson 6: Entrepreneur
3 E1.0.3 Analyze how Michigans location and natural resources influenced its economic development (e.g., how waterways and other natural resources have influenced economic activities such as mining, lumbering, automobile manufacturing, and furniture making). (H, G) 3 E1.0.4 Describe how entrepreneurs combine natural, human, and capital resources to produce goods and services in Michigan. (H, G) 3 E1.0.5 Explain the role of business development in Michigans economic future.
Anticipatory Set: Spend the first several minutes reviewing: Economics Human, Natural, and Capital Resources Opportunity Cost Scarcity Specialization Lesson: Introduce entrepreneur. An entrepreneur is a person that organizes and operates a business. He or she combines human, natural, and capital resources to produce goods and services. Introduce famous entrepreneur, Henry Ford. How many have heard of Ford Motors? Henry Ford started Ford Motors. Application: Read Henry Ford biography. Show pictures of the car he originally created and how it has changed to what it is today. Why did he start making cars? What natural resources does Michigan have that allowed him to do that? Conclusion: If time, gather on rug to discuss what we learned and review the definition of an entrepreneur. Students will have their tests next class. Spend time reviewing all concepts. Making sure everyone has their review packet.

Henry Ford
Henry Ford was born in 1863 in what is now Dearborn, Michigan. He grew up on his familys farm and went to a one-room school. From an early age he was interested in tools and how things worked. He was especially interested in steam engines. In 1879, he left home and went to nearby Detroit to work as a machinist. He made extra money by repairing and selling watches. He worked for many different companies and became good at operating steam engines. In 1891, Henry Ford became an engineer with the Edison Illuminating Company. He became Chief engineer for the company in 1893. This job gave him enough time and money to do experiments with engines. In 1896, his experiments led to his invention of a self-propelled vehicle, or horseless carriage. This was an early type of car, or automobile. It had four wire wheels that looked like bicycle wheels. It had only two forward speeds and could not go backwards. After this, he decided to start his own business making automobiles. The company he started became Ford Motor Company. In 1908, this company began making the Model T. This automobile, or car, was easy to drive and take care of. It became a huge success. In order to make enough of these cars, Henry Ford opened a large factory in Highland Park, Michigan in 1910. By 1918, half of all the cars in the United States were Model Ts. Ford Motor Company continued to grow and grow. It is still a very important company today.

Michigan Citizenship Collaborative Curriculum www.mcitizenshipcurriculum.org

Page 8 of 11 October 5, 2009

Economics Review Staple their packet of papers to a review note. Include: Note home to parents poem about Henry Ford filled out Vocab Sheet Opportunity Cost song Make copies of pages in textbook that apply. Send home several days in advance.

Economics Unit Review Guide Test Date: Thursday 12/15/11 Attached are some worksheets we completed in class as well as additional pages to help your son/daughter study for their upcoming Economics test. As the holiday season begins to consume our every thought, please encourage your child to remain engaged in their learning. Over the next couple nights, please take some time to study with your child. I look forward to seeing what great Michigan economists we have become!

Economics Unit Review Guide

Test Date: Thursday 12/15/11 Attached are some worksheets we completed in class as well as additional pages to help your son/daughter study for their upcoming Economics test. As the holiday season begins to consume our every thought, please encourage your child to remain engaged in their learning. Over the next couple nights, please take some time to study with your child. I look forward to seeing what great Michigan economists we have become!

Economics Unit Review Guide Test Date: Friday 12/16/11 Attached are some worksheets we completed in class as well as additional pages to help your son/daughter study for their upcoming Economics test. As the holiday season begins to consume our every thought, please encourage your child to remain engaged in their learning. Over the next couple nights, please take some time to study with your child. I look forward to seeing what great Michigan economists we have become!

Economics Unit Review Guide

Test Date: Friday 12/16/11 Attached are some worksheets we completed in class as well as additional pages to help your son/daughter study for their upcoming Economics test. As the holiday season begins to consume our every thought, please encourage your child to remain engaged in their learning. Over the next couple nights, please take some time to study with your child. I look forward to seeing what great Michigan economists we have become!

Vocabulary Word
Capital Resources

Definition
An item used by people to help create a good or provide a service. The study of how people use resources to produce a good or service. A person who organizes and operates a business or businesses.

Example
Desk Board Broom Michigan United States Classroom

Economics

Entrepreneur

Henry Ford

Goods

A product made from resources.

iPad Xbox Posters Teacher Mailman Garbageman Wood Water Sand Gold

Human Resources

A person who completes a task for a person. Any person that works is a human resource.

Natural Resources

Things found in nature that are used to make goods.

Needs

An item required in order to live.

Clothes Shelter Food

Opportunity Cost

What is given up when a choice is made.

Scarcity

Limited resources but unlimited wants.

Services

A task done by one person for another person.

Teaching Cleaning

Specialization

Assuming responsibility for a certain task to be completed or service to be provided.

Wants

A human desire for an item that is not required to survive.

New game

Henry Ford

A Great Lakes man named Henry Ford Made lots of cars all could afford, And paid real well for factory work To every linesman, hand and clerk. He set up an assembly line And every worker did assign To fit the engines, and each chas: Shine each car till it looked brass, Tighten screws, install each seat. Each car became a major feat. His masterpiece, the Model T, Inspired a major shopping spree, With fifteen million models made All on the road, both bought and paid. It changed the country, such a plan All from this striving Great Lakes man.

Name: __________________________________________________________ Economics Test Directions: Write the letter of the vocabulary word on the line by the correct definition.

1. _________ A person that completes a task for another person. 2. _________ The study of how people use resources to provide a service or make a good. 3. _________ An item used to satisfy a persons wants or needs. 4. _________ Things found in nature that are used to make goods. 5. _________ A person that combines human, natural, and capital resources to produce goods and services. 6. _________ Limited resources but unlimited wants. 7. _________ What is given up when a decision is made. 8. _________ An item required in order to live. 9. _________ Something made by humans to help them provide a service or produce a good.

A. Scarcity B. Natural Resource C. Opportunity Cost D. Entrepreneur E. Human Resource F. Economics G. Goods H. Capital Resource I. Needs

Keep working!

10. Natural resources are sometimes referred to as gifts from nature. Which of the following is a list of natural resources found in Michigan? O A. glass, metal, and paper O B. sand, trees, and coal O C. paper, scissors, and crayons

11. Henry Ford was a famous _________________________. O A. resident of Ohio O B. entrepreneur O C. computer engineer

12. Two examples of a natural resource are: __________________________ and __________________________ 13. For Christmas, Kelsey-Jo received $10 from her aunt and uncle. She went to the store to purchase the newest Justin Beiber poster. However, when she got to the store, they were sold out. She decided to buy a different poster instead. What is her scarcity problem? O A. She doesnt have enough money. O B. There arent enough workers in the store. O C. There isnt enough of the newest poster. 14. If Peter goes to a basketball game with his friends instead of working at McDonalds, the opportunity cost of his decision is: O A. He gives up the chance to earn money. O B. He gives up going to the library. O C. He gives up going to college.

Almost there!

15. The difference between a human resource and a capital resource is ________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________. 16. Which of the following is a list of capital resources that can be found at South Elementary School? O A. the building, the iPads, and the desks. O B. the shelves, the containers, and the equipment. O C. all of the above. 17. Michigan specializes in many products for trade. Two of these products include: 0 A. cars and cherries 0 B. oranges and pineapples 0 C. rock and roll and computers 18. Amanda noticed that many of her elderly neighbors were not able to shovel the snow off their sidewalk. She decided to start a shoveling business. She offered to shovel snow for $3.00 an hour. After the first afternoon, she already made $12.00. Amanda is ___________________________. O A. a capital resource O B. an entrepreneur O C. a consumer 19. What phrase best describes opportunity cost? 0 A. What you have to give up when you decide to buy one thing over another. 0 B. People who work in the service industry. 0 C. Money you save in the bank.

You

made

it!