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Economics: The Free Enterprise System (3rd Grade Social Studies Unit)
In this 2-4 week unit, students learn the basics of economics through interactive classroom simulations and engaging activities.
The unit is broken into 3 sections:
Part 1: Personal Finances
Students begin by imagining their life in the future as you travel to the newly discovered planet "Futura." Here, students must make choices about their home, vehicle, food, and fun and balance these wants and needs with the job they select. They will create a simple budget, learn about the importance of savings, and make some tough decisions in the process.
Part 2: The Free Enterprise System
Students will experience being both a producer and a consumer by working in groups to create and sell a real product in this simulation of the free market. Classmates will act as consumers to purchase the goods as they learn about supply and demand. Groups will then complete a reflection on their company including their expenses, profits, and pricing decisions.
Part 3: Entrepreneurs at Work
Students will learn about famous entrepreneurs and consider their contributions to the community. As a class or in small groups, students will research these individuals, gather information, and present their ideas to the class.
The Unit Includes:
* instructions for each lesson
* templates for students to use in each simulation
* graphic organizers, sorts, and foldables
* instruction pages for the "products" created
* resources and live links to information on the entrepreneurs
* ideas for read-alouds and videos
Entrepreneurs Included: Milton Hershey, Henry Ford, Bill Gates, Mary Kay Ash, Wallace Amos, and Sam Walton
*Extension Activities also included!
Click on the Preview to see specifics about the unit and a list of focus standards, as well as sample pages from the unit. The actual unit includes over 40 pages of resources and can easily be adapted to various curriculum timelines. Using the fact sheets and writing activities, this unit can also be integrated into your reading and writing work.
*Note About Standards: This unit is aligned to the TEKS (Texas Essential Knowledge and Skills). See the preview file for a full list of standards covered.
Focus Vocabulary: free enterprise system, supply and demand, producers and consumers, goods and services, wants and needs, budget, product, entrepreneur, profit
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