This lesson is an informational text that teaches students the basics of economy and business. On the level of language, it is equivalent to texts on Common Core’s Grades 3 or 4 complexity band. But because of its subject matter, this text can also be enjoyed by and would be very useful for students in Grades 5 and 6. For teachers of ELL and ESL students, particularly, this lesson might be more appropriate for Grades 5 and 6.
The various worksheets included with the text align with the Common Core standards in ELA Literacy that are listed below. The worksheets integrate cross-discipline skills, focusing particularly on the thinking and writing skills required for the Common Core ELA Testing Program. I don’t believe in “teaching for the test,” but as I feel that teaching students to think—really think! Not just giving us spit-back responses!—is important, and I also understand the reality of needing students to do well on state tests, I aimed to satisfy both objectives simultaneously.
This lesson is an organic, stand-alone lesson, but will be enriched if combined with the other money lessons I’m offering.
This lesson covers the following topics:
• Differences between a Market Economy and a Command Economy
• Being an entrepreneur
• Employers, employees, and minimum wage
• Businesses need money and how they acquire it
• Profit and loss
This packet includes the following items:
• Detailed teacher’s guide and answer key for worksheets
• Students’ text illustrated with humorous cartoons
• Two vocabulary sheets highlighting the text’s important terms, one with definitions and one without
• WIK Coupons – What I Know / What I Learned template (can be used for any lesson)
• Two comprehensive review sheets [Aligns with CCSS.ELA-Literacy.RI.3.1 and CCSS.ELA-Literacy.RI.4.10]
• A worksheet, “Use your Imagination,” which incorporates thinking and writing skills – follows the Common Core test model [Aligns with CCSS.ELA-Literacy.RI.3.6]
• A fun worksheet, “Punctuation Counts” which incorporates grammar and writing skills – follows the Common Core test model [Aligns with CCSS.ELA-Literacy.RI.3.7 and CCSS.ELA-Literacy.RI.4.1]
• A worksheet, “Writing a Response,” which incorporates higher level writing skills – follows the Common Core test model [Aligns with CCSS.ELA-Literacy.W.3.1 and CCSS.ELA-Literacy.W.4.1]
• A worksheet, “Stretching your Vocabulary,” which incorporates vocabulary skills and teaches students about Word Choice
• Exit Ticket (includes three questions, following Doug Lemov’s Teach Like a Champion’s technique)
Hope you and your students enjoy the lesson and the worksheets! Please do leave feedback, if possible. I'm a newbie on TPT and appreciate hearing from you all. Thank you!
Keywords: Economy, Entrepreneurship, Business, Profit and Loss