Title of Unit: Money in the Bank Title of Lesson: Supply & Demand Submitted By: Amy Branstetter

A. Summary of the Lesson Plan: This lesson was designed for 4th grade students to learn about economic concepts of supply and demand and competition. This lesson uses the 4th Grade Houghton Mifflin Social Studies textbook States and Regions (p. 200-201). B. Target Population: Grade Level: 4th grade Skill Level: For all student levels Grouping: Whole group for discussion & scavenger hunt, partners for review & activity, and independent for assessment C. Materials: 4th Grade Houghton Mifflin Social Studies textbook States and Regions (TE p.200-201) One per student: 4th Grade Houghton Mifflin Social Studies textbook States and Regions (p. 200-201) Scavenger Hunt (worksheet) see last page of lesson for example High Demand & Low Supply/Low Demand & High Supply(worksheet)see last page for ex. Design Your Own Shop (worksheet) - see last page of lesson for example Scissors Glue Pencil D. Objectives: o NV State Social Studies Standards E9.4.3 Give reasons why procedures choose to sell more of a good or service, i.e., when a price is high, and when they choose to sell less, and when its price is low.

Student-Friendly Standards I can show examples and explain reasons for supply and demand.

E. Procedure: 1. Review the objective on the board with students. Have them read it aloud. 2. Pass out Scavenger Hunt worksheets and explain that students will go around and find someone one who can explain the fact in the square and give an example. Ask students to return to their seats after completion, give them roughly 8 minutes. This can be both a review and an assessment. 3. Review Scavenger Hunt answers (call random students by name sticks). 4. Draw students attention to p. 200 & 201 Supply and Demand. Have students read and identify the pictures, charts, and captions.
Nevada State College EDEL 453 - Spring 2013 Karen Powell- Instructor page 1

Title of Unit: Money in the Bank Title of Lesson: Supply & Demand Submitted By: Amy Branstetter

5. Review the vocabulary words (supply, demand, and competition) and definitions with students. Supply is the amount of a good that is available for purchase. Demand is the desire and ability to purchase something. And Competition is a rivalry between people, groups, or firms. 6. Further discuss these three concepts with students: Supply is how much something is produced. Demand is the flip side how many people want to buy what is being produced. Supply and demand are consistently changing and interact with each other all the time. You see the results of supply and demand every time you go to the store. Suppliers produce the product and demanders buy it. If you didnt have suppliers, there would be no product to buy. If you had no demanders, no one would buy the product, and suppliers would stop making it! When goods are very popular, you make more goods. New people are attracted into the field and start making those products, too. After all, people are just waiting to buy the goods! Right! When new suppliers enter the field that is competition. Buyers are made better off by competition, because suppliers compete for their business by trying to make better and better products. A consumer would want to take advantage of the competition lower prices.

7. Pass out the High Demand & Low Supply/ Low Demand & High Supply worksheet. Have students cut and paste activity and then compare and confirm with a shoulder partner. 8. Discuss & review answers by picking random students (name sticks) or volunteers. Could show on the overhead also. 9. Explain that a market economy depends on supply and demand to determine price and relies on increased productivity to address scarcity. 10. Pass out the Design Your Own Shop worksheet to each student. 11. Students partner together for activity. Have students work in pairs to come up with an idea for a business that they could start. They should be providing either a good or service. Have them discuss how they would go about supplying that good or service with their own special talents. Then have them consider demand and who might want to buy their product and why?

12. At the end of time frame ask students to share some of their ideas and designs. If time allows, talk about how supply and demand influenced their prices. If falling short on

Nevada State College

EDEL 453 - Spring 2013

Karen Powell- Instructor

page 2

Title of Unit: Money in the Bank Title of Lesson: Supply & Demand Submitted By: Amy Branstetter

time, review and showcase student work at the beginning of tomorrows lesson (I should probably do this anyway). 13. CLOSURE: Have students reread the objective aloud; I can show examples and explain reasons for supply and demand. Ask Can you give an example reasons for supply and demand? Turn to your neighbor and give them one example. Now show me a sign (thumbs-up or down, whiteboards if they are close by, one or two fingers, etc) if you think you met that standard.

F. Assessment: What will you use to measure student understanding? I will use the designs of the students shops and the cut-n- paste identifications of the High/Low Supply/Demand examples as a comprehensive assessment of student understanding. Explain how you will know students understand the concepts from the lesson. If students can identify reasons for an increase in supply and demand, if they met the objective, and if they show understanding of concepts of supply, demand, and reasons for competition. G. Reflection: 1. Which part of the lesson do you think will be the easiest for you to teach? I think having students review concept ideas from p. 200-201 and complete the scavenger hunt should be fairly easy to pull off. 2. Which part will be most challenging for you to teach? If students are struggling with the concepts, it might be tough to work with partner and create a business design. As a teacher, Ill want to make sure students comprehend the key ideas. 3. How will you follow up or extend this lesson? I think it would be neat to see students join together to execute one of their business ideas and create a class lemonade or bake goods business project. 4. What will you do for students who dont grasp the concepts? I would review and role-play in a small group with any struggling students. I would clarify what happens when a price goes up or down on goods and services, etc

Nevada State College

EDEL 453 - Spring 2013

Karen Powell- Instructor

page 3

Title of Unit: Money in the Bank Title of Lesson: Supply & Demand Submitted By: Amy Branstetter

could also reteach the quick minilesson on (TE p. 200) and make a chart of Supply & Demand 5. Which part of the lesson, if any, do you think might need to change? I dont know, I kind of like it the way it is. I would like to make it longer and include the extension. 6. When you were writing this lesson plan, what was the most difficult part? It was difficult simplify the concepts in friendly terms and finding an appropriate activity. Scavenger Hunt

Nevada State College

EDEL 453 - Spring 2013

Karen Powell- Instructor

page 4

Title of Unit: Money in the Bank Title of Lesson: Supply & Demand Submitted By: Amy Branstetter

High Demand & Low Supply/Low Demand & High Supply

Design Your Own Shop

Nevada State College

EDEL 453 - Spring 2013

Karen Powell- Instructor

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