Economics

Building upon the work of K-2 understanding of economic principles, 3rd grade continues to explore market forces and how they shape regions and communities. This work serves as a building block in the upper grades for more sophisticated analyses of economic principles and impact.

Standards For Learning:

3.E.1 Understand how the location of regions affects activity in a market economy.

3.E.1.1 Explain how location impacts supply and demand.
3.E.1.2 Explain how locations of regions and natural resources influence economic development (industries developed around natural resources, rivers and coastal towns).

3.E.2 Understand entrepreneurship in a market economy.

3.E.2.1 Explain why people become entrepreneurs.
3.E.2.2 Give examples of entrepreneurship in various regions of our state.

Students Will Understand:

Innovation and opportunity encourage people to take risks as entrepreneurs.
People may pursue entrepreneurship as a means to ensure economic independence.
Entrepreneurs often make business decisions based on the needs and desires of consumers in local communities.
The needs of consumers may change from region to region.
Entrepreneurs are often limited by access to regional resources.

Economics For Kids

Money Skill Games

Ideas For Home:

Create a list of everything that they would like to spend money on and in their list identify the following:
- What things are needs and what are wants.
- What things are goods and what are services.
Ask your child to determine how much all of the items on the list cost.
Give your child a budget. This budget should preferably cover the cost of most/all of the needs, but not enough to cover the cost of everything on the list. (Older students can look at careers and hour wages to determine what type of income they can expect in different careers with a 40 hr work week.)
Have your child decide what their budget looks like and how they plan to save/invest for the future based on what their needs and wants are now.

Resources:

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