State Economic Development

NC Essential Standards:4.E.2.1- Explain how personal financial decisions such as spending, saving, and paying taxes can positively and/or negatively affect everyday life.4.E.2.2.- Explain how scarcity of personal financial resources affect the choices people make based on their wants and needs.

Grade Level 4th grade

Summative Performance Task Scenario with explanation

Compelling Question: Why can’t I buy everything I want?Supporting Question I

What is scarcity and how does it affect me?

Supporting Question II

How does scarcity affect me?

Supporting Question IIIHow do personal financial decisions guide what I buy and save every day?

Historical SourcesDocument#1- http://www.econedlink.org/lessons/index.php?lid=1139&type=educatorDocument #2- http://www.socialstudiesforkids.com/articles/economics/scarcityandchoices1.htmDocument #3- http://www.k12reader.com/inference/what_happens_next.pdfOther Resources-Brainpop video- http://www.brainpop.com/educators/community/bp-jr-topic/needs-and-wants/http://www.takechargeamerica.org/financial-education/teaching-resources/fourth-grade/#forthgradehttp://www.econedlink.org/lessons/index.php?lid=1139&type=educator

Historical SourcesDocument #1-  - Calvin and Hobbs comic

http://www.italladdsup.org/mod4/

Document#2- https://andreabcreative.files.wordpress.com/2013/03/personal-finance-the-big-picture-handout-1.jpg

Document#3- http://examples.yourdictionary.com/examples-of-scarcity.html

Other resources:https://www.commoncraft.com/video/saving-money-compound-interesthttp://www.themint.org/Vocabulary cards- http://apps.federalreserveeducation.org/resources/fiftynifty/resources/EconCards.pdf#view=Fit(they will send the cards to you free)

Historical SourcesDocument #1- Brainpop video- http://www.brainpop.com/math/dataanalysis/budgets/preview.weml

Document#2http://financeintheclassroom.org/downloads/DecisionMaking.pdf

Document#3-

Other resources:

http://tweens.feedthepig.org/tweens/download/Files/FTPTG.pdf

http://www.tdbank.com/wowzone/kids/wowza.html

http://ecedweb.unomaha.edu/lessons/lessons.cfm

Formative Performance Task I

There are 2 lessons using fables with the first document.

Present document #2. Children will read about what scarcity is and fill it in on the organizer.

Then children will read different situations and decide what will happen next.

Formative Performance Task II

Children will view Calvin and Hobbs cartoon and other illustration. Discuss what it means and how it goes with the question. Then children will read document #3 and find three examples of a time when something was scarce. In the other column on the graphic organizer from the first question, students will tell what that means. For example a shortage of gasoline in the 1970’s means

Formative Performance Task III

Children will watch the Brainpop video for an introduction to budgeting and finance.

Children will then use document #2 and assess different situations where they have to make a financial decision. Use graphic organizer to help record info.

SUPPORTING QUESTION 1- WHAT IS SCARCIRTY AND HOW DOES IT AFFECT ME? SOURCE Ahttp://www.econedlink.org/lessons/index.php?lid=1139&type=educator

http://www.socialstudiesforkids.com/articles/economics/scarcityandchoices1.htm

SUPPORTING QUESTION 1 SOURCE C

http://www.k12reader.com/inference/what_happens_next.pdf

SUPPORTING QUESTION 1 SOURCE B

What is scarcity?

Examples of Scarcity How did it affect the people?

1.

2.

3.

1.

2.

3.

When items become scarce, how does that affect the choices people make?

SUPPORTING QUESTION 2- How does scarcity affect me? SOURCE A

SUPPORTING QUESTION 2 SOURCE B

https://andreabcreative.files.wordpress.com/2013/03/personal-finance-the-big-picture-handout-1.jpg

http://examples.yourdictionary.com/examples-of-scarcity.html

SUPPORTING QUESTION 2 SOURCE C

http://www.brainpop.com/math/dataanalysis/budgets/preview.weml

SUPPORTING QUESTION 3- How do personal financial decisions guide what I buy and save every day? SOURCE A

http://financeintheclassroom.org/downloads/DecisionMaking.pdf

What is the problem?

SUPPORTING QUESTION 3 SOURCE B

What are the person’s choices in situation #1?

What are the person’s choices in situation #2?

1.

2.

1.

2.

What information should you gather before making this decision?

What information should you gather before making this decision?

What would be the results of this decision?

What would be the results of this decision?

Why do you think the decisions you made were the best decisions?

SUPPORTING QUESTION 3 SOURCE C