Economics Standard Three - Grades 4-5

Sample Activities

The teacher might bring one candy bar to class and ask how many students would like to eat it. When students discovered that scarcity existed-the wants for the candy bar are greater than the resources-they would have to offer possible solutions to the problem. Students might suggest dividing the candy bar equally (equalitarianism); raffling the price (chance); the teacher deciding (command); or auctioning it off (market solution). This would lead to a discussion of the advantages and disadvantages of distributing all goods and services by using any one of these alternatives. Eventually, the students would vote for one method to be employed in distributing the candy bar; they might relate the different distribution alternatives to various economies around the world (i.e., command solution to Cuba's economic system or the auction system to the U.S. system) [Economic systems; international trade].

Means of production, distribution, and exchange of agricultural commodities and manufactured products in use in Delaware during colonial times might be contrasted with those employed today. AS a part of this activity, students might visit the Dickinson mansion, Hagley Museum, or Delaware Agricultural Museum [Economic systems].

This activity connects with History Standards One and Four, as well as Geography Standards Two and Three, as well as Science Standard One (Science and Technology)

to Economics Standard Three.