The Language of Economics



Lesson Synopsis:Students learn about Mary Kay Ash, an example of an entrepreneur who found great success in the free-market system. Students learn how economic concepts are related.TEKS:3.6Economics. The student understands the purposes of earning, spending, saving and donating money. The student is expected to:3.6AIdentify ways of earning, spending, saving and donating money.6.6BCreate a simple budget that allocates money for spending, saving and donating. 3.7Economics. The student understands the concept of a free enterprise economic system. The student is expected to: 3.7ADefine and identify examples of scarcity.3.7BExplain the impact of scarcity on the production, distribution, and consumption of goods and services. 3.7CExplain the concept of a free market as it relates to the U.S. free enterprise system.3.8Economics. The student understands how businesses operate in the U.S. free enterprise economic system. The student is expected to: 3.8BExplain how supply and demand affect the price of a good or service.3.8CExplain how the cost of production and selling price affect profits.3.8EIdentify individuals past and present, including Henry Ford and other entrepreneurs in the community such as Mary Kay Ash, Wallace Amos Milton Hershey, and Sam Walton and other entrepreneurs who have started new businesses. Social Studies Skills TEKS:3.17Social studies skills. The student applies critical-thinking skills to organize and use information acquired from a variety of valid sources, including electronic technology. The student is expected to:3.17EInterpret and create visuals, including graphs, charts, tables, timelines, illustrations, and maps3.18Social studies skills. The student communicates in written, oral, and visual forms. The student is expected to:3.18AExpress ideas orally based on knowledge and experiences.3.18BUse technology to create written and visual material such as stories, poems, pictures, maps, and graphic organizers to express ideas.Getting Ready for InstructionPerformance Indicator(s):Create a set of vocabulary cards (Frayer model) for economic terms. Choose 5-10 cards to arrange on a poster to show relationships between the words. Use the words as you explain your arrangement to a classmate. (3.6A, 3.6B; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.17E; 3.18A, 3.18B) 4D, 4GKey Understandings and Guiding Questions:En un sistema económico hay varios factores que operan juntos y se influyen entre sí.?Cómo afectan la oferta y la demanda el precio de un bien o servicio??Cómo afectan el costo de producción y el precio de venta las ganancias??Por qué es el espíritu empresarial importante en la creación de negocios??Por qué hay que donar?Vocabulary of Instruction:interdependenciaeconomíasistema de libre empresaescasezdistribución de producciónespíritu empresarialconsumodonarMaterials:Refer to Notes for Teacher section for materials.Attachments:Handout: Mary Kay Ash (1 copy per student)Teacher Resource: Mary Kay Ash KEYHandout: Money in the Free Market (from Unit 10 Lesson 1)Handout: Frayer Model Templates (3 copies per student) Teacher Resource: Frayer Model KEY Handout: Connecting Concepts ArrowsResources and References:None identifiedAdvance Preparation:Become familiar with content and procedures for the lesson, including economic concepts and proper use of technology to display concepts.Refer to the Instructional Focus Document for specific content to include in the lesson.Select appropriate sections of the textbook and other classroom materials that support the learning for this lesson.Preview materials and websites according to district guidelines.Prepare materials and handouts as necessary including an Anchor Chart of economic terms.Background Information:In previous lessons students have learned about basic economic concepts and the free enterprise system. Additionally, students gained an understanding of economic concepts at work within the free market system. The teacher will need to be familiar with the significant individual, Mary Kay Ash, as she will be the focus of this lesson. Getting Ready for Instruction Supplemental Planning DocumentInstructors are encouraged to supplement and substitute resources, materials, and activities to differentiate instruction to address the needs of learners. The Exemplar Lessons are one approach to teaching and reaching the Performance Indicators and Specificity in the Instructional Focus Document for this unit. Instructors are encouraged to create original lessons using the Content Creator in the Tools Tab located at the top of the page. All originally authored lessons can be saved in the “My CSCOPE” Tab within the “My Content” area.Instructional ProceduresInstructional ProceduresNotes for TeacherENGAGE – Starting a BusinessNOTE: 1 Day = 50 minutesSuggested Day 1 – 10 minutesStudents brainstorm about a business they would like to start someday. In pairs, students create a list of things an entrepreneur would have to consider to start a successful business. Facilitate group discussion with questions such as:How would I decide pricing?How would scarcity affect pricing?How would I advertise to reach consumers?What would be the cost?What would be the profit?If I made a great deal of money, how would I choose a charity?Why donate?What are the steps in creating a business?Students write out their suggested steps for starting a new business. They can refer to information from the last lesson to describe steps.TEKS: 3.6A, 3.6B; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.17E; 3.18AInstructional Note:Consider scribing student response as a guide for their group discussion.EXPLORE – Mary Kay, Cosmetics EntrepreneurSuggested Day 1 (continued) – 15 minutesExplain to students the four factors of production…land, labor, capital, and entrepreneurship…needed to begin a business.Read the Handout: Mary Kay Ash. Ask students to listen for the four factors of production in the story as they follow along.Attachments:Handout: Mary Kay Ash (one copy per student)PurposeTEKS: 3.6A; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.8E; 3.18AEXPLAIN – Mary in the MiddleSuggested Day 1 (continued) – 15 minutesStudents explain how and why Mary Kay Ash was successful in business by drawing a picture of Mary Kay in the center of a piece of blank paper and labeling it with her descriptive attributes. Facilitate a discussion on the factors that contribute to a successful business by asking questions such asWhy is entrepreneurship important to creating a business?Why did a free market contribute to Mary Kay Ash’s success?AttachmentsTeacher Resource: Mary Kay Ash Attributes KEY (one for teacher as class example) TEKS: 3.6A, 3.6B; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.8E, 3.17E; 3.18A, 3.18BInstructional NoteAvoid students copying the image of Mary Kay Ash. Make sure they do their own thinking. Especially encourage students to draw a better picture representing Mary Kay than a stick figure.EXPLORE/EXPLAIN – Teaching Economic TermsSuggested Day 1 and 2 – 30 minutesStudents review the chart from Lesson 1, Unit 10: Handout: Money in the Free Market.Teacher will create blank copies of Frayer model vocabulary cards using the Handout: Frayer Model Templates. (Run two to a page.) Each student will need four models, or two sheets.Teacher provide the following list of vocabulary terms on an anchor chart:EntrepreneurshipProfitCost of productionFree enterpriseMarketEconomicsInterdependenceTradeLaborCapitalPrivate propertyCompetitionStudent trios will choose four economic words from the anchor chart to fill in on the Frayer model blanks. (12 words, each student trio gets 4 words)Ensure all the terms are addressed by the trio.Students discuss and conduct research for showing and understanding of the terms.Trios will teach each other about the words on each of their Frayer organizers.Student trios will share and explain their word choices with another trio. Materials:Textbooks or other approved resources to help with definitions and information about the economic termsAttachments:Make available the chart from Lesson 1, Unit 10: Handout: Money in the Free Market Frayer Model Templates (2 copies per student)Teacher Resource: Frayer Model Example KEY (1 copy for the teacher)TEKS: 3.6A, 3.6B; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.17E; 3.18A, 3.18BInstructional Note:Create an anchor with the vocabulary words.ELABORATE – Connecting ConceptsSuggested Day 2 (continued) – 25 minutesDistribute the Handout: Connecting Concepts ArrowsStudents use the arrows to create a reason that connects two of their concepts. This prepares the student for the Performance Indicator.Students can conduct research with classroom resources if needed.Facilitate connections by asking questions such as:How does supply and demand affect the price of a good or service?How does the cost of production and selling price affect profits?Attachments:Handout: Connecting Concepts ArrowsTEKS: 3.6A, 3.6B; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.17E; 3.18A, 3.18BEVALUATE Suggested Day 3 – 50 minutesCreate a set of vocabulary cards (Frayer model) for economic terms. Choose 5-10 cards to arrange on a poster to show relationships between the words. Use the words as you explain your arrangement to a classmate. (3.6A, 3.6B; 3.7A, 3.7B, 3.7C; 3.8B, 3.8C; 3.17E; 3.18A, 3.18B)4D, 4GInstructional Notes:Consider approaching this Performance Indicator by combining student groups to create a hybrid set of connections among their terms. Additionally, consider saving this Performance Indicator to facilitate the Lesson 3 Performance Indicator of this unit. ................
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