### Lesson Plan: Introduction to Economics – Supply and Demand, Trade
**Grade Level:** 5th Grade
**Subject:** Social Studies
**Time Duration:** 60 minutes
**Lesson Topic:** Introduction to Economics – Supply and Demand, Trade
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#### **Learning Objectives:**
1. Students will understand the basic concepts of supply and demand.
2. Students will recognize the importance of trade and how it affects economies.
3. Students will be able to explain how supply and demand influence prices.
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#### **Materials Needed:**
- Whiteboard and markers
- Projector and computer for slideshow presentation
- "Economics for Kids" slideshow (prepared in advance)
- Worksheets on supply and demand scenarios
- Handouts of a simple chart showing supply and demand curves
- Small trinkets or candy for a classroom trade activity
- Exit tickets for assessment
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#### **Standards:**
- CCSS.ELA-LITERACY.RI.5.3: Explain the relationships or interactions between two or more individuals, events, ideas, or concepts in a historical, scientific, or technical text based on specific information in the text.
- NCSS Standard 7: Production, Distribution, and Consumption – Describe the economic choices people make about goods and services.
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### **Lesson Activities:**
1. **Introduction (10 minutes):**
- **Hook:** Show students a short video clip that gives a simple explanation of supply and demand.
- Discuss what students think "economics" means. Write their ideas on the whiteboard.
- Explain that today we will learn about key concepts in economics, focusing on supply and demand and trade.
2. **Direct Instruction (15 minutes):**
- Present a slideshow titled "Economics for Kids" that covers:
- Definitions of supply and demand.
- Examples illustrating how supply and demand affect prices.
- Basic concept of trade and why people trade goods and services.
- Use engaging stories or examples, such as lemonade stands or trading Pokémon cards, to make the concepts relatable.
3. **Guided Practice (15 minutes):**
- Distribute worksheets with supply and demand scenarios.
- Walk through one scenario as a class, discussing why items become more or less expensive depending on supply and demand changes.
- Allow pairs or small groups to work through the remaining scenarios on the worksheet.
4. **Activity: Classroom Trade Simulation (10 minutes):**
- Provide small trinkets or candy to students.
- Allow students a few minutes to trade with one another, highlighting supply and demand principles as they trade (e.g., some items may be more popular and sought after).
- Discuss what happened during the activity. Which items were in high demand? Which had high supply?
- Relate this to real-world examples of supply and demand in markets.
5. **Closure (5 minutes):**
- Summarize key points from the lesson.
- Allow students to ask questions or share something new they learned about economics, supply and demand, or trade.
6. **Exit Ticket (5 minutes):**
- Distribute exit tickets asking the following questions:
- What is one thing you learned about supply and demand today?
- Give an example of a trade you made or observed and explain why it happened.
- Collect exit tickets as students leave.
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#### **Assessment:**
- Observational assessment during activities and discussions.
- Review and provide feedback on worksheets.
- Analyze exit tickets for understanding and retention of the material.
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#### **Differentiation:**
- **For Struggling Learners:** Pair them with a buddy during the worksheet activity; provide additional explanations and use visual aids.
- **For Advanced Learners:** Challenge them with more complex supply and demand scenarios; have them predict outcomes for changing market conditions.
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**Homework/Extension:**
- Ask students to find an example of supply and demand from a newspaper article or online news source. Have them bring in the article and be prepared to explain how supply and demand influenced the situation discussed.
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#### **Reflection:**
- After the lesson, consider what worked well and what could be improved. Reflect on student engagement and understanding, adjusting future lessons accordingly.
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This lesson plan aims to make essential economics concepts accessible and engaging for 5th graders, fostering an environment of interactive and practical learning.