SHOW-ME Economics

Grades 5-8

Table of Contents

1.       Overview of Economic Content ………………………………………………..……...……………… i

 2.       Copyright Restriction ……………………………………………………………………….……….. xi

 3.       Economic Education Resources Available for Teaching Economics in Grades 5-8 ..…….… xiii

 4.       Correlation of Economic Education Resources with the Show-Me Standards………….….… xvi

 5.       Correlation of Sample Lessons with the Show-Me Standards ……………………………..… xxiii

 6.       Sample Lessons for Teaching Economics …………………………………….………..………… 1

 Benchmark 1 Knowledge of economic concepts, being able to explain and use them when Interpreting current and historical events. 

Scarcity                     

                                   *Lesson 1:       Early Settlers …………………………………………..………1

                                   *Lesson 2:       Colonial Period …………………………………………………6

                                   Society vs. Scarcity …………………………………………………………….12

Demand                      

                                     How Many Will You Buy? …………………………………………………….14

                                     Demand Shifters ………………………………………………………….……20

Supply     

                                     Producers and Supply ………………………………………………….……..26

Specialization of Regions, Nations, and Individuals (Trade)

                                     Lesson 3:         Colonial Period (18^th Century) ………………………..……37

                                     Who Has the Resources? ……………………………………………....…….48

Trade-offs (Opportunity Cost)

                                    * Give and Take ………………………………………………………..………..50

                                    * Party Planners …………………………………………………….…………..54

                                    * What Would You Do? ……………………………………………..………….62

Investment/Productivity

                                     More for Less …………………………………………………………………...70

                                     Productivity of a Baseball Player …….……………………………………….72

                                     Technology Changes Work Patterns ………………………………...……...74

Income, wealth, and Sources of Wealth

                                     Guess My Income ……………………...…………………...…………………75

* Profit Motivates ……………....………………………………………………..85

Gross Domestic Product

                                    An island Economy ……………………………………..…………………...…87

Inflation                       * Boom and Bust …………………………………...…………………………....96

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Profit and Profit Motive

 * Profit Motivates ……………………………....………….………………..….…85

Business Cycle (Expansion, Recession, Depression)

                                    *Boom and Bust …………………..……………………..…………………...…95

Market Economy

                                      Adam Smith and the Market Economy …………….…………………..….101

                                      Market Madness ……………………………….…….……………………….108

Benchmark 2 Knowledge of the role technology in our economy and of how our economy has  changed from an agricultural economy to an industrial economy.

                                    Making Clothes and Houses Out of Wheat ……..…………………………..117

 Benchmark 3 Knowledge of how to interpret the past, explain the present, and predict future Consequences of economic decisions.

                                   Problems Under the Articles of Confederation …………………………...….124

                                   The Constitution:  Ground Rules for the Economy …………………...……..130

* Technology Changes Work Patterns ……………………………….....………74

Benchmark 4 Knowledge of the consequences of personal and public economic decisions.

                                  * Give and Take …………………………….....…………………………………..50

* If This, Then That ……………………………………......….………………….145

* Limiting Trade ………………………………………......………………………152

* Party Planers ……………………………………….....…………………………54

* What Would You Do? ……………………………….....……………………….62

* You Can’t Have Your Cake and Eat It, Too ………......……………………..157

Benchmark 5 Knowledge of how decisions and actions of governments, businesses, group and Individuals affect one another in our largely market economy.

                               * If This, Then That ………………………………………………......…………….145

  Regulation Rigmarole …………………………………….……......…………….163

Benchmark 6 Knowledge of different forms of taxes, such as tariffs, sales taxes, and income taxes, and their purposes.

                                 *Limiting Trade …………………………………….....…………….…………….145

No Free Lunch …………………………………………………….....…………..168

*You Can’t Have Your Cake and Eat It, Too ……………………......………...157

6. Sample Performance Assessments ……......………………………………………………………….174

7. Glossary of Terms ………………………………………………….............…………………………...183

* Indicates that a lesson is listed more than once.