DIRECT INSTRUCTION LESSON PLAN Name: Jessica Antonio Grade Level/Subject: 3rd Grade Social Studies NCES/CCSS Standard

and Objective Topic: Supply & Demand, Location

Economics and Financial Literacy 3.E.1 Understand how the location of regions affects activity in a market economy. 3.E.1.1 Explain how location impacts supply and demand. After learning about supply and demand, students will complete a worksheet to determine whether the supply and demand of 4 objects given to them is high or low and explain why with 100% accuracy. Children need to learn about supply and demand to learn about how our market economy works. This will help them make smart decisions in the future when buying items. This will help them have a better understanding, so they can build on this knowledge later on.

Behavioral Objective

Objective Rationale

Prerequisite Knowledge and Skills

Key Terms and Vocabulary Focus/Review (prepares students for the lesson)

Objective as stated for students (helps students set their own goals for the lesson) Teacher Input (provides the content to students in a teacher-directed manner)

Students should know that prices are not always the same: They go up and down. They should also know that people have the same or different items depending on the resources available where they live. Students should be able to answer questions as well as discuss them with a partner. Supply and Demand Content and Strategies Today we are going to read a book about money called Money Madness by David A. Adler. This is going to helps us have a better understanding of what we are going to learn today. Read the book to them. Ask the students if they have ever wanted something really expensive, but their parents wouldnt buy it because it cost too much such as clothes or an Xbox. Ask if their parents like to buy items on sale instead that are cheaper. When I was younger I really wanted these cool shoes, but they were really expensive. My parents waited until the price went down, and they got them for my birthday. Today we are going to figure out the supply and demand of different objects.

So we know that when the prices go down, our money is worth more because we can buy more things, but what causes these prices to go up or down. Well the answer is supply and demand. Can anyone tell me what supply and demand is? (Take responses from the students) Supply means the amount of items that are available. Demand is
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how much people want to buy the items. (Write this on the paper board)

The demand for an item can cause the price to go up or down. Lets say that everyone in this room wants to buy an Xbox, so the demand is high. Since everyone really wants one, we will probably be willing to pay more money for it. They will make the Xbox more expensive, so the company can make more money. If I am the only one who wants an Xbox, the price is going to go down because the company wants more people to buy it. More people will buy it if it is on sale. This helps the company make more money as well. Supply and demand are opposites. When supply goes up, demand goes down. When supply goes down, demand goes up. (Write this on the paper board) For example, almost everyone I know has an iPhone. Since there is a big supply of iPhones now, the demand is going down because most people already have them, or they would rather have a different phone from everyone else. When the supply of iPhones was low and there was not a lot, everyone wanted to get one, so the demand was high. This is how supply and demand works. Has anyone else had an experience with supply and demand like this? Location affects supply and demand as well. There is not going to be a high supply of boats near the desert, but there would be near an ocean. So even if someone who lives near the desert wants to buy a boat, it is going to be harder for them to get one because boats are limited in that area. What are some items that we have in the U.S. that other countries may not have? There are a lot of large vehicles in our country such as trucks, RVs, and tractor trailers. In Europe, there are a lot of smaller vehicles because they are better for the environment. The supply for large vehicles in Europe is lower.

If students do not understand this concept, ask if they could have anything what would it be? Ask them if it is expensive or not and why. Talk about how the price may be cheap or expensive because of how many people want it or how many items there are (supply and demand).

Guided Practice (scaffolded practice with the content;

Show the students 5 bags of Skittles and 1 candy bar. Take a vote of how many people want a bag of Skittles
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helps students make sense of the content provided in Teacher Input)

Independent Practice

Closure

Evaluation (How will you assess students learning so that you can determine if they met the objective of the lesson?)

vs. one candy bar. (Assuming more people will want the candy bar.) Ask the students why more people want the candy bar and why less people want the Skittles (Have them turn and talk with a partner). Ask the students how this shows supply and demand. Discuss with the class how the demand for Skittles is low because the supply is high and the demand for the candy bar is high because the supply is low. If this example doesnt work, ask them how many computers there are in the room and how many students. Ask them if each student can have a computer. Ask them if the supply of computers is high and low, and what the demand for the computers is. The supply of the computers is low and the demand is high because there are only 4 computers and 20 students. Give each table a set of 10 paper clips, 5 pencils, 2 erasers, and 1 sticker. Have the students write down whether the supply and demand of each item is high or low and why. Collect the students work. Ask the students what the supply and demand would be for the paper clips. Ask them what would be the supply and demand for the sticker. Discuss what the students learned and how it will help them in the future. Formative: Teacher questioning throughout the lesson Teacher observations throughout the lesson Summative Collect students independent practice and determine mastery based on this criteria: - 4 out of 4 items were accurately identified as high or low supply/demand - Provided 4 reasons that support their choices Answer Key: Paper Clips: High supply, low demand because there are a lot of paper clips,not many people want them Pencils: High supply, low demand because there are a lot of pencils not many people want them Erasers: Low Supply, high demand because there are only a couple everyone wants them Sticker: Low Supply, high demand because there is only one, everyone wants it. Struggling students: have them work with an advanced partner at their table. Early finishers/Advanced students: Ask them to create their own business and describe what the supply and demand would be of the different products.
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Plans for Individual Differences (differentiations needed for students)

Materials used in the lesson; Resources used in developing the lesson

ESL students: Create a chart showing the inverse relationship of supply and demand and have a Spanish/English dictionary available for them to look up words if needed. 5 bags of skittles 1 candy bar 50-60 paper clips 25-30 pencils 10-14 erasers 5-6 stickers Resources: Not Applicable

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Supply and Demand 1.Paper Clips: Supply is _____________, so Demand is _____________ Why?_____________________________________________________

2.Pencils: Supply is ________________, so Demand is______________ Why?_____________________________________________________

3.Erasers: Supply is ______________, so Demand is _______________ Why?_____________________________________________________ 4.Stickers: Supply is _______________, so Demand is ______________ Why?____________________________________________________

Revised for spring, 2012