Economics: The Free Enterprise System (3rd Grade Social Studies Unit)
In this 2-4 week unit, students learn the basics of economics through interactive classroom simulations and engaging activities.
Who Is It For?
3rd Grade Students
Teachers and homeschoolers looking for a fun, easy-to-follow, and engaging unit on the basics of economics
What is Included?
* instructions for each lesson * templates for students to use in each simulation * graphic organizers, sorts, and foldables * instruction pages for the "products" created * resources and live links to information on the entrepreneurs * ideas for read-alouds and videos
Part 1: Personal Finances Students begin by imagining their life in the future as you travel to the newly discovered planet "Futura." Here, students must make choices about their home, vehicle, food, and fun and balance these wants and needs with the job they select. They will create a simple budget, learn about the importance of savings, and make some tough decisions in the process.
Part 2: The Free Enterprise System Students will experience being both a producer and a consumer by working in groups to create and sell a real product in this simulation of the free market. Classmates will act as consumers to purchase the goods as they learn about supply and demand. Groups will then complete a reflection on their company including their expenses, profits, and pricing decisions.
Part 3: Entrepreneurs at Work Students will learn about famous entrepreneurs and consider their contributions to the community. As a class or in small groups, students will research these individuals, gather information, and present their ideas to the class.
Entrepreneurs Included: Milton Hershey, Henry Ford, Bill Gates, Mary Kay Ash, Wallace Amos, and Sam Walton
*Extension Activities also included!
Focus Vocabulary:free enterprise system, supply and demand, producers and consumers, goods and services, wants and needs, budget, product, entrepreneur, profit
This unit is kid-tested and teacher-approved! In one comprehensive unit, students learn all the fundamentals of economics!
Ask The Seller
There aren't any questions, go ahead and ask one now!
I'm a wife, mom, and teacher in Texas. I've taught first and third grade, worked as an Instructional Coach for grades K-5, and am currently a part-time intervention teacher. I love planning and creating curriculum that is teacher and kid-friendly. I author the blog "Teacher Trap" and love connecting with teachers around the country.