Lesson Plan : Economics-Competition

Teacher Name:
 Vanessa Duran
Grade:
 Grade 3
Subject:
 Social Studies

Topic:
 Competition
Content:
 Economics
Goals:
 Students will understand that economics impacts every aspect of our lives. Students will learn what impacts the prices we pay for goods and services.
Objectives:
 TSW explain how competition affects the prices of goods and services by using the FTC website to gather information and answering questions about each area of competition.
Materials:
 • Student journals • Monopoly Game board • T – Chart for mall comparison • T- chart example • EconEdLink for full lesson and links • Food Court • Tripple Cold Creamery - monopolies • The Cinema - FTC
Introduction:
 Show a Monopoly board and ask students to talk about how to play the game. Students should get to the idea that it’s best to own all of one business or property because you can charge more.
Development:
 Students will be comparing 2 different malls using a T-chart. Examine the mall design on each side of the T-chart and write down what you notice about each one. See T-chart example. Students should understand that having more stores and more choices sellers will work harder for their business. This is known as competition. Give students some background on the Federal Trade Commission. The Federal Trade Commission is the nation's consumer protection agency and one of the government agencies responsible for keeping competition among businesses strong. Its job is to make sure companies compete fairly and don't mislead or trick people about their products and services. Read more about the FTC. Let students share their thinking about which mall is better for the consumer. Can they think of examples of monopolies in their own malls?
Practice:
 Use the link to head to the food court of the mall. This is a government website designed to teach kids about competition. Click on the site to get started. Listen to the conversation of the main characters, and then listen to each pizza restaurant. Decide which one offers the best pizza deal. Then go back to the main characters and see what they chose. Ask students if Emily and Isaac chose the pizza they would have chosen. Competition allows consumers to get goods and services at lower prices. They get better customer service and more choices so they can get better quality. Display this question: How does competition encourage producers to produce more of what consumers want and are willing to buy? Answer the question together as a group. Students can show with Thumbs Up or Down if they agree or disagree with the choice of pizza made. Justify reasoning.
Accommodations:
 Grouping students so that higher English speakers can assist developing English speakers. Depending on student level students will either write as they gather information and answer questions or by drawing and /or telling orally.
Checking For Understanding:
 Use the FTC website to gather information and answer questions about each area of competition.
Closure:
 Students will write in their journal a short answer to the question: What impacts the prices we are charged for goods and services?
Evaluation:
 Students will explain the factors that affect the price of goods and services.

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