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Choices, prices and business: 3rd to 5th people & places

Scarcity and choices, and running a business: opportunity cost, prices and profit. A free 3rd to 5th lesson plan with a hook, practice that links to free activities, and an exit ticket. Copy it and make it yours.

Lesson plan

Goal

  • Students work toward: scarcity and choices, and running a business: opportunity cost, prices and profit.

Hook (5 min)

  • Ask the class: Why can't you have everything you want?
  • Take two or three answers and write them where everyone can see them.

Teach (15 min)

  • Say the big idea in one plain sentence: choices, prices and business.
  • Show one example, then one that is not an example, and ask how the two differ.
  • Have students tell a partner or a small group the idea in their own words.

Practise (20 min)

  • Choose one for the whole class or let groups pick:
  • Learn: Scarcity and Choices (https://peabody.kids/world/money/money-scarcity-and-choices)
  • Print: The Lemonade Stand (https://teach.peabody.kids/passages/4/the-lemonade-stand)
  • Print: Supply and Demand (https://teach.peabody.kids/passages/5/supply-and-demand)
  • Play: Working Waterpark (https://peabody.kids/games/springs)
  • Try: Quiz: money and work (https://peabody.kids/practice/hist/money)

Exit ticket (5 min)

  • On a slip or aloud: one thing I learned about choices, prices and business, and one question I still have.
  • Sort the slips into: got it, nearly, not yet. Start tomorrow with the last pile.

Written by Peabody from its own skill pages. Free, no ads, no sign-in. Children can practise this on Peabody. More from teachers: teacher-shared resources.