Curriculum Guide
Grade 3 – Social Studies Standard 3.1
Economics.3.1 - Describe producers and consumers and how goods and services are exchanged.
Related Colorado Department of Education Sample Units:
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Blast From the Past: Can we learn from the past? - Grade 3 Social Studies - Unit 1 - Concepts: Past and present; Community; Region; Change;
Migration; Historical sources (artifacts, pictures and documents); geographic tools; Questions; Forms of exchange; Government; rules
Pieces of the Puzzle: What can you learn from each other? - Grade 3 Social Studies - Unit 3 - Concepts: Producers, consumers, goods and
services, businesses, local government, sources of income, trade, interdependency, funding, community, purchase, trade, taxes, philanthropy,
entrepreneur
State Your Claim: How do we gather and use evidence to support a decision? - Grade 3 Social Studies - Instructional Unit 4 - Concepts: Civil
discourse, geographic and economic problem solving, multiple perspectives, fact vs. fiction, cost and benefits, rights and responsibilities,
economics, wants and needs, relationships, conflict and resolution, philanthropy, entrepreneurship, respect, history
Essential Questions - 21st Century Skills and Readiness Competencies (District):
How does an individual know when an exchange benefits both parties?
What would happen if the idea of money did not exist?
Would you rather be a producer, consumer, or a mix of both?
What happens when a producer cannot make enough to meet consumer demand?
What would happen if consumers did not want what a producer made?
What would the world look like if there was no transportation that could move
goods more than 50 miles?
Evidence Outcomes (District):
a. Describe the difference between producers and consumers and explain how they
need each other.
b. Describe and give examples of forms of exchange topics to include but not limited to
trade and barter.
c. Describe how the exchange of goods and services between businesses and
consumers affects all parties.
d. Recognize that different currencies and forms of exchange that exist and list the
functions of money to include, but not be limited to, such topics as medium of
exchange, store of value, and measure of value.
e. Give examples of how trade benefits individuals and communities and increases
interdependency.
Academic Vocabulary (District):
barter
business
consumer
consumption
currency
demand
exchange
goods
interdependency
market
measure
medium
producer
production
Assessment (District):
1. Grade the consumers and producers assessment.
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Consumers/Producers Assessment
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2. Evaluate the goods/services and consumer/producer assessment.
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Goods and Services Assessment
3. Assess the completed foldables for accuracy.
4. Grade the finished saving and wants worksheet. Have students choose an item for
which they must save money and identify the opportunity cost. Assess the accuracy of
their answers.
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Savings/Wants Sheet
5. Evaluate the goods and services worksheet at the end of activity.
purchase
service
trade
transportation
value
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Goods and Services Assessment
6. Assess the supply and demand writing component at the end of activity.
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Supply and Demand
7. Use the producers and consumers worksheet as the assessment to this lesson.
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Producers and Consumers Worksheet
8. Assess this lesson using the consumers and producers worksheet.
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Consumers and Producers Worksheet
9. Use this assessment rubric to evaluate student learning.
Suggested Activities/Strategies (District):
1. Use this interactive website to teach and/or review consumers/producers and basic
economic concepts.
2. Use this interactive site to teach and/or review goods/services and
consumers/producers.
3. Watch these videos to teach trade and barter: Video 1. Video 2. Have students
fold papers into fourths, then draw and label four examples of trade
and barter.
4. Play this interactive game in which students learn when to spend/save.
5. Follow this lesson plan to teach goods and services.
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Goods and Services Lesson
6. Follow this lesson plan to teach supply and demand.
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Supply and Demand Lesson
7. Use this lesson plan to teach about producers and consumers.
8. Follow this plan to teach about consumers and producers.
9. Use this geography/economics lesson to teach about goods manufactured in the
United States.
Resources/Technology (District):
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Consumers and Producers Resources
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Teaching Spending and Saving
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Elementary Economics Lessons
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Transporting Goods Game
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Teaching Transportation
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Integrating Transportation across the Curriculum
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Interactive Game on Currencies
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Producer Coupon