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| Date: 01/29/2002 |
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| Title: Recession Is Not Recess |
| Discipline: Economics, History, Social Studies, Mathematics |
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The main lesson addresses these academic content standards:
DCCS 3
Scientific, Technological and Economic Change, Content Standard 3: Students recognize scientific, technological and economic changes and understand how they have affected societies, culture, and politics throughout history. Grade 3: The student defines basic needs, wants, resources and sharing; creates narratives and stories that describe individuals' search for the necessities of life. By the end of Grade 3, the student will give examples that show how scarcity and choice govern our economic decisions; explain how needs and wants dictate supply and demand. By the end of Grade 5, the student will describe how limited resources necessitate choice.
Reading/English Language Arts
Language for Research and Inquiry, Content Standard 3: Students use language and symbol systems (e.g., timelines, maps, graphs, and charts) to define problems and organize information. Grade 4: The student uses current events and periodicals as sources for expository writing. Students make connections between written text and life experiences.
MD5.0, 5.1, 5.1.3.1, 5.1.3.2, 5.1.5.1, 5.1.5.2.,1.1.8.3.
Economics 5.0: Students will develop economic reasoning to understand the historical development and current status of economic principles, institutions, and processes needed to be effective citizens, consumers, and workers participating in local communities, the nation, and the world.
5.1 Students demonstrate understanding of the implications of the economic concepts of scarcity and choice and how they are related. In the context of home, school, and community, at the end of grade 3, students know and are able to: 5.1.3.1 identify economic wants for goods and services and explain how limited natural, capital, and human resources require people to make choices. 5.1.3.2 identify the opportunity costs of economic decisions made about goods and services.
In the context of Maryland up to contemporary times, and U.S. History through 1790, at the end of grade 5, students know and are able to do everything required at earlier grades and are able to: 5.1.5.1 explain how limited resources and unlimited economic wants cause people to choose certain goods and services and give up others. 5.1.5.2 explain how the opportunity costs of economic decisions are a result of limited resources and unlimited economic wants.
Social Studies Skills
In the context of U.S. History through 1877, world history through the Middle Ages, and in comtemporary world geography, at the end of grade 8, students know and are able to do everything required at earlier grades and are able to: 1.1.8.3 find, interpret, evaluate, and organize primary and secondary sources of information including pictures, graphics, maps, atlases, artifacts, timelines, political cartoons, videotapes, journals, and government documents.
VA1.11, 3.8, 7.10, 5.6
Grade 1, 1.11: The student will explain that limits on resources require people to make choices about producing and consuming goods and services. The student will explain that people make choices because they can't have everything they want.
Grade 3, 3.8: The student will explain in simple terms how opportunity cost (what is given up when making a choice), scarcity, and price influence economic decision making.
Grade 7, 7.10: The student will interpret maps, tables, diagrams, charts, political cartoons, and basic indicators of economic performance (gross domestic product, consumer price index, productivity, index of leading economic indicators, etc.) for understanding of economic and political issues.
Reading/Literature
Grade 5, 5.6: Students will demonstrate comprehension of a variety of literary forms.
*Locate information to support opinions, predictions and conclusions.
*Identify cause and effect relationships.
*Write about what is read.
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