VCEE RMC SWIFT Book Crate#1 : simplebooklet.com

TABLE OF CONTENTS Unit Introduction Page 4 A Bike Like Sergio’s Pages 5-12by Maribeth BoltsLesson: Decision-Making A Chair for My Mother Pages 13-18by Vera WilliamsLesson: Opportunity Cost Harvesting Hope: Pages 19-23The Story of Cesar Chavez by Kathleen KrullLesson: Opportunity Cost John Deere, That’s Who! Pages 24-31by Tracy Nelson MaurerLesson: Decision-Making Lemonade in Winter: A Book Pages 32-39about Two Kids Counting Money by Emily Jenkins Lesson: Decision-Making Rock, Brock, and the Savings Shock Pages 40-52by Sheila BairLesson: Decision-Making What Pet Should I Get? Pages 53-56 by Dr. Seuss Lesson: Decision-Making Overall Application Pages 57-64Lesson: Opportunity Cost [Featuring: A Bike Like Sergio’s, A Chair for My Mother, Harvesting Hope:The Story of Cesar Chavez, John Deere, That’s Who!, Lemonade in Winter: ABook About Two Kids Counting Money, Rock, Brock, and the Savings Shock,What Pet Should I Get?] Lynne F. Stoverstoverlf@jmu.edu

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INTRODUCTIONContent Crate #1 contains picture books, lessons, and activitiesfeaturing the concepts of opportunity cost and decision-making.Decision-making is reaching a conclusion after evaluating alternativesbased on self-determined criteria. Opportunity cost is the next-bestalternative a person gives up when making a choice. Basically, it’schoosing by refusing. While the books in this set all feature lessons and activities based onthe concepts of opportunity cost and decision-making, enrichment andextension activities are also included. In some cases, discussionquestions are provided for classroom use as well as to help the teacherreading the book to the students be aware of the story’s references tothe decisions made by the book’s characters. Lessons include a storysynopsis, defined economic concepts, and a structured lesson plan. It isto be noted that these lessons and activities do not need to be taughtin any specific order but are book dependent. The featured lessons are stand-alone and can be taught independentlyor as part of an instructional unit. They were developed for elementaryclassroom teachers but can be modified for use by resource teacherssuch as reading specialists, English as a second language instructors,librarians, and gifted education educators. Reading Makes Cents Content Crate #1 Prince William County Public SchoolsLynne F. Stoverstoverlf@jmu.edu

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Reading Makes Cents Content Crate #1 Prince William County Public Schools A Bike Like Sergio’s by Maribeth Boelts Synopsis: Ruben’s loving and supportive family struggles to pay their bills, so getting a new bike for his birthday seems out of the question. When Ruben is in the grocery store, he sees money fall out of a woman’s purse. Thinking it is just one dollar he picks it up and puts it his pocket. He later discovers it is really a hundred-dollar bill. Should he keep it and buy a new bike, or return it to the person who dropped it? Time: 20-25 minutes Grade Level: K-3 Materials: •Book: A Bike Like Sergio’s by Maribeth Boelts•Visual 1: A Bike Like Sergio’s Economic Concepts•Visual 2: Cost-Beneﬁt Decision Grid•Activity Sheet: Cost-Beneﬁt Decision Grid•Projection Tool•Writing ToolsObjectives: •Students will review the deﬁnitions for the following economicconcepts: beneﬁt, cost, choice, money, opportunity cost and want.•Students will use a decision-making model to reach a decision byweighing the costs and beneﬁts of their options.•Students will develop skills using the decision-making model in orderto improve students’ ability to make reasoned decisions.Lynne F. Stover stoverlf@jmu.edu 5

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Virginia History and Social Science Standards of Learning: Procedure: 1. Prepare the visuals, activity sheet (1 per student, pair, or group), andcollect materials prior to class.2. Introduce the lesson by asking the students if they have ever wantedsomething that their family could not afford to buy them.3. Read the book A Bike Like Sergio’s to the class. Reading time 9minutes.YouTube read along link: https://www.youtube.com/watch?v=ENcx2QcnaiY4. Display Visual 1. Review the listed economic concepts and deﬁnitionsshown, relating the concepts to connections in the story.5. Explain that all decisions have costs and beneﬁts. Ruben had to make achoice concerning the money he found. Should he keep it or return it?Did he make the right choice? If he had created a cost-beneﬁt decisiongrid would that have helped him make a better decision?6. Display Visual 2. Solicit suggestions from the students concerning thecosts and beneﬁts of keeping or returning the money. Accept andrecord all reasonable suggestions.K-3.1hThe student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to make informed decisions.K.9The student will a) recognize that people make choices because they cannot have everything theywant; andb) explain that people work to earn money to buy the things they want.1.8The student will explain that people make choices because they cannot have everything they want.2.10The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.3.10The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).Lynne F. Stover stoverlf@jmu.edu 6

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Possible Student Responses: 7. Ask the students to use the information they have suggested on theCost-Beneﬁt Decision Grid to help them decide if they would keep orreturn the money. Take a class vote and record the most popular choicein the Decision box.8. Distribute the activity sheet and writing tools. Instruct students tocomplete a Cost-Beneﬁt Decision Grid based on another situation fromthe story. (Students may work individually, in pairs or small groups.)Decision Examples: Should Ruben have returned the money rightaway? Should Ruben tell his parents about the found money? ShouldRuben remain friends with the much richer Sergio?9. Allow students to share their completed Cost-Beneﬁt Decision Gridsincluding their ﬁnal decision with the class.10. Conclude the lesson by reminding the students that all choices havecosts and beneﬁts. We will often make better decisions if we stop andthink about our costs and beneﬁts before we choose what to do.Extension Activity: Sergio’s teacher, Mr. Grady, engages his students with lessons about money and involves them in a marketplace simulation. Create a mini-economy with the students by simulating a real-world economic activity. Students can earn classroom money to spend in businesses, selling goods and services developed by their classmates. Beneﬁts of keeping the money A beneﬁt is a favorable thing you gain when you make a decision ☹ Costs of keeping the money A cost is what you give up when you decide to do something☺ Ruben could buy a bike.☺ Ruben could give the money to his parents to helppay the bills.☺ If Ruben bought a bike it would be newer and be>erthat Sergio’s bike.☺ Ruben keeping the money might teach the womanwho dropped it to be more careful.☹ Ruben would feel guilty, the money was not his.☹ The woman who dropped the money may haveneeded it to pay bills or buy food.☹ Ruben’s parents might be worried if he came homewith a new bike, thinking he may have stolen it.☹ He may get stressed thinking that his parents,teachers, or friends might ﬁnd out about the moneyand think he is not an honest person.Lynne F. Stover stoverlf@jmu.edu 7 ☺

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 1 A Bike Like Sergio’s Economic Concepts Beneﬁt - A beneﬁt is a favorable thing you gain when you make a decision. A beneﬁt is the positive effect of a decision. Cost - A cost is what you give up when you decide to do something. A cost is the negative effect of a decision. L Choice (or Economic Choice) - You cannot have all the goods and services you want, so you must choose some things and give up others. A choice is the decision you make among alternatives or possibilities. Money - Anything that serves as a medium of exchange, a standard of value, and a store of account. Opportunity Cost - The next best choice that is given up when you make a decision is your opportunity cost. Want - A desire that can be satisﬁed by consuming or using a good or service. Lynne F. Stover stoverlf@jmu.edu 8

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Reading Makes Cents Content Crate #1 Prince William County Public Schools A Bike Like Sergio’s by Maribeth Boelts Discussion Questions: 1. Ruben tells his story and says, “Every kid has a bike but me.” He doesnot say why this is so. Using the clues in the story and illustrations, whydo you think Ruben does not have a bike? Ruben’s family may not beable to afford to get him a bike. His loving and supportive parentswork hard, but there are four children in the family that need to betaken care of.2. Do you think Sergio understands that Ruben’s parents can’t afford toget him a new bike for his birthday? Why? Sergio appears to be from awealthy family and seems to assume that Ruben can get whateverhe wants for his birthday. When Sergio and Ruben go into Sonny’sGrocery after school, Sergio spends his money on football cards.Ruben uses the money he has to buy a loaf of bread his mom hasasked him to get.3. Why do you think Ruben kept the money the lady in the blue coatdropped on the ﬂoor?Ruben thought it was just a one-dollar bill.4. Even if it was just a one-dollar bill, do you think he should have kept it orrun after the lady and return it? Answers will vary. Be prepared forsome lively discussion! Of course, the honest thing is to return themoney regardless of the amount because it belongs to someone else.5. How do you think Ruben feels when he discovers that he has ahundred-dollar bill? How would you feel? Answers will vary.6. What are some choices Ruben can make about what to do with themoney he found? Possible answers: Buy a bike. Return it to the lady inthe blue coat. Give it to his parents and let them decide what to do.Donate it to a charity. Put it in a safe place and save it for anemergency.7. Sergio’s teacher, Mr. Grady, is teaching the students about money inmath class. He sets up a class store and gives the students play bills andcoins to spend. Why do you think Mr. Grady is allowing students topretend to shop during class time? Mr. Grady may think this would bea fun way to teach the students about being consumers, how to savemoney, how to count money, and how to make change.Lynne F. Stover stoverlf@jmu.edu 11

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Reading Makes Cents Content Crate #1 Prince William County Public Schools 8. Mr. Grady asks Sergio’s class some money questions, can you answerthem? “How many nickels in a dollar?” “How many quarters in a ﬁve-dollar bill?” The answer is the same for both questions: 20.9. Why do you think Ruben did not buy a bike the day after he found themoney? He may have been confused and feeling guilty. Also, he wasnot sure what to tell his parents when he came home with a new bike.10. How did Ruben feel when he could not ﬁnd the money in hisbackpack? He was upset and sad. But he was smart enough to realizethat this is how the lady in the blue coat likely felt when shediscovered her money was missing.11. When Ruben returns the money to the lady in the blue coat, she thankshim and says, “You have blessed me.” Ruben says he feels “happy andmixed up, full and empty, with what’s right and what’s gone.’’ What doyou think he means by this statement? Answers will vary.Lynne F. Stover stoverlf@jmu.edu 12

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Reading Makes Cents Content Crate #1 Prince William County Public Schools A Chair for My Mother by Vera Williams Synopsis: After their home is destroyed by a ﬁre, Rosa, her mother, and grandmother save their coins to buy the perfect chair for all to enjoy.Time: 15-20 minutes Grade Level: K-3 Materials: •Book: A Chair for My Mother by Vera Williams•Visual 1: A Chair for My Mother Economic Concepts•Visual 2: Rosa’s Trip to the Furniture Store•Projection ToolObjectives: •Students will review the deﬁnitions for the economic concepts: beneﬁt,cost, choice, money, opportunity cost, savings, and want.•Students will participate in an interactive classroom activity learningabout choices and opportunity cost.Lynne F. Stover stoverlf@jmu.edu 13

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Virginia History and Social Science Standards of Learning: Procedure: 1. Prepare the visuals ahead of class.2. Read the book A Chair for My Mother to the class. Reading time 8minutes. YouTube read along link: https://www.youtube.com/watch?v=z21vI4Pl1AI3. Display Visual 1. Review the economic concepts with the class. As youare reviewing the concepts encourage the students to think about theplaces in the story where things like money, saving and choices wereaddressed.4. Display Visual 2. Read the content to the class. Ask the students tothink about what it might be like going furniture shopping in a big city.While answers will vary, encourage discussion. [Comments concerningweather conditions, the cost of the type of transportation, safety issues,and the time it would take to get their destination are likelyconsiderations.]5. Ask the students to consider what they think would be the best way forthe mother and daughter to get to the store.6. Inform the students that they get only one vote. Read each choice, askfor show of hands and record responses in the tally section of the visual.7. Stress to the students that the transportation method with the mostvotes is Rosa’s choice and the method that came in second is heropportunity cost.8. Deﬁne opportunity cost as the next best choice given up when achoice is made. When deciding how to spend a resource it is one’ssecond-best alternative; the alternative given up. In other words, thisis the thing she and her mother would choose to do if they could not dothe one that came in ﬁrst.Visual 1 1.9The student will recognize that people save money for the future to purchase goods and services.2.10The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.3.10The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).Lynne F. Stover stoverlf@jmu.edu 14

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Reading Makes Cents Content Crate #1 Prince William County Public Schools A Chair for My Mother Economic Concepts Beneﬁt - A beneﬁt is a favorable thing you gain when making a decision. A beneﬁt is the positive effect of a decision. ☺ Cost - A cost is what you give up when you decide to do something. A cost is the negative effect of a decision. L Choice (or Economic Choice) - You cannot have all the goods and services you want, so you must choose some things and give up others. A choice is the decision you make among alternatives or possibilities. Money - Anything that serves as a medium of exchange, a standard of value, and a store of value Opportunity Cost - The next best choice that is given up when you make a decision is your opportunity cost. Savings - Money set aside now for a future use. Want - A desire that can be satisﬁed by consuming or using a good or service. Lynne F. Stover stoverlf@jmu.edu 15

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 2 Rosa’s Trip to the Furniture Store Rosa and her mother saved enough money to buy a new chair? They live in the city and do not own a car. The furniture store is four blocks from their apartment. What do you think is the best way she and her mother should go shopping? The transportation method with the most votes is Rosa’s choice. The transportation with the second most votes is her opportunity cost, the thing she gave up for her ﬁrst choice. Transporta4on ChoicesTallyWalk Take public transportation; a bus or the subway Take a TaxiLynne F. Stover stoverlf@jmu.edu 16

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Reading Makes Cents Content Crate #1 Prince William County Public Schools A Chair for My Mother by Vera B. Williams Discussion Questions: 1. The story is told by Rosa. Her mother works at the Blue Tile Diner. Sheis a waitress and her job is to take orders and deliver food to thecustomers who buy their meals at the diner. What kind of a resource isa waitress? A waitress is a human resource. What is another way torefer to these “customers?” Consumers.2. Can you name another human resource in the story? The ﬁreﬁghtersare also human resources.3. Why does the owner of the Blue Tile Diner sometimes pay Rosa whenshe visits after school? Rosa cleans the salt and pepper shakers andﬁlls the ketchup bottles. Rosa works and so she earns money—orincome.4. Who else in Rosa’s family earns income? Rosa’s mother earns incomeas a waitress.5. Part of the money Rosa’s mother earns is paid by her boss who givesher a pay check once a week or twice a month. Part of her income isfrom tips—money customers pay her for doing her job carefully andefﬁciently. What does Rosa’s mother do with the pennies, nickels,dimes, and quarters she gets from customers who tip her? She asksRosa to count the coins and then put all the coins into the biggest jarher mother could ﬁnd at the diner.6. One terrible afternoon, the apartment Rosa shared with her motherand grandmother burned down and all of their possessions were lost.Once the family got a new apartment right below Rosa’s aunt anduncle, what problem did they have? They had lots of space but ascarcity of furniture.7. How did neighbors and friends help Rosa and her family with theirscarcity problem? They each brought over something they could spareand gave these things to the family.8. Even though Rosa, her mom and her grandmother now had a homeand the furniture they needed, something was still scarce in theirapartment. What was scarce? A comfortable place to sit.9. Rosa, her mom, and her grandmother worked together to sort thecoins and to roll them so that the bank would accept them. What didthe bank give Rosa’s mother in exchange for all the neatly rolled coins?The bank gave her ten-dollar bills.Lynne F. Stover stoverlf@jmu.edu 17

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Reading Makes Cents Content Crate #1 Prince William County Public Schools 10. How did Rosa and her family travel to the furniture stores? They rodeon a bus. When they rode, they paid a fare; this money is for theservice of riding the bus.11. Rosa and her mother sat in chairs in four different stores before theychose the chair they wanted to buy. Why did they not buy a chair at theﬁrst store they visited? They thought they could make a better choiceif they had more information. They wanted to see all the chairsavailable before choosing the one that was best for them.12. Why don’t Rosa and her family ride back home on the bus? There is nopractical way to bring a chair home on a bus. There would be ascarcity of space for the chair and for the other riders.13. Saving coins until the jar was full took a long time. Do you think Rosa,her mother, and her grandmother made a good choice about how tospend the money they saved? Yes, the chair has many beneﬁts theentire family can enjoy, and it will last a long time.14. If you saved a jar full of coins, what would you be saving for? Whatwould you be willing to give up to get your choice? Answers will vary.Lynne F. Stover stoverlf@jmu.edu 18

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Harvesting Hope: The Story of Cesar Chavez by Kathleen Krull Synopsis: Cesar Chavez, like his heroes Martin Luther King and Mahatma Gandhi, believed that change should be nonviolent. He battled relentlessly for the rights of migrant farm workers to have fair wages and humane living conditions. His opportunity cost was often his health. Time: 25-30 minutes Grade Level: 3 - 5 Materials: •Book: Harvesting Hope: The Story of Cesar Chavez•Visual: Young Cesar’s Opportunity Cost•Activity Sheet: Family Fiesta Opportunity Cost•Activity Sheet Cards: The Chavez Family Fiesta Activity Choices•Envelopes for Opportunity Cost Cards•Projection ToolObjectives: •Students will review the concept of opportunity cost by participating ina class activity.•Students will demonstrate knowledge of the concept of opportunitycost by making and recording choices.Lynne F. Stover stoverlf@jmu.edu 19

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Virginia History and Social Science Standards of Learning: Procedure: 1. Prepare the visual, activity sheet (1 per student or pair), and activitysheet cards (1 per student or pair) ahead of time. The cards work wellwhen run off on card stock. Card sets may be placed in envelopes tofacilitate ease of passing them out and keeping sets together.2. Read the book Harvesting Hope: The Story of Cesar Chavez. Readingtime 14 minutes. YouTube read along link: https://www.youtube.com/watch?v=Wl62ZMfYiLw3. Display the visual and read the content to the students. Ask them tothink about what activity young Cesar Chavez might choose. Whileanswers will vary, encourage discussion. Take a class vote to see whatactivity is the most popular. Responses can be recorded on the visual.Stress to the students that the activity with the most votes is Cesar’schoice and the activity that came in second is his opportunity cost.Deﬁne opportunity cost as the next best choice that is given up whena choice is made. When deciding how to spend a resource it is one’ssecond-best alternative; the alternative given up. In other words, thisis the thing he would choose to do if he could not do the one that camein ﬁrst.4. Pass out prepared activity sheets and opportunity cost cards. Studentsmay work independently or in pairs.5. Review information required for the completion of the activity sheetswith the class. Instruct students to open their envelopes and usingtheir knowledge of the story’s characters, ﬁll in the missing information.6. Check for understanding, stressing the economic concept ofopportunity cost and acknowledging answers will vary.3.8The student will demonstrate an understanding of different cultures and the natural, human, and capital resources they used in the production of goods and services.3.10The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).VS.1h & US.1hThe student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to identify costs and beneﬁts of a speciﬁc choice made.Lynne F. Stover stoverlf@jmu.edu 20

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual Young Cesar’s Opportunity Cost When Cesar Chavez was a young boy, his family would have barbecues in the evenings. There were many fun things to do. If you were Cesar, what would you choose to do? If Cesar could not do his ﬁrst choice, what would he then do? This is his opportunity cost, the thing he gave up for his ﬁrst choice. Cesar’s ChoicesTallyHelp Mama cook the cornTake a guitar lesson from GrandpaListen to Grandma tell a scary storyLynne F. Stover stoverlf@jmu.edu 21

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Activity Sheet Family Fiesta Opportunity Cost Directions: Pretend you are the member of the Chavez family named on the cards in the envelope. You are at a summer family ﬁesta in the warm Arizona desert. You can do only one of the things listed on the cards. What would you choose to do? Complete the sentences below based on your choice. Be prepared to share your answers with the class. I am __________________. The thing I would choose to do is __________________________________________________________________. My second choice would be __________________________________________________________________. This is my opportunity cost because it is what I gave up to do my ﬁrst choice. Extra Credit: Illustrate the character doing the chosen activity on the back of this paper. Lynne F. Stover stoverlf@jmu.edu 22

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Activity Sheet Cards The Chavez Family Fiesta Activity Choices Brother Richard Sister Rita Papa ~Brother Richard~ Eat Watermelon ~Brother Richard~ Listen to Music~Brother Richard~ Play a Game~Sister Rita~ Drink Lemonade ~Sister Rita~ Read a Book~Sister Rita~ Dance~Papa Chavez ~ Slice the Watermelon ~Papa Chavez ~ Play the Guitar & Sing a Song ~Papa Chavez ~ Take a NapLynne F. Stover stoverlf@jmu.edu 23

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Reading Makes Cents Content Crate #1 Prince William County Public Schools John Deere, That’s Who! by Tracy Nelson Maurer Synopsis: In the 1830s a young blacksmith named John Deere is having a run of bad luck. After his Vermont forge burns down for the second time, he has a decision to make. Should he rebuild or move on and try his luck in another location. Deciding to get a new start, he moves to Illinois and uses his skills to invent a steel plow that helped farmers cultivate the rich, thick soil. Time: 25-30 minutes Grade Level: 3-5 Materials: •Book: John Deere, That’s Who! by Tracy Nelson Maurer•Visual 1: John Deere, That’s Who! Economic Concepts•Visual 2: Cost-Beneﬁt Decision Grid•Activity Sheet: Cost-Beneﬁt Decision Grid•Writing ToolsObjectives: •Students will review the deﬁnitions for the economic concepts: beneﬁt,cost, consumer, producer, goods, services, choice, and opportunity cost.•Students will use a decision-making model to reach a decision byweighing the costs and beneﬁts of their options.•Students will develop skills using the decision-making model in orderto improve their ability to make reasoned decisions.Lynne F. Stover stoverlf@jmu.edu 24

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Possible Student Responses: 7. Ask the students to use the information they have suggested on the Cost-BeneﬁtDecision Grid to help them decide, if they were John Deere, would they move toIllinois. Take a class vote and record the most popular choice in the Decision box.8. Distribute the activity sheet and writing tools. Instruct students to complete a Cost-Beneﬁt Decision Grid based on another situation from the story. Students may workindividually, in pairs or small groups. Decision Examples: Should John Deere build anew forge after the ﬁrst one burns down? Should John Deere bring his family withhim to Illinois as he is starting his business? Should John Deere continue being ablacksmith?9. Allow students to share their completed Cost-Beneﬁt Decision Grids including theirﬁnal decision with the class.10. Conclude the lesson by reminding the students that all choices have costs andbeneﬁts. Often, we will make better decisions if we stop and think about our costs andbeneﬁts before we choose what to do.Extension Activity: “Dig into More Facts about John Deere and his Company” is found in the back of the book. This bulleted list of interesting facts contains details about the subject that the students will ﬁnd fascinating. Encourage students to research an entrepreneur of their own and create a list of ﬁve or more facts about this person. Some notable American entrepreneurs include: P.T. Barnum, Andrew Carnegie, George Eastman, Thomas Edison, Henry Ford, Benjamin Franklin, Madam C.J. Walker, and George Westinghouse. Beneﬁts of moving to Illinois A beneﬁt is a favorable thing you gain when you make a decision☹ Costs of moving to Illinois A cost is what you give up when you decide to do something☺ It might be a good thing to get newcustomers.☺ There would be fewer blacksmiths thereand less competition.☺ You are a good blacksmith so starting ata new location might be good forbusiness.☺ You have to pay off a debt so you have towork.☺ It will be interesting to solve newproblems in a creative way.☹ You will miss your family.☹ Your success depends on other peoplebeing able to be successful.☹ The weather could be terrible.☹ Many other blacksmiths might have thesame idea and there would be too muchcompetition.☹ There may be no customers.☹ You may not make enough money to payoff your debt.Lynne F. Stover stoverlf@jmu.edu 26☺

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 1 John Deere, That’s Who!Economic Concepts Beneﬁt - A beneﬁt is a favorable thing you gain when making a decision. A beneﬁt is the positive effect of a decision. Cost - A cost is what you give up when you decide to do something. A cost is the negative effect of a decision. L Consumer - A person who uses or buys goods and services is a consumer. Producer - A person who makes goods or provides services is a producer. Goods - Things that people make or use to satisfy wants are goods. Services - Activities that satisfy people’s wants are services. Choice (or Economic Choice) - You cannot have all the goods and services you want, so you must choose some things and give up others. A choice is the decision you make among alternatives or possibilities. Opportunity Cost - The next best choice that is given up when you make a decision is your opportunity cost. Lynne F. Stover stoverlf@jmu.edu 27

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 2Cost-Beneﬁt Decision Grid Problem: Should John Deere leave Vermont and move to Illinois to start a new business? Beneﬁts of moving to Illinois A beneﬁt is a favorable thing you gain when you make a decision☹ Costs of moving to Illinois A cost is what you give up when you decide to do something☺ ☺ ☺ ☺ ☹☹☹☹Decision: Lynne F. Stover stoverlf@jmu.edu 28☺

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Reading Makes Cents Content Crate #1 Prince William County Public Schools John Deere, That’s Who! by Tracy Nelson Maurer Discussion Questions: 1. John Deere lived over 200 years ago. Tools and technology were a lot different back then. What kind of transportation did he use to travel out west? He traveled in a wagon pulled by a horse. There were no cars, trucks, trains, planes or tractors.2. Work is any activity we do for which someone will pay us. What sort of work did John Deere do? He was a blacksmith, someone who makes and repairs things made of iron.3. Since John Deere was a blacksmith, he was a human resource. What service did he provide? He repaired broken pots, pans, horseshoes, pitchforks, shovels, and plows.4. What is the name of the place a blacksmith works? A blacksmith’s place of business is called a forge.5. John Deere used capital resources in his forge. What were some of these capital resources (or tools)? The illustration on page 12 depicts an anvil, hammers, chisels, and tongs.6. What were the disasters that caused John Deere to run out of money?His forge burned to the ground, twice!7. Because of the ﬁres and sometimes his customers didn’t pay him, John Deer was in debt. What is debt? The glossary in the back of the book deﬁnes debt as money owed to someone or the bank. He owed a lot of money and could not pay his bills.8. Every choice involves an opportunity cost—the thing we give up to get the thing we want more. When John Deere chose to travel west to start a new business, what is his opportunity cost? His opportunity cost was not being able to be with his family. He wanted to get a business going before he sent for them.9. All choices have costs (negatives) and beneﬁts (positives). What are some of John Deere’s costs in moving from Vermont to Illinois? His costs include the time and effort it took to build a forge and start a new business, living without his family, and facing the possibility of farmers not being able to till the land.10. What beneﬁts did John Deere incur by moving out west and setting up a new business? He was able to see ﬁrst-hand the problems the farmers were having with their old plows and discover a solution. He earned enough money to get out of debt, send for his family, and expand his business.Lynne F. Stover stoverlf@jmu.edu 30

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Reading Makes Cents Content Crate #1 Prince William County Public Schools 11. What was John Deere’s incentive to make a better plow? He wanted tohelp the farmers be more productive. By doing this he would not losehis customers and make more money.12. John Deere was an inventor and an entrepreneur. What is an inventor?A person who is ﬁrst to think of or make something. What is an entrepreneur?An entrepreneur is someone who takes a risk to start a new business or bring a new product to market in hopes of earning a proﬁt. John Deere took a risk that enough farmers would ﬁnd merit in his new plow and buy it covering his expenses and allowing him to pay off his debt and save enough money to bring his family to join him in Illinois.13. Is an inventor always an entrepreneur? No. Inventors aren’t entrepreneurs unless they are also the person who takes some or all of the risk to sell their invention in the marketplace.14. Why did John Deere want his company near the Mississippi River?Being near the river helped with harnessing water power to run the factory and made deliveries easier by using boats for transportation.15. How did John Deere help the prairies in the middle of the continent become America’s breadbasket? Farmers were able to plow prairie soil faster and therefore were able to plant more. They had enough to feed their families and sold the extra crops. Farming became a business.Lynne F. Stover stoverlf@jmu.edu 31

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Lemonade in Winter A Book About Two Kids Counting Money by Emily Jenkins Synopsis: It is a blustery winter day when Pauline comes up with the “cool” idea to set up a lemonade stand and make some money. She and her little brother, John-John, count money, buy the needed resources at the corner grocery store, make their product, and set up a lemonade stand. As their mother predicted, they have few customers and during the slow spells they create advertisements, make decorations, create a jingle, and lower prices. At the end of the day they calculate their earnings and discover that they have lost money. Maybe if Pauline had given her idea some thought she would have decided to spend her time and money differently. If she had considered her costs and beneﬁts of opening a lemonade stand, the day may have had another outcome. Time: 20-25 minutes Grade Level: K-3 Materials: •Book: Lemonade in Winter by Emily Jenkins•Visual 1: Lemonade in Winter Economic Concepts•Visual 2: Cost-Beneﬁt Decision Grid•Activity Sheet: Cost-Beneﬁt Decision Grid•Writing ToolsObjectives: •Students will review the deﬁnitions for the economic concepts: beneﬁt, cost,consumer, producer, goods, services, choice, and opportunity cost.•Students will use a decision-making model to reach a decision by weighingthe costs and beneﬁts of their options.•Students will develop skills using the decision-making model in order toimprove students’ ability to make reasoned decisions.•Lynne F. Stover stoverlf@jmu.edu 32

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Virginia History and Social Science Standards of Learning:Procedure: 1. Prepare visuals, activity sheet (1 per student, pair or group), and collectmaterials prior to class.2. Introduce the lesson by asking the students if they know what a lemonadestand is. Explain that the story they are about to hear is about a different kindof lemonade stand because the cold drinks are being offered for sale during ablustery winter day.3. Read the book Lemonade in Winter to the class. Reading time 9 minutes.Read along YouTube link: https://www.youtube.com/watch?v=G8ih3y2gdM04. Display Visual 1. Review the listed economic concepts shown, relating theconcepts to connections in the story.5. Explain that all decisions have costs and beneﬁts and that Pauline and John-John experienced some positive and some negative things when they becameproducers and worked hard to sell lemonade to consumers. Did they make theright choice? If they had created a cost-beneﬁt decision grid before spendingtheir money on the ingredients to make lemonade, would they still have setup a lemonade stand?6. Display Visual 2. Solicit suggestions from the students concerning the costsand beneﬁts of making and selling lemonade and record them on the Cost-Beneﬁt Decision Grid visual. Accept all reasonable suggestions.K-3.1hThe student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to make informed decisions.K.9The student will a) recognize that people make choices because they cannot have everything they want;andb) explain that people work to earn money to buy the things they want.1.7The student will explain the difference between goods and services and describe how people are consumers and producers of goods and services.1.8The student will explain that people make choices because they cannot have everything they want.2.8The student will describe natural resources (water, soil, wood, and coal), human resources (people at work), and capital resources (machines, tools, and buildings).2.10The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.3.10The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).Lynne F. Stover stoverlf@jmu.edu 33

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 1 Lemonade in Winter Economic Concepts Beneﬁt - A beneﬁt is a favorable thing you gain when making a decision. A beneﬁt is the positive effect of a decision. Cost - A cost is what you give up when you decide to do something. A cost is the negative effect of a decision. L Consumer - A person who uses or buys goods and services is a consumer. Producer - A person who makes goods or provides services is a producer. Goods - Things people make or use to satisfy wants are goods. Services - Activities that satisfy people’s wants are services. Choice (or Economic Choice) - You cannot have all the goods and services you want, so you must choose some things and give up others. A choice is the decision you make among alternatives or possibilities. Opportunity Cost - The next best choice that is given up when you make a decision is your opportunity cost. Lynne F. Stover stoverlf@jmu.edu 35

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Lemonade in Winter by Emily Jenkins Discussion Questions: 1. Pauline’s big idea is a lemonade stand. Why does Mom say it isn’t sucha good idea? She says it’s freezing outside, and no one will be out.That means no customers.2. Why does Dad think the lemonade stand isn’t a good idea? He says noone will want a cold drink on a cold day.3. Why do Pauline and John-John search for coins? They need money tobuy resources for the lemonade stand. Where do they search? Theylook in the piggy bank, the drawers, pockets, under sofa cushions. Arethese good places to look? This was a good idea because money canoften be found in these places.4. Where do Pauline and John-John take their coins, and what do they do?They go to the grocery store to buy lemons, limes, sugar, and cups.5. When Pauline and John-John make and sell lemonade, are theyconsumers or producers? Producers.6. Do Pauline and John-John sell goods or services? They sell a goodcalled a cup of lemonade.7. How much do the children charge for lemonade when they ﬁrst opentheir market? They charge 50 cents a cup.8. Later, they change the price to 25 cents a cup. Why do they lower theprice? They hope that if they lower the price, they will sell morelemonade.9. Why does Pauline decide to advertise? She wants to attract morecustomers. How does she advertise? She shouts out a jingle she hasmade up.10. How else does Pauline attract customers? She decorates thelemonade stand, provides entertainment, and lowers the price.11. Who is attracted to the stand by all of Pauline’s advertising? A group ofhairdressers from across the street comes out to have somelemonade.12. In the story, Pauline and John-John run a lemonade stand, the grocerworks at the grocery store, and the hair dressers work in the shop acrossLynne F. Stover stoverlf@jmu.edu 38

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Reading Makes Cents Content Crate #1 Prince William County Public Schools the street. What are all of these people in the economy? They are producers—each specializing in selling goods or services. The grocer specialized in selling food. The hair dressers specialized in cutting hair. 13. What capital resources do the children use at the lemonade stand?Table, signs, pitchers, and the green plastic box are all capitalresources.14. Why does Pauline cry when she sees they have earned 16 quarters?She is unhappy because it cost more than 16 quarters to buy all theresources, they needed to make lemonade.15. How can a business make money but not make a proﬁt? Proﬁt can beearned only after all the expenses of running the business—the costsof resources—have been earned back. The money earned afterexpenses have been paid is proﬁt.16. How might Pauline and John-John create a more successful and moreproﬁtable lemonade stand? Wait until the weather is warmer whenthey will probably have more customers. Lemons and limes arecheaper in the summer, too.17. If you were Pauline or John-John would you have opened a lemonadestand in winter? Decisions will vary. What were the costs and beneﬁts(disadvantages and advantages)? Was the main goal to make money?If so, the better decision would probably be to not open the standoutdoors on a cold winter day. But if the main goal was to have funand do something outside, and you didn’t mind spending your money,then the beneﬁts may outweigh the costs and some would open thestand even after they considered the costs and beneﬁts. But somechildren may suggest that even if their main goal was to dosomething fun outside, they could have come up with an idea that didnot require them to spend all of their money.18. When making a decision about how to spend your time or your money,it is usually a good idea to weigh (think through) your costs and beneﬁtsBEFORE you make a decision. Did Pauline or John-John do this? No.Might they have made a different decision if they had considered thecosts and beneﬁts (advantages and disadvantages) of opening alemonade stand BEFORE they spent their money? Probably.Particularly since Pauline was interested in making money.Lynne F. Stover stoverlf@jmu.edu 39

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Rock, Brock, and the Savings Shock by Sheila Bair Synopsis: Rock and Brock may be twins but they are not alike when it comes to physical appearance, personalities, and spending habits. Neat and organized Rock cannot resist spending his money, while messy and free-spirited Brock has amazing constraint when it comes to saving his. The brothers learn a valuable lesson when their grandfather offers to pay them each a dollar for doing chores and promises that for each dollar they save, he will double it for the next ten weeks. Brock and Rock have lots of choices to make. First, should they do chores for their grandfather? What should they do with the money they make? And just where should this earned money be kept? Learning how to use a PACED Decision-Making grid is a good way to help make these, and other decisions. Time: 30-35 minutes Grade Level: 4-5 Materials: •Book: Rock, Brock, and the Savings Shock by Sheila Bair•Visual 1: Rock, Brock and the Savings Shock Economic & PersonalFinance Concepts•Visual 2: The PACED Decision-Making Process•Visual 3: PACED Decision-Making Model “Brock and Rock’s SaturdayActivity Choice”•Visual 4: PACED Decision-Making Model “Brock’s Safe Saving Place”•Visual 5 Possible Responses: PACED Decision-Making Model “Brock’sSafe Saving Place”Lynne F. Stover stoverlf@jmu.edu 40

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Objectives: •Students will review the deﬁnitions for economic concepts: bank, bankaccount, beneﬁt, cost, interest, compound interest, income, savings,savings account, choice, and opportunity cost.•Students will learn the impact of saving versus spending.•Students will use a PACED decision-making model in order to improvestudents’ ability to make reasoned decisions.•Students will identify the opportunity cost of a decision given two ormore alternatives.Virginia History and Social Science Standards of Learning:K-3.1hThe student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision making model to make informed decisions.1.9The student will recognize that people save money for the future to purchase goods and services. 2.10The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.3.10The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).VS.h1The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to identify costs and beneﬁts of a speciﬁc choice made.USI.h1The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to identify the costs and beneﬁts of a speciﬁc choice made.Lynne F. Stover stoverlf@jmu.edu 41

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Procedure: 1. Prepare visuals prior to class.2. Introduce the lesson by telling the students that the story in today’slesson is based on a book about twin boys and the choices they makeabout saving and spending money. Explain that while the story is toldin whimsical rhyme and portrays cartoon-like illustrations, the lessonslearned by the main characters are worth noting and applying.3. Read the book Rock, Brock and the Savings Shock to the class.Reading time 5 minutes. Read along YouTube link: https://youtu.be/fbSOf2_jHc4Ask students to listen for two things: (1) How Rock and Brock treatmoney differently? and (2) What choices do Brock and Rock make?After reading the book, quickly assess students’ listening andcomprehension by asking for answers.4. Display Visual 1. Review the listed concepts shown, relating eachconcept to connections in the story.5. Display Visual 2. Review its content with the students. Tell the studentsthat while this situation did not appear in the book, deciding what to doon a Saturday afternoon is a decision that the twins could encounter.6. Display Visual 3. Explain that this is an example of a PACED decision-making model which is a tool that helps us make an informed decision.People can use this decision-making model to help them decide whichof several choices (i.e. alternatives) give them the most of what theywant based on their criteria.7. Read the content of Visual 3 to the students and using a scale of 1 to 3,solicit responses concerning how each alternative measures up to thecriteria that is important to them and record the answers. 3 means itfully meets the criteria; 1 means it does not. Fill in the visual withsuggestions from the students.Lynne F. Stover stoverlf@jmu.edu 42

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Possible Student Responses: 8. Display Visual 4. This PACED Decision-Making Model may be used as ateacher-directed class activity or run off and distributed to the studentsto work on in small groups or pairs. Be prepared to discuss thedeﬁnitions for bank, bank account, and savings account. Possiblestudent responses may be found on page 47, Visual 5. Discuss whatBrock’s second choice was. Remind the students that Brock could havemade this choice. Explain that this would be his OPPORTUNITY COST.Deﬁne opportunity cost as the next best alternative chosen.9. Conclude the lesson by asking the students if Brock could have madeother choices in this situation. The “best” decision for one person isn’tnecessarily the best decision for another, but each of us will usuallymake better decisions if we stop and think about our choices before wechoose what to do. The PACED decision-making model can help usmake a reasoned choice when we have some criteria which isimportant.Criteria (What’s important) Financial Cost (Is it inexpensive?) Time (Must be under three hours.) One-Time Event (Is this the only time this activity can be done?) TotalAlternatives (Choices)Movies at the Mall1214Kite-Flying Contest in the Park3126Visit Friend in the Hospital2338Lynne F. Stover stoverlf@jmu.edu 43

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Extension Activities: •Use the page in the back of the book, So You Want to Be a Millionaire?to explain “interest” and “compound interest” to students. Compoundinterest is a very valuable concept for students to learn and the bookprovides a good explanation. Compound interest can be your bestfriend (when you save money where it earns interest—and interest onyour interest.) Compound interest can also be your worst enemy (whenyou borrow money and have to pay it back with interest and theinterest compounds.)•“Sheila’s Six Saving Tricks” can be found in the back of the book. Displaythis page and discuss its content with the students.•Enrich the lesson using the PACED Decision-Making Model found onpage 48. Distribute the blank form and instruct the students to use it toanalyze a problem faced by a literary character or historical person.How would you ﬁll in each blank?•Remind the students that a fable is a short story, often containingtalking animals, and always including a moral or lesson. Challengethem to write a fable with a lesson featuring saving as a positiveattribute. Examples for morals: “A penny saved is a penny earned,”“Waste not - want not”, and “Save your money for a rainy day.”•The story of Rock, Brock, and the Savings Shock is told using rhymingcouplets. Allow students to use the terms on Visual 1 as inspiration forcreating a meaningful poem.For example:Brock saved his money and it doubled each week. Rock would go on a wild spending streak. Brock beneﬁted ﬁnancially by the end of the summer. Rock was broke, what a bummer! Lynne F. Stover stoverlf@jmu.edu 44

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 1 Rock, Brock, and the Savings Shock Economic and Personal Finance Concepts Bank (or Credit Union) - A ﬁnancial institution that provides various services and products to its customers, including checking and savings accounts. It also lends people money. Bank Account - An arrangement by which a bank holds money for its customer (depositor.) It pays little or no interest, but the customer can withdraw the money whenever they want. Beneﬁt - A beneﬁt is a favorable thing you gain when making a decision. A beneﬁt is the positive effect of a decision. Cost - A cost is what you give up when you decide to do something. A cost is the negative effect of a decision. Interest - Money paid regularly, at a particular rate, for the use of borrowed money. Compound Interest - Interest that is earned not only on the principal but also on the interest already earned. Income - Money earned; income includes salaries, wages, interest and dividends. Savings - Money set aside now for a future use. Savings Account - An interest-bearing account at a bank or credit union. Choice (or Economic Choice) - You cannot have all the goods and services you want, so you must choose some things and give up others. A choice is the decision you make among alternatives or possibilities. Opportunity Cost - The next best choice that is given up when you make a decision is your opportunity cost.Lynne F. Stover stoverlf@jmu.edu 45

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 2 The PACED Decision-Making Process P State the Problem A List the Alternatives C Identify the Criteria E Evaluate the Alternatives D Make a Decision Example: Problem: Brock and Rock only have time to do one activity after doing Saturday chores for their grandpa. They only have three hours. Alternatives: They can go to the movies at the mall. (Their grandpa will drop them off and their mom will pick them up.) Walk to the park and watch a kite ﬂying contest that is held every Saturday. Take the bus to visit a friend who is in the hospital. Criteria: They need to consider how much the activity will cost, how much time it will take, and if it’s something that can be done at another time. Evaluate: Brock and Rock decided that going to the movies was too expensive and that they could do this another time. The kite ﬂying contest only happened once a week, but it would take too long to walk to the park. The bus ride to see their friend in the hospital would cost a little money, but they knew he would really appreciate the visit. Decision: They decided to visit their friend in the hospital. Their opportunity cost, their next best alternative, was going to the weekly kite-ﬂying contest. Visual 3 PACED Decision-Making Model Lynne F. Stover stoverlf@jmu.edu 46

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Brock and Rock’s Saturday Activity Choice 1. State the Problem2. List the Alternatives3. Identify the Criteria4. Evaluate the Alternatives5. Make a DecisionScoring the Criteria 1= Lowest (no or worst) 2 = Middle 3 = Highest (yes or best) What is the problem?Brock and Rock only have time to do one activity after doing Saturday chores for their grandpa. They only have three hours. Criteria (What’s important)Financial Cost (Is it inexpensive?) Time (must be doable within three hours) One-Time Event (Can this activity be done another time?) TotalAlternatives (Choices)Movies at the Mall Kite-Flying Contest in the ParkVisit Friend in the HospitalDecision? Opportunity Cost? Lynne F. Stover stoverlf@jmu.edu 47

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 4 PACED Decision-Making Model Brock’s Safe Saving Place 1. State the Problem2. List the Alternatives3. Identify the Criteria4. Evaluate the Alternatives5. Make a DecisionScoring the Criteria 1= Lowest (no or worst) 2 = Middle 3 = Highest (yes or best) What is the problem?Brock has been keeping his money in a glass piggy bank and realizes that he should ﬁnd a safer place to keep it.Criteria (What’s important)Safe Earn Interest Easy to get to TotalAlternatives (Choices)Bank Checking Account Bank Savings AccountFreezer Plastic ContainerDecision? Opportunity Cost? Lynne F. Stover stoverlf@jmu.edu 48

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Visual 5 Possible Responses PACED Decision-Making Model Brock’s Safe Saving Place 1. State the Problem2. List the Alternatives3. Identify the Criteria4. Evaluate the Alternatives5. Make a DecisionScoring the Criteria 1= Lowest (no or worst) 2 = Middle 3 = Highest (yes or best) What is the problem?Brock has been keeping his money in a glass piggy bank and realizes that he should ﬁnd a safer place to keep it.Criteria (What’s important)Safe Earn Interest Easy to get to TotalAlternatives (Choices)Bank Checking Account 3025Bank Savings Account3328Freezer Plastic Container1034Decision? Brock decides to keep his money in a savings account. It will be safe there and also earn some interest.Opportunity Cost? Putting it in a bank checking account.Lynne F. Stover stoverlf@jmu.edu 49

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Rock, Brock, and the Savings Shock by Sheila Bair Discussion Questions: 1. Name several ways Rock and Brock are different? Rock is clean, eatshealthy food, studies, and is a morning person. Brock is dirty, eatsjunk food, watches TV, and is a night person.2. How do Rock and Brock handle money differently? Rock spends all themoney he gets, and Brock saves money.3. Grandpa wants to give the twins one dollar every Saturday. Is themoney he gives the boys a gift or income from working? How do youknow?The money is income because the boys have to mow the lawn andwash the car to earn their dollars.4. When Rock and Brock are working and earning income, what are they?They are producers or human resources.5. What incentive does Grandpa give the boys to save the money theyearn?He offers to double their money each week if they haven’t spent theirmoney from the week before.6. Why do you think Grandpa wants the boys to learn to save? Why issaving a good habit? Saving helps us to have more money to spend inthe future. If we save or invest our money, we can even earn moremoney through interest or dividends. [See the explanation in the backof the book on interest and compound interest.]7. When Rock spends his money at the market, what is he? Rock is aconsumer when he buys goods in the market.)8. What is Rock’s opportunity cost of spending? His opportunity cost issaving his money.9. What are some reasons saving money may be a good idea? If you wait,you may ﬁnd something you want to buy more. Or, you can add moremoney with it to spend later on something better like a bike or a caror college.10. What is Brock’s opportunity cost when he decides to save his moneyinstead of buying the rocket ship with the pop-up hatch? Hisopportunity cost of saving is buying the rocket ship toy.11. Rock buys an inﬂatable moose head, a tsetse ﬂy, green hair goo, waxfangs, and broccoli bubble gum. Are the things Rock buys goods orservices? Rock buys goods.Lynne F. Stover stoverlf@jmu.edu 51

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Reading Makes Cents Content Crate #1 Prince William County Public Schools 12. When the ten weeks are over, Brock has $512! How did he get so muchmoney? From the money he earned, saved, and his grandpamatched. [Using the table in the back of the book, walk studentsthrough the math to see how the money adds up quickly.]13. What does Brock do with the money that he has saved? He spends allbut $50 on nice things including gifts.14. What does Brock do with the $50 he has left over? He puts the moneyin a savings bank because it will be safe and will earn a little interest.Why does he make this choice? He wants to save the money he hasleft.15. Did Rock learn to be a good saver? Yes.16. How do Brock and Rock become millionaires? They save their moneyinstead of spending foolishly.Lynne F. Stover stoverlf@jmu.edu 52

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Reading Makes Cents Content Crate #1 Prince William County Public Schools What Pet Should I Get? by Dr. Seuss Synopsis: Kay and her brother have until noon to pick a pet from the local pet store. Indecision plagues them as they realize they have far too many choices. After careful consideration the siblings leave the pet store with their new pet that they are carrying in a basket with just its eyes peering over the rim. Time: 10-15 minutes Grade Level: K-2 Materials: •Book: What Pet Should I Get? by Dr. Seuss•Visual: Pet PostersObjectives: •Students will listen to a story and make predictions concerning itsconclusion.•Students will make a choice and determine the opportunity cost.Lynne F. Stover stoverlf@jmu.edu 53

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Virginia History and Social Science Standards of Learning: Procedure: Using the discussion questions, have the students determine what pet the characters should get. K-3.1hThe student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to make informed decisions.1.9The student will recognize that people save money for the future to purchase goods and services. 2.10The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.Lynne F. Stover stoverlf@jmu.edu 54

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Reading Makes Cents Content Crate #1 Prince William County Public Schools What Pet Should I Get? by Dr. Seuss Discussion Questions: 1. Consumers buy and use goods and services. Who are the consumersin this story?Kay, her brother, and their father.2. A market is anyplace producers and consumers interact. What marketdoes this family visit? A pet store.3. At ﬁrst, the children are choosing between a puppy and a kitten. Whydo you think their father tells them they can choose only one? Scarcity—the family might not have room or the money or the time for twopets.4. Activity—Pause here in the story and ask students to vote for a cat ordog by show of hands.Ask: How many of you would choose a dog? How many of you wouldchoose a cat?Explain: Choosing a dog means giving up the opportunity to get a cat.If the children choose the dog, the cat is their opportunity cost.Ask: What would be the opportunity cost of buying the cat? The dogwould be the opportunity cost.5. The children next see a bird; the bird is an alternative pet—somethingelse the children could choose. Name another alternative in the story.A rabbit, a ﬁsh, a monkey.6. “Make Up Your Mind!” the signs say. Why must the children make uptheir minds? Why do you need to make up your mind?Scarcity—the children can only get one pet so they must choose. Wemust make choices all day long because of scarcity; we cannot haveeverything we want.7. If the children cannot make up their minds and make a choice, whatwill happen? They won’t get any sort of pet.8. What pet do you think the children choose to purchase? Answers willvary.Lynne F. Stover stoverlf@jmu.edu 55

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Overall Application Opportunity Cost Synopsis: In this lesson students will learn about making a choice. Just like the characters in the featured titles, they will have to make a decision, thus giving up other possible choices. 1. A Bike Like Sergio’s by Maribeth Bolts❖Concepts: choices, opportunity cost, scarcity2. A Chair for My Mother by Vera Williams❖Concepts: choices, opportunity cost, saving, jobs3. Harvesting Hope: The Story of Cesar Chavez by Kathleen Krull❖Concepts: productive resources, scarcity, opportunity cost4. John Deere, That’s Who! by Nelson Maurer❖Concepts: opportunity cost, saving, choices5. Lemonade in Winter: A Book about Two Kids Counting Money byEmily Jenkins❖Concepts: earning, entrepreneurship, opportunity cost6. Rock, Brock, and the Savings Shock by Sheila Bair❖Concepts: saving, compound interest, opportunity cost7. What Pet Should I Get? by Dr. Seuss❖Concepts: choice, scarcity, opportunity costTime: 25-30 minutes Grade Level: K-5 Materials: •Books: Copies provided in Content Crate #1: Decision-Making andOpportunity Cost•Activity Sheet: Pictures of Foods•Crayons or colored pencils•ScissorsObjective: Students will be introduced to the concept of opportunity cost: “In a choice, the beneﬁt expected form the highest valued alternative forgone; or what you give up when you make a choice.” Lynne F. Stover stoverlf@jmu.edu 57

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Reading Makes Cents Content Crate #1 Prince William County Public Schools Virginia History and Social Science Standards of Learning: ECONOMIC CONCEPTS: Because we cannot have everything we want (scarcity), we must make choices. Each time we make a choice, we give something up. There is always a next best alternative when making any choice. The value of this next best alternative (or second favorite choice) is the opportunity cost. PROCEDURE: 1. Prepare the activity sheets and collect the materials prior to class. Runoff the activity sheets, front to back in different combinations.2. Introduce the lesson by telling the students that just like them,characters in books have to make choices.3. Read some of the books with the students. If time permits, discuss thevarious decisions the characters in the featured titles had to make. Forexample: In What Pet Should I Get? Kay and her brother had to selectjust one pet from the store.K-3.1hThe student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to make informed decisions.1.9The student will recognize that people save money for the future to purchase goods and services. 2.10The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.3.10The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).VS.h1The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to identify costs and beneﬁts of a speciﬁc choice made.USI.h1The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by using a decision-making model to identify the costs and beneﬁts of a speciﬁc choice made.Lynne F. Stover stoverlf@jmu.edu 58

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Reading Makes Cents Content Crate #1 Prince William County Public Schools 4. Distribute the activity sheet and coloring tools.5. Instruct the students to color both sides to the best of their ability.When the students are ﬁnished, give them a pair of scissors and informthem they must cut out ONE of their colored food items for display.Explain that the other side will be destroyed, so the chance to displaythat side will be their opportunity cost. (Be prepared for complaintsfrom students. Some will have a difﬁcult time deciding which item tokeep.)6. If possible, display student work on a bulletin board titled “OpportunityCost: We Make Choices”.Lynne F. Stover stoverlf@jmu.edu 59

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