edel453 spring2013 ginabogden unit 2 economics day 3 (1)

7/30/2019 EDEL453 Spring2013 GinaBOGDEN Unit 2 Economics DAY 3 (1)

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Title of Unit: Money, Money, Money

Title of Lesson: Saving Versus Borrowing Submitted By: Gina Bogden

Nevada State College EDEL 453 - Spring 2013 Karen Powell- Instructor page

A. Summary of the Lesson Plan:This social studies lesson is designed for 3rd grade students to learn about saving, interest,

and borrowing. This lesson uses the book If You Made a Million by David Schwartz.

B. Target Population: Grade Level: 3rd grade Skill Level: students at all learning levels Grouping: whole groupintroduction, reading, discussion, role play; partner

discussion; small-groupdiscussion; individualpurchasing item and writing

check, assessment

C. Materials: If You Made a Million by David Schwartz

Blank checks (enough for each student to have one) Toy and clothes catalogs Play money totaling $1,100 Savers and Borrowers Script Paper and pencils

D. Objectives: NV State Social Studies Standards

E10.3.2Define banking terms including saving, interest, and borrowing.

Student-Friendly Standards

I can define the words saving, interest, and borrowing.

E. Procedure:1. Introduce the topic.

Review whatstudents learned on day 2 of the unit plan. Tell students that we are going to continue learning about money and banks

today.

Review vocabulary (income, interest, borrow) Teacher reads aloud If You Made a Million by David Schwartz and discusses it. Ask students to discuss with their shoulder partner what they would do if they

made one million dollars.

2. Discuss the following concepts after reading the book.

When you spend your money, you use it to buy goods. According tothe magician in this story, you could use a dollar to buy one hundred

pieces of penny candy, or twenty five-cent balloons, or ten stickers for tencents each, or four rubber balls that cost twenty-five cents a piece. How

would you spend a dollar?


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Nevada State College EDEL 453 - Spring 2013 Karen Powell- Instructor page 2

If you dont spend your money, you can saveit. When you savemoney, you keep some money for the future instead of buying

goods or services right now. What are some of the different ways to save money?

People save their money in a savings account at a bank because they can earnmoney. Many banks pay you a certain amount of money for every dollar youhave in the bank. This money is called interest. For example, a bank may pay

you five cents a year for every dollar you have in the bank.

Imagine that you want to buy a new bicycle but you dont have enough moneyfor it. Discuss with your table group (4 students) what you could do. Call on

several students to give their answer.

If you dont have enough money to buy something you want, you can save yourmoney until you have enough to buy the item, you can earn the money by

working, or you can borrow money. Who can people borrow money from?

You can borrow money from friends and family, or you can get a loan from abank. When you get a loan, you borrow money and promise to repay the money.You will have to pay back more money than you borrowed because banks

charge people interestwhen they lend people money. This means the bankcharges you a certain amount of money for every dollar that you borrow.

3. Discuss with students the different ways to pay for goods and services including cash,check, and credit cards. Discuss the idea that just because you have checks in your

checkbook doesnt mean you have money in the bank.

Demonstrate how to write a check.

Askstudents to find one item out of a toy or clothes catalog that they would liketo purchase and write a check for the amount of that item.

Ask each student to show his/her table group the item they would like topurchase and the check they wrote for the item.

4. Have students role-play how banks channel funds from savers to borrowers. Select three students. Assign one student to be the saver, one to be the banker,

and one to be the borrower. Give the saver $500.00. Give the borrower $25.00.

Give $575 to the banker.

Give the three students a copy of the Savers and Borrowersscript and instructthem to read their parts.

Discuss the role-play when the three students have finished acting out the script.

5. CLOSURE: Have the students discuss the following questions with their shoulder partnersthen discuss them whole-group:

Why do people put their money in banks? What do banks do with the money people put in their banks?


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Why does the bank charge more interest for borrowing money than it pays forsaving money?

F.

Assessment:What will you use to measure student understanding?

Students will be asked to write a letter to a friend who is considering borrowing money

from a bank to buy a new bicycle. In the letter, the students must try to persuade theirfriend to save the money instead of borrowing it and must include an explanation of

how interest works.

Explain how you will know students understand the concepts from the lesson.

Students must define banking terms including saving, interest, and borrowing.

Writing a persuasive letter to convince a friend to save rather than borrow will show ifstudents have an understanding of these terms.

G. Reflection:1. Which part of the lesson do you think will be the easiest for you to teach?

I think the role-play will be the easiest part to teach and I think it will engage the

students.

2. Which part will be most challenging for you to teach?

I think the most challenging part will be teaching students how to write a check

since this will most likely be brand new to them. They might also have a hard time

understanding how its possible to not have money in the bank even when you

have checks.

3. How will you follow up or extend this lesson?

As an extension to this lesson, I would use Extend Lesson 1 (p. 270-273) in the

Houghton Mifflin 3rd Grade Social Studies textbook which includes a story about a

boys efforts to earn money and what he learns in the process

4. What will you do for students who dont grasp the concepts?

For students who are struggling, I would do a graphic organizer with them

comparing Saving and Borrowing to help them understand the differencebetween the two.

Which part of the lesson, if any, do you think might need to change?

It seems like this lesson has a lot of whole-group discussion. I think it might be good

to change it so that there is more partner or small group discussion.

5. When you were writing this lesson plan, what was the most difficult part?


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The hardest part was deciding on the assessment since the lesson on day 2 was

very similar. I needed to come up with a different way to assess the same thing.


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Savers and Borrowers Script

Saver: (Shake hands with the banker) Hello. I would like to put $500.00 ina savings account.

Banker: Okay. Let me tell you about our interest rates. We can offer you atwo-percent interest rate. This means that every year we will give you twocents for every dollar you have in your savings account.

Saver: (Give the banker $500.00.)

Banker: (Take the $500.00) Thank you.

Borrower: (Shake hands with the banker) Hello. I would like to borrow$500.00 to pay for college.

Banker: (Shake hands with the borrower) Okay. Let me tell you about ourinterest rates. We charge five percent interest on loans. This means that forevery dollar you borrow, we will charge you five cents a year. You will haveto pay back $500.00 plus the interest. (Give the borrower $500.00.)

Borrower: I cant believe one year has passed. I have the money to repayyou. Here is the $525.00 I owe you.

Banker: (Take the $525.00) Thank you.

Saver: I would like to take my money out of my savingsaccount.

Banker: Okay. Here is $510.00.

From: tcaassets.org/public/lesson-plans/grade-three-saving.pdf

edel453 spring2013 ginabogden unit 2 economics day 3 (1)

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