Vocabulary Review: Economic Fortune Tellers

Overview
Economic terms are reviewed and reinforced as students work in groups to play card games using terms and definitions. The Vocabulary Review Sheet may be used as a study guide before the lesson.

Outcome
Students will understand the basic economics vocabulary words.

Standards Addressed

Grade 4
Social Studies — Economics, Benchmark A
01. Identify the productive resources needed to produce a good or service and suggest opportunity costs for the resources involved.

Social Studies — Economics, Benchmark B
03. Explain how entrepreneurs organize productive resources to produce goods and services and that they seek to make profits by taking risks.

Procedure

1. Have the students review the Vocabulary Review Sheet.

2. Each student writes eight questions and answers.

3. Each student makes a fortune teller, as described below.

4. Students write questions that they make up on the inside flaps of the fortune tellers, with the corresponding answers written on the underneath flaps.

5. On the top of the fortune tellers, students can write a four-word statement about economics, such as “four factors of production.”

6. When fortune tellers are completed, students work with a partner. Each student takes a turn manipulating the fortune teller while the partner chooses and answers a question.

How to Make a Fortune Teller

1. Start with an 8 1⁄2" square piece of paper.

2. Fold square in half diagonally to make a triangle.

3. Fold the triangle in half vertically to make a smaller triangle.

4. Open up the paper to the original square.

5. Take each corner and fold it in to meet the center of the square, forming a smaller square when finished.

6. Flip the square over so that the smooth surface is on top.

7. Repeat Step 5.

8. Fold the square in half horizontally, creasing the fold and then opening it back up.

9. Fold the square in half vertically, creasing the fold, and then opening it back up. The result is a blank fortune teller.

Evaluation
A two-part assessment may be used. For Part 1, a participation score may be assessed as the game is played. For Part 2, the Review Test Form may be used.