Vocabulary Review: Economic Concentration and Tic-Tac-Toe

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

Outcome
Student will understand 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.

Materials for Concentration

• Vocabulary cards (on tag board if possible)

• Definition cards (on tag board if possible)

• Space to lay out cards in an 8" x 5" grid

Procedure for Concentration

1. Print out the vocabulary cards on heavy paper.

2. Shuffle the cards.

3. Lay both vocabulary and definition cards out in a face-down grid.

4. Start with the player on the dealer’s left.

5. Each player turns up two cards.

a. If the definition matches the term, the player keeps the cards.

b. If the cards don’t match, the player turns the cards face down in their original place.

6. Make sure all players get to see what cards are turned up.

7. Once all the cards are picked up, the player with the most cards wins.

Materials for Tic-Tac-Toe

• Game board — use pattern on page 34 or draw on sheet of paper

• Vocabulary cards

• Definition cards

• Three players

Procedure for Tic-Tac-Toe

1. Player 1 uses the vocabulary cards and either gives the definitions for the students to guess the words, or gives the words and has them guess the definitions.

2. Players 2 and 3 take turns answering the questions.

a. If Player 2 answers a question correctly, he or she places an “X” on the game board.

b. If Player 3 answers a question correctly, he or she places an “O” on the game board.

3. If the question is answered incorrectly, the next player gets a chance to answer and place a mark on the game board.

4. Continue answering questions until a player has three marks in a row (across, down or diagonally).

5. Rotate jobs of the three players and play again.

Review Test Answers

1. Factors of production: The factors of production are the resources used to produce goods and services. (Remember C-E-L-L: capital, entrepreneur, land and labor.)

   1. Capital — Human-made goods that are used to produce other goods.

   2. Entrepreneur — A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.

   3. Land — All natural resources (minerals and other raw materials).

   4. Labor — All human resources; workers.

 

2. Import — bring in goods from another country
   Export — sell goods to another country

3. Income

4. People can own and run their own business.

5. Consumers buy and use goods and services.
   Producers make goods and services.

6. Has more revenue coming in than was used to produce the good or services

7. Work together to meet the needs and wants of countries involved

8. Desiring something that has limited availability

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