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History, Civics & Social Studies · Grade 3

Economics, Resources and Trade

Third graders identify the natural, human and capital resources behind Illinois farms and factories, see how buyers and sellers set prices in a market (pumpkins before and after Halloween), explain why people and places specialize and trade, from Illinois soybeans shipped overseas to bananas shipped in, and weigh benefits, costs and opportunity costs in personal and community choices.

  • 4 lessons
  • About 85 minutes
  • Economics check: 10 questions
  • Ways to answer: choose an answer, pick map regions, match pairs, type a number, sort into groups and write a short answer
See plans Included with Family, Teacher and School plans. Open in PlayOwl

What learners will discover

  • Identify natural, human and capital resources used to produce goods and services in Illinois.
  • Explain how buyers and sellers in a market affect prices, and how money makes exchange easier.
  • Explain why people and places specialize and trade, and how trade makes places depend on each other.
  • Compare the benefits and costs, including the opportunity cost, of individual and community choices.

Lessons

  1. What it takes to produce 3 steps2 practiceabout 20 min
  2. Markets and prices 4 steps2 practiceabout 22 min
  3. Specialize and trade 4 steps3 practiceabout 22 min
  4. Choices, benefits and costs 4 steps2 practiceabout 21 min
  5. Economics check 10 questions at the end

Keep exploring

More 3rd grade social studies

Guide for grown-ups