Econ-o-mania

Partially created by Linda Koenig

Introduction

Welcome to the wild world of Econ-o-mania! I am your guide, Econ O. Mist. Please call me Econ for short. I will lead you through Econ-o-mania. Econ-o-mania is where you will wander through wants and needs, grasp goods and services, and recognize resources. What might you ask are all of these interesting things? Well, follow me on this jazzy journey through Econ-o-mania!

Introduction The Task The Process

The Task

You will learn about economics by visiting the places in Econ-o-mania. Your final mission, should you choose to accept it, is to become the Vice-President of Production in the land of Econ-o-mania. In order to receive this promotion, your group will be responsible for creating a good or service. You will be given a list of available materials, and several options for presenting your final product. Your final presentation can be a PowerPoint show or a poster. If you are successful, your group will be promoted to the Vice-presidency and receive a prestigious award! If you're ready to go, click on Process.

Introduction The Task The Process

The Process

Activity #`1: Wandering Through wants and Needs

Activity #2: Goods and Services Roundup

Activity #3: Rockin' Resources Restraurant

Activity #4: The Final Challenge

Wandering Through Wants and Needs

Hello Again! You have arrived at the Mall of Econ-o-mania. At this mall you can find anything your heart desires. Before you go in, you need to understand Wants and Needs. Needs are things that people must have in order to live. For example, food and water are things I need to survive. Wants are things people would like to have. For example, I wish I had a swimming pool in my backyard.

First you need to print the Wants and Needs worksheet to record your purchases.
You will receive $300.00. $200.00 must be spent on things you need. Only $100.00 can be spent on wants. Use your money wisely.
Have fun at the Mall of Econ-o-mania!

Introduction The Task The Process

Wants and Needs Worksheet

Needs	Cost
	$
	$
	$

	$
	$
	$
	$

	$
	$
	$
Total	$

Wants	$
	$
	$
	$

	$
	$
	$
Total	$

Goods and Services Roundup

Hey there, Pardner! I'm happy to see you've arrived at the Goods and Services Round up. Before you leave the round up, you need to know the following. A Good is something people want that you can hold or touch. Some examples are an apple, a rug, or a hairbrush. A Service is something people do for other people. Some examples are a barber cuts hair, teachers educate students, or a police officer protects people.

Before you start on your own, you will need to work with a group of students or your entire class.

Brainstorm all the services that fourth graders can actually perform( examples: babysitting, yard work).
From this list, choose a service that you would like to perform.
Now, using the Goods and Services Worksheet, list all the goods that you need in order to complete that job successfully.

Introduction The Task The Process

Goods and Services Roundup

Worksheet

Students Name:

Grade:

My Service:

Here are the goods I will need. . .

Rubric for Goods and Services Roundup

3 Points	2 Points	1 Point	Total
Goods chosen are all appropriate for job title	Goods are moderately appropriate for job title.	Tools are not appropriate for job title
Service chosen is appropriate for 4th grader to perform		Service chosen is not appropriate for a 4th grader to perform.

Introduction The Task The Process

Rockin' Resources Restaurant

Welcome to the Rockin' Resources Restaurant. I sure hope you are hungry! Today you will be visiting The Fenwick Crab House Restaurant to check out some of their shrimp, fish and chef's specials. They are human resources, capital resources and natural resources.

Human Resources are the people who use their health, strength, education, and skills to produce a good or service. Some examples are: actors, students, teachers, doctors, lawyers or tollbooth attendant.

Natural Resources are gifts from nature. Examples are: land, timber (trees), minerals, light from the sun, water, or eggs from a chicken. IF SOMETHING IS MADE WITH THE HELP OF A MACHINE, IT IS NOT A NATURAL RESOURCE.

Capital Resources are the goods such as the building, equipment, machinery, ports, roads, dams, and other manufactured and constructed things used over and over again in the production of goods and services. Examples are: trucks, factory, machinery or forklift.

Rockin' Resources Worksheet

I need more information on Resources!

Introduction The Task The Process

Need some help keeping all of this information straight? Let's pretend we are going to take a field trip to a restaurant like McDonalds. In addition to having a tasty lunch we will see how resources are used to run a restaurant.

Human Resources- the people who cook, serve and clean the restaurant.

Natural Resources- the gifts from nature like, eggs, milk, beef, potatoes.

Capital Resources- the building, equipment, and machines used to produce the goods and services in the restaurant.

Rockin' Resources Worksheet

1. If you were starting a restaurant, what are some of the capital resources you would need?

_______________ _______________ _______________

2. What natural resources do you need at The Fenwick Crab House Restaurant to produce an entrée?

_______________ _______________ _______________

3. What human resources do you have at The Fenwick Crab House Restaurant to produce an entrée?

_______________ _______________ _______________

4. How did the shrimp, fish, chicken, and veal get to The Fenwick Crab House Restaurant?

________________________________________________________

5. What are the prices of entrées at the Fenwick Crab House Restaurant?

_______________ _______________ _______________

6. What kinds of people consume these entrées?

________________________________________________________

7. At The Fenwick Crab House Restaurant, the catch of the day is flounder. How many flounder do you think are consumed?

_____________________________

Explain your answer.

________________________________________________________

The Final Challenge

As your final mission in Econ-o-mania you will all become Vice Presidents of Production in the land of Econ-o-mania!!!

In order to receive this promotion, your group will be responsible for producing a good or service. You will be given a list of available materials and it will be up to your group to decide on a good or a service you can create or do for others. Your final presentation will be a Powerpoint slide show or a poster describing your final project. We will also open an Econ-o-mania Bizarre where other 4th graders will be invited to shop for the goods or services you have produced.
Here it is in step by step order, complete the plan sheet as you go:

1. Brainstorm a list of possible goods or services that you could create using some of the available materials. Be as creative as you can be.

2. Choose your final product from your brainstorm list. Be sure everyone in your group agrees.

3. Give your product a creative name.

4. List the steps you would need to use in order to create your product or service.

5. Identify your resources as human, natural, or capital. You should have at least one of each type of resource.

6. Give your product or service a price.

7. Decide as a group how you are going to present your product. Are you going to create a poster or a Powerpoint slide show?

8. Create your final presentation. Be sure you include all of the information in steps 3-6 above.

Plan Sheet

Brainstorm Ideas we came up with:
Our Final Project
Project Name
Step by step procedure:

Be sure to check your group's work on the rubric.

When you have finished your final challenge, go to the Conclusion.

Final Project Rubric

Outstanding=5 Satisfactory=3 Needs Improvement=1

	Self-Evaluation	Peer Evaluation	Teacher Evaluation
We were able to decide on a product or service from the resources available.
We identified natural, capitol, and human resources.
We gave our product a reasonable price.

We created a presentation using one of the following: Poster Powerpoint Presentation.

Total

Conclusion

Congratulations!!! You are now the new Vice President of Econ-o-mania. Please print your certificate for successfully completing this webquest. We hope you enjoyed your journey through the land of Econ-o-mania.

Introduction The Task The Process

Certificate of Completion

awarded to:

____________________________________________________________________
Studemt's Name

_______________________
Grade

For exemplary work, you are promoted to Vice-President of Econ-O-Mania! Way to Go!

presented by

The Presidents of Econ-O-Mania

_______________________