Students listen to the story Ox-Cart Man in which a father and his family use various resources to produce goods. As you read the story aloud to the students, place special emphasis on identifying both how it takes resources to make goods and who buys the goods in a market. Students will then participate in a simulation of the circular flow of the economy. They will use examples from the story to apply the concepts learned and model how the circular flow shows the interdependence between people and businesses in the resource and goods/services markets.
This lesson plan is designed for teaching grades 2 and 3.
Book written by Donald Hall / ISBN: 0-14-050441-9