Explore-Understanding how our

economy works

Why don’t cookies

cost $100 a bag?

What determines what people buy and what they are willing to pay for it?

Think About It:

The Hula Hoop: A True Story

Watch the video clip. When it finishes, be

prepared to answer some main idea

questions.

http://www.youtube.com/watch?v=Ng3XHPdexNM

1. Why does the business owner lower the price when the hula hoops are not selling quickly?

2. Why did the business owner raise prices?

3. What does an increase in price for a product communicate to

consumers about the demand for that product?

Think About It:

1. SupplyThe amount of a good or

service available.

2. DemandThe desire to obtain a

good or service.

3. CapitalAny human-made object that is

used to make other goods or perform services

EX: tools, brochures, money computers, machinery, etc.

What happens to the price when…

Supply is high, demand is low? Ex: Old model

I-Phones

Supply is low, demand is high? Ex: The newest I-Phone model

Think About It:

SpongeBob SquarePants: “Chocolate with Nuts”

A case study in economy

http://watchcartoonsonline.eu/watch/spongebob-squarepants-s3-ep12a-chocolate-nuts/

As you watch the episode, answer the questions on the handout. The

questions do go in order.

1. Spongebob received a magazine in the mail. What did he mean when he said,” How do these

people achieve a higher standard of living?”

2. What is an entrepreneur? Who are the entrepreneurs in the episode?

3. What are some examples of capital they used to help them become better salesmen?

4. What are some ways they tried to raise demand for their product?

5. What are some problems they encounter along the way?

6. How could SpongeBob and Patrick have improved their business?

lies that chocolate can do: ◾Make you live longer.

◾Makes your hair grow (A bald Fred says "Great! My wife's trying to grow a beard!).

◾Makes you sound smart (Hillbilly Fishkin says "I'll take 20!").

◾Keeps your face from getting any uglier (Said by Patrick to a man who looks identical to him and says "Just in time!").

◾Makes you fly.

◾Makes you fall in love.

◾Brings world peace.

◾Gives the ability to walk through walls.

◾Makes you rule the world.

◾SpongeBob and Patrick are injured and in dire need of an operation to the rip-off artist.

List of things SpongeBob and Patrick bought in the episode: The Chocolate from the Barg'N-Mart

Candy Bar Bags

Candy Bar Bag Carrying Bags

The Copies of the guy's photo

The Chocolate from the guy

The Diner at Fancy!

Possibly the outfits that they were wearing at Fancy!

Possibly a meal at the Diner.

http://www.teacherspayteachers.com/Store/Social-Studies-Stuff

Name _______________________________________

Explore Notes- Economy

1. ____________________________- The amount of a good or service available.

2. ____________________________- The desire to obtain a good or service.

3. ____________________________- Any human-made object that is used to make other goods or perform services

SpongeBob SquarePants: “Chocolate with Nuts” A case study in economy

1. Spongebob received a magazine in the mail. What did he mean when he said,” How do these people achieve a higher standard of living?”

________________________________________________________________________

________________________________________________________________________ 2. What is an entrepreneur? Who are the entrepreneurs in the episode?

________________________________________________________________________

________________________________________________________________________

3. What are some examples of capital they used to help them become better salesmen?

________________________________________________________________________

________________________________________________________________________

4. What are some ways they tried to raise demand for their product?

________________________________________________________________________

________________________________________________________________________

5. What are some problems they encounter along the way?

________________________________________________________________________

________________________________________________________________________

6. How could SpongeBob and Patrick have improved their business?

________________________________________________________________________

________________________________________________________________________

[Type text] 

Name __________________________________ 

http://www.teacherspayteachers.com/Store/Social‐Studies‐Stuff  

 

Explore- Economy Practice

Task A: Apply your new vocabulary to real world examples. Use the word bank for help.

1. The _______Economy_______ in the town is improving because new jobs were created when a company’s headquarters relocated to the region.

2. A toothbrush is a _______Good________________ because it is tangible and can be used. 3. When a new I-phone is released, the long waiting lines show it is a product in high

_______Demand______________.

4. The pilot is a member of the ______Service_______________ Industry Employee’s Union.

5. The music ______________Industry_________ is a respected business around the world because of its influence and wealth.

6. A synonym for touchable, like a good, is ______Tangible____________________

7. The _____Entrepreneur_____________________________ was pleased he invested his money in the company because it is making record sales this year.

8. The lady was disappointed when she found out the ___Supply__________________ of concert tickets had run out before she purchased a seat.

Task B: Answer the questions in your own words.

9. If a good or service has a high demand and a scarce supply, the price is likely to _increase, go up, rise, etc.________.

10. If you were an entrepreneur, what type of industry would you invest your money in? Why?

__________answers vary____________________________________________________________

Tangible Economy  Service  Entrepreneur

Good    Demand  Industry  Supply 

[Type text] 

Name __________________________________ 

http://www.teacherspayteachers.com/Store/Social‐Studies‐Stuff  

 

Explore- Economy Practice

Task A: Apply your new vocabulary to real world examples. Use the word bank for help.

1. The ________________________ in the town is improving because new jobs were created when a company’s headquarters relocated to the region.

2. A toothbrush is a __________________________ because it is tangible and can be used. 3. When a new I-phone is released, the long waiting lines show it is a product in high

_____________________.

4. The pilot is a member of the _________________________ Industry Employee’s Union.

5. The music _______________________ is a respected business around the world because of its influence and wealth.

6. A synonym for touchable, like a good, is __________________________

7. The __________________________________ was pleased he invested his money in the company because it is making record sales this year.

8. The lady was disappointed when she found out the _____________________ of concert tickets had run out before she purchased a seat.

Task B: Answer the questions in your own words.

9. If a good or service has a high demand and a scarce supply, the price is likely to ______________________________.

10. If you were an entrepreneur, what type of industry would you invest your money in? Why?

_________________________________________________________________________________

_________________________________________________________________________________

_________________________________________________________________________________

_________________________________________________________________________________

Tangible Economy  Service  Entrepreneur

Good    Demand  Industry  Supply 

1  http://www.teacherspayteachers.com/Store/Social‐Studies‐Stuff  

 

Quick Teacher Reference Sheet for Explore: Economy 

Vocabulary covered: 

Economy, Entrepreneur, Capital, Service, Supply, Demand, Goods, Industry, Tangible, 

Intangible 

 

Materials needed: Explore Economy PowerPoint presentation, Explore Fill‐in Notes, Explore 

Practice Handout and Answer Key 

 

Procedure: 

 

1.  Open the Explore PowerPoint presentation.  Hold a class discussion or do a Think‐Pair‐Share 

using the first “Think About It” slide.  Encourage students to contribute ideas, suggestions, and 

examples with little direction at this point. 

 

2.  The next slide has a link to a 3 minute clip from the movie, “The Hudsucker Proxy”, based 

on the true life story of the hula hoop inventor.  Allow the students to video the video.  Either 

have students respond individually to the questions on the next slide in their notebooks or go 

over them aloud as a class at the end of the clip. 

 

3.  Hand out the student fill‐in notes.  Continue through the next few slides on the vocabulary 

words.  Allow students  time to complete the definitions and explain the vocabulary in more 

detail. 

 

4.  Again, hold a class discussion or do a Think‐Pair‐Share using the next “Think About It” slide.  

Make sure students understand the connection between prices and supply and demand 

before continuing.  You might want to think of real world examples and have students tell you 

what would happen to the price.  Ex:  If you have an autographed football from a player who 

just was named to the hall of fame, the value of the ball would ________________?  Why? 

 

5.  Explain that students are going to watch an episode of SpongeBob SquarePants to help 

them understand economy.  Preview the video questions on the student handout before your 

show the episode  so that students know what to listen for while the video plays.  Explain that 

the expectation is that students complete the questions while it is showing. 

2  http://www.teacherspayteachers.com/Store/Social‐Studies‐Stuff  

 

6.  Follow the link on the slide to watch the episode. If you have an Amazon Prime account or 

something similar, the video quality of the episode is a bit higher, however the link is a good 

one.  If you are searching for it, look for “Chocolate With Nuts”‐ Season 3, Episode 12 (52A).  

Let students watch the entire episode. 

 

7.  When it finishes, discuss the questions and answers as a class.  Allow students time to 

expand and improve their original answers.  Glue these into a student’s interactive journal as a 

great reference. 

 

8.  Use the Student Practice Handout as an exit ticket, homework assignment, or warm‐up as a 

review and assessment of your student’s understanding of the ideas.  

 Hope you and your students enjoy!  Please check my TpT store for more great lessons I am adding all the time.  Thanks!