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Money 3-5 - Lakota Stories

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Money 3-5 - Lakota Stories Powered By Docstoc
					This unit begins with a discussion of generosity. Students are then asked to think about the relationship
between business, jobs, money, and generosity. Students go on to learn the basics of economics (the
study of money), and simulate starting a community-based business. They finish off the unit by learning
about how the economy has changed for the Lakota over time.


Length:     14 Days



Standards:
       Students are able to define profit and loss and explain how businesses take risks in order to
        make a profit. SD Examples: tradeoffs, risks involved in starting a business. (4.E.1.2.)
       Students are able to describe how the economic needs of South Dakotans and people in other
        regions of the United States have been met. SD Examples: Bartering, money, fur trading,
        credit, agriculture, manufacturing, industry, imports and exports, tourism. (4.E.1.1.)
       Students are able to identify how government pays for the goods and services it provides. SD
        Examples: Taxing and borrowing. (4.E.1.3.)


Objectives:
       Day 1: “The Importance of Generosity”
       Day 2: What are needs and wants? (4.E.1.3.)
       Day 3: What are goods and services? (4.E.1.3.)
       Day 4: What is the difference between public and private goods and services? (4.E.1.3.)
       Day 5, 6, 7: How do businesses get started? (4.E.1.2.)
       Day 8: What are profits and losses? (4.E.1.2.)
       Day 9: What are the risks and benefits of starting a business? (4.E.1.2.)
       Day 10: How do South Dakotans earn their money? (4.E.1.1.)
       Day 11: How are South Dakota and other regions similar and different economically? (4.E.1.1.)
       Day 12: What goods and services does the government provide? (4.E.1.3.)
       Day 13: How does the government pay for the goods and services it provides? (4.E.1.3.)
       Day 14: How has the economy changed for the Lakota? (4.E.1.1.)
Appendix:
     My Business Plan
     A Business Pitch
     How Do South Dakotan Earn Their Money?
     Expedition Map of the United States
     Regional Mázaska
     Economies of Yesterday and Today
                         Three-Minute Comprehension Rubric
                         BB = Below Basic (59% or less); B = Basic (60-79%);
                      P = Proficient (80-89%); A = Advanced (90% and above)
Student   Day   Day   Day Day Day Day Day Day Day Day Day                         Day   Day   Day
 Name      1     2      3      4       5     6       7       8      9     10 11   12    13    14
Day 1: Generosity
Materials: Laptop Computer Attached to an LCD projector

Introduction: For the next few weeks, we’re going to learn about money. Who wants to make money
someday? Who wants to make lots of money? Who wants to be rich? If you worked hard and made lots
of money, would you share it with other people? Why or why not?

   1. Show your students “Generosity,” available on the Lakota Stories website.
   2. The Lakota word for generosity is wáčaηtognaka. What does generosity/wáčaηtognaka mean?
      What are some examples that the storyteller, Homer White Lance, gave of generosity?
      (Giveaways, giving rides to people, etc.) Can you think of your own examples of generosity?
      (List on the blackboard or chart paper.)
   3. What are some example of not being generous? (List on the blackboard or chart paper.)
   4. Do you think that it’s better to be generous or not generous?
   5. I want to imagine that you’re all grown up. You’ve worked really hard and made lots of and lots
      of money. Did you earn all that money completely on your own, or did you get help along the
      way? Who might have helped you on the way? (Friends, relatives, teachers, etc.) What’s the
      generous thing to do if you’ve made lots of money and you’ve had a lot of help? Is giving away
      your money the only way you can be generous? Is it generous to make someone a meal? To
      help them when they’re having a hard time by saying nice things? To just say “thank you” to the
      person who helped you? There are a lot of ways to show your wáčaηtognaka. Sometimes
      wáčaηtognaka means literally sharing your money. Sometimes wáčaηtognaka means helping in
      other ways.
   6. NOTE: In the video and throughout this unit, your students will learn new Lakota words. You
      can reinforce their memory by having them keep a pictorial vocabulary notebook for their new
      Lakota words. You can have them turn an ordinary notebook into a Lakota vocabulary notebook
      by having them record the new word, a drawing of the word, and a definition in their notebook,
      starting a new word on each page.




Day 2: What are needs and wants?
Materials: Advertisement sections of newspapers and magazines, scissors, glue, blank white paper

Introduction: Yesterday we learned a new word. Who remembers what that word is? That’s right:
wáčaηtognaka or generosity. How can you show your wáčaηtognaka?

   1. Turn off the lights. Tell students to sit back and relax. I want you to close your eyes and
      visualize. You are alone in a room. There is no door. It’s completely empty, bare walls,
      absolutely NOTHING there, except for five things. The four things are a plasma screen TV, a Wii,
      an iPod, and a four wheeler. Open your eyes. Did you like being in that room? Have students
      respond.
    2. I want you to close your eyes and visualize again. You are alone in a room. There is no door. It’s
       completely empty, bare walls, absolutely NOTHING there, except for five things. The five things
       are a faucet hooked up to an unlimited supply of water, a vending machine full of sandwiches,
       fruits and vegetables that never run out, a blanket, and a small box of medicine for the flu and
       strep throat and other potentially nasty diseases. Open your eyes. Did you like being in that
       room? Have students respond.
    3. Now I’m going to tell you that you’re stuck in Room 1 or Room 2 FOR THE REST OF YOUR LIFE.
       You get to pick which one. Which room do you pick? How long could you last in Room 1? How
       long could you last in Room 2?
    4. Every time you go to the store, you go there in order to buy something. All the things you buy
       fall into two categories, NEEDS and WANTS.
    5. A need is something that you can’t live without. The three basic needs are…
              Shelter: A roof over your head, a blanket when it gets cold
              Food: Calories to keep your body going
              Water: If you go even two days without water, your body will start shutting down
    6. Additionally, most people agree that there are two more needs…
              Clothing: To protect your body from the hot sun and the cold snow
              Medicine: To help your body fight disease
    7. Wants are everything else! Wants are things that you can live without, but like to have, because
       they provide entertainment (for example, a plasma screen TV), help you impress your boyfriend
       or your girlfriend (for example, a four wheeler), or because they make life easier (for example, a
       washing machine…you don’t NEED it, but it sure makes laundry go faster). Who can name a
       want?
    8. Needs and Wants Collage. Distribute the advertisement sections of newspapers and magazines,
       scissors, glue, blank white paper. Have students work individually, in pairs, or as groups and cut
       out pictures of goods. They should fold their blank papers in half, labeling one side “NEEDS” and
       the other “WANTS.” Finally, students should (artistically!) glue down their pictures under the
       appropriate headings.
    9. If your school has a subscription to Brainpop or Brainpop Jr., be sure to show your students the
       extremely fun video “Need and Wants” on an LCD projector. (Available online at
       http://www.brainpopjr.com/socialstudies/economics/needsandwants/preview.weml.)

Three-Minute Comprehension Check: On half-sheet of paper, students should write “N” if the following
is a need, “W” if it is a want. (1) Bread; (2) Shoes; (3) A Laptop Computer; (4) An electric guitar; (5)
Asthma medication.




Day 3: What are goods and services?
Materials: None!
Introduction: Yesterday we learned all about needs and wants. Who can name a need? Who can name
a want? There were two rooms that you visualized yesterday. What did the first room represent? What
about the second one? Which room would be more fun? Which room could you survive longer in?

   1. I’m going to list off several things that you can buy for money, mázaska. I want you to tell me if I
      am listing a need or a want, and explain why.
            Eye glasses
            A car
   2. Now, what about….
            An appointment with the eye doctor to get glasses
            A trip to the auto mechanic to fix your broken car
   3. It’s a little more complicated with these examples! Teach students the following words:
            Good: Something you buy that you can hold in your hands…a thing that’s solid
            Service: When you pay money so that someone does something for you
   4. Who can think of an example of a good? A service?
   5. Make the following chart on the board:

                                                Good                                  Service
                  Need

                  Want



   6. Pick two student volunteers to fill in the chart. List off the following, and have students decide
      whether each item is a need or a want, a good or a service.
           A trip to the hairdresser
           A CD player
           A puppy
           Major League baseball tickets
           Riding a ride at the carnival
           A baseball glove
           A washer and a dryer
           A trip to the dentist
           Going to the circus
           A book
           An apple
           Using the machines at the Laundromat
           A sweatshirt
           A trip to the vet
           A laptop computer
           Having someone fix your broken computer
            An Olympic-sized swimming pool
            Having someone install an Olympic-sized swimming pool in your backyard
   7. If your school has a subscription to Brainpop or Brainpop Jr., be sure to show your students the
      extremely fun video “Goods and Services” on an LCD projector. (Available online at
      http://www.brainpopjr.com/socialstudies/economics/goodsandservices/preview.weml.)

Three-Minute Comprehension Check: Have students define “GOOD” and “SERVICE” in their own words
on a half-sheet of paper.




Day 4: What is the difference between public and private goods and services?
Materials: None!

Introduction: What’s the difference between a want and a need? What’s the difference between a good
and a service?

   1. The word ECONOMY describes everything that goes on that has to do with MONEY, mázaska.
      You participate in the economy when you make money, and you participate in the economy
      when you spend money. ECONOMICS is the study of money, what goods and services people
      buy, and what kinds of jobs people do.
   2. Teach students the following words:
            Consumer: Someone who buys a good or service
            Business: When individuals or groups of individuals sell goods or services
            Transaction: When individuals or business trade goods or services for money
   3. When it’s individuals and business who make transactions, these are called PRIVATE goods and
      services. For instance, if you buy food from the grocery store, go get a haircut, or buy a new car,
      the owners of the grocery store, hair salon, or car dealership aren’t selling to you just to be nice.
      They might be nice people, but they also want to make a profit so they can buy goods and
      services for themselves and their families. In addition, if a business is profitable enough, it can
      get bigger and bigger. Why do you think there are McDonald’s everywhere? The owners of
      McDonald’s pay their employees, and then invest in building more and more stores so that they
      can get even more profits.
   4. Private individuals and businesses aren’t the only participants in the economy. Governments
      also make economic transactions, buying and selling. The huge difference between a
      government and a business is this: The government isn’t allowed to make a profit. The owner of
      McDonald’s wants to get rich. The President of the United States might want to get rich, but it’s
      illegal for him (or her!) to do that by trying to make a profit off of consumers. For instance, the
      Post Office is a service run by the government. The money you pay for stamps goes to pay the
      employees that work at the Post Office, but the government doesn’t make money off of your
      stamps. Goods and services that the government provides are called PUBLIC.
    5. What’s the big difference between private and public? Private belongs to just one person or
       group, the person or group who owns the business. Public belongs to all citizens. So,
       Disneyworld can charge you money to get inside, because it’s owned by private individuals. A
       park with a playground that’s owned by a city government can’t charge you to get inside,
       because you own it just by being a citizen.
    6. Make the following chart on the board:

                                   PUBLIC                           PRIVATE
                                  Post Office                     Disneyworld
                                    Parks                         Hair Salons
                                    Roads                        Grocery Stores




    7. Divide students into groups. Have a note-taker reproduce the chart, and have student work
       together to brainstorm as many items as they can for both columns. Then, have groups take
       turns volunteering items for the class chart. (Depending on your classroom philosophy, you can
       make this a collaborative affair or a competition between groups.)

Three-Minute Comprehension Check: What is an example of a public good or service? What is an
example of a private good or service? Have students respond on a half-sheet of paper.




Day 5: How do businesses get started?
Materials: Poster Board, Blank Paper, “My Business Plan”

Introduction: So far we’ve been learning all about economics! Let’s go over some vocabulary. What’s a
need? What’s a want? What’s a good? What’s a service? What’s a private good or service? What’s a
public good or service? For the next few days, we’re going to talk about private goods and services.
You’re going to get to start your very own business! But remember what we talked about on the first
day of our Mázaska unit. Even if you get rich, it’s still important to show your wáčaηtognaka/generosity
to the people who helped you and to the people in your community.

    1. Explain to students that they are going to start their own (imaginary) business. Starting a
       business is difficult, but anyone can do it, as long as you start your business with a plan.
    2. Have students think about their community. What kinds of businesses are there already? Is
       their community urban or rural? What kind of people live there? Single people? Families with
       children? What kinds of things do people like to do in their community?
3. Have students choose partners, and distribute “My Business Plan” to each pair. Each of your
   talking points goes with a box on “My Business Plan.” After each point, give students several
   minutes to discuss their ideas with their business partners and fill out the appropriate box.
         THE CONCEPT. Successful businesses start with a great idea. If there’s a ton of
            hamburger joints in town, you probably don’t want to open another one. Why not?
            However, if there’s not a single place to buy clothes in town, or take drum lessons, or
            take a dance class, then your business would appeal to everyone who wants to buy
            clothes, but doesn’t feel like driving really far to do so. When you think about your
            business idea, think about something that people want or need, but have a hard time
            getting. Or maybe there’s something that people don’t know they want, but they’ll pay
            money for. A movie theater where you can order Frybread, Wojapi, and other Lakota
            foods? A Laundromat where you can play on a Wii while you wait for your clothes to
            finish? Be creative!
         THE LOCATION. Unless your business involves traveling to peoples’ homes, it probably
            needs a building. What location will get a lot of people going by? Is that location too
            crowded? Is there an old building that you can buy (it will save you money) or will you
            have to build a brand new one?
         SUPPLIES. There’s a lot of stuff you need to buy to get your business rolling. Picture
            your building. It’s completely empty. What will you need to put in it for your business
            to have its opening day? If you’re opening a movie theater that sells Frybread and
            Wojapi, you’re going to need movie theater seats, screens, and projectors. You’ll need
            to buy movies to show, movie tickets to give to customers, cash registers, cooking
            supplies and appliances to make the Frybread, as well as flour, oil, berries, and all of the
            ingredients to make the food you’ll sell. Whew! Picture your empty building. What will
            you need to put in it?
         EMPLOYEES. Is your business small enough that you can run everything yourself? If not,
            you’ll need to hire employees. That’ll make your life easier, but you’ll also have to pay
            them, even if your business is losing money. What jobs need to be done every day to
            make your business run? Who will cook the fry bread? Who will take tickets? Who will
            sit in the projection room and keep the movie going? You can have your employees do
            several jobs, but they shouldn’t be overworked, or they’ll quit. However, you should
            make sure they’re busy and not bored, since you’re paying them. How many employees
            will your business need? Finally, when you’re hiring, you need different qualities.
            Whoever is in the projection room should be good at technology and computers. The
            person making the fry bread should be a good cook. The person taking tickets should be
            friendly and good at counting money. What qualities will you look for when you’re
            hiring your employees?
         FINANCES. Unless you’re independently wealthy (and since you’re a kid, you’re
            probably not) you probably need to take out a loan to buy supplies, buy a building, and
            pay your employees. A loan is when you borrow a large amount to start your business,
            and pay it back once you start making a profit. Usually, you have to pay a fee to take
               out a loan, in addition to paying back the full amount. This fee is called the interest
               amount. You can get a loan from a bank or from a wealthy friend or a family member.
               With a bank, the rules are usually more strict, and you’ll have to have a meeting with a
               loan officer to convince him/her that your business idea is profitable. But, you just pay
               back the amount and the interest. If you get a loan from a wealthy friend or family
               member, it’s usually less strict, but they might want to become a business partner and
               take a chunk of your profits. And, if you don’t make profits and can’t pay back the loan,
               this might ruin your relationship with that person. So, how will you get the money to
               buy a building, buy supplies, and pay employees their first paycheck? What will you say
               to convince the lender that you will be able to pay them back? Why is your business
               idea profitable?
              ADVERTISING. Your business idea may be the best business idea ever, but if consumers
               don’t know that your business is out there, then you’re not going to make any money.
               When you get the word out about your business, this is called advertising. There’s lots
               of ways to advertise: TV commercials, radio announcements, billboards on the highway,
               newspaper advertisements, and big signs in front of your store. But, they all cost
               money! Which ones do you think are the costliest? Which ones are probably the
               cheapest? More costly methods, like commercials, might bring you more business, but
               it will take longer for you to start making a profit. TV ads cost thousands and thousands
               of dollars per second!
              LOSSES. In your business plan, you need to have an idea of what you can do if you
               aren’t making money. You can give away free products or services to get more people
               to come to your store, and hopefully they’ll spend more money when they get there.
               You can try a different form of advertising. You can fire employees and do their jobs
               yourself, but you won’t be popular! You can increase prices, and make more money per
               item that you sell, but customers might not like that. You can lower prices, and hope
               that this will make customers willing to buy more. You can do some combination of
               these ideas, or think of your own. What do you do?
              PROFITS. Okay, you’re finally making bank. You better pay back your loan first! Now
               what? Do you want to open more stores? Hire more employees so that you have to
               work less? Give your employees a raise so that they like you more? Donate money to
               local schools or to medical research? Spend the money on yourself or your family? A
               new car? College for your kids? (Oh wait, you don’t have kids… Or a driver’s license!
               Oh well!) What do you spend your profits on?

Three-Minute Comprehension Check: What do you think the biggest challenge to opening your own
business is? Have students respond on a half-sheet of paper.




Day 6: How do businesses get started? Cont’d
Materials: Poster Board, Blank Paper, “My Business Plan”

Introduction: What business did you decide to open yesterday? What made you decide to open that
business? What do you think the biggest challenge to opening your own business is?

    1. Allow students to work with their business partners to read over their business plans, making
       additions and revisions as they see fit.
    2. Groups should then think of a catchy name for their business.
    3. Tell students that their goal in the next two days is to get the Board of Trustees at KidBank (the
       members of the class) to give them a loan for their business. Each pair will work to make a
       visual with their business plan and several diagrams illustrating their idea (very standard in the
       business world). Distribute blank paper, and tell students they should pick three or four of the
       following ideas to make diagrams. (Or, think of their own!)
             A diagram of the product
             A diagram of the store (exterior)
             A diagram of the store (interior)
             An emblem that will help their business get recognized. (Think: McDonald’s Golden
                Arches)
             The sign that will go on the outside of their store
    4. In the final ten minutes of class, distribute poster board. Students should write the name of
       their businesses on top. Then, they should glue the business plan and diagrams to the poster
       board.

Three-Minute Comprehension Check: If your job was to give advice to a younger sibling or cousin about
opening their own business, what’s one thing that you would say to them? Have students respond on a
half-sheet of paper.




Day 7: How do businesses get started? Cont’d
Materials: Poster Board, Blank Paper, “My Business Plan”

Introduction: Yesterday you had to answer the following question: If your job was to give advice to a
younger sibling or cousin about opening their own business, what’s one thing that you would say to
them? What did you write down? Any fresh thoughts today?

    1. Today’s the big day! You’re going to have to convince the Board of Trustees at KidBank to give
       you a giant loan to get your business rolling. As usual, you have to go before the Board of
       Trustees with a plan. You need to make a short speech—3 minutes or less—that will convince
       them to give you thousands upon thousands of dollars. You have to convince them that you
       have a profitable idea. You have to convince them that you know how to carry it out. And you
       have to convince them that you’re the person to do it. This is called a business pitch—it’s a short
       speech where you sell your idea, so that you can get started selling your product.
   2. Distribute “A Business Pitch.” Describe the parts of a good business pitch:
            A Hook: A catchy sentence or two that will get your audience to listen. For instance, Did
               you know that the nearest movie theater to St. Francis, South Dakota, is 45 minutes
               away? And yet, hundreds of people drive that distance each week. Imagine how many
               people would go to the movies if there was a theater right in town!
            The Plan: What you’ll spend the loan amount on. Why your business is guaranteed to
               make a profit.
            The Person: Who you are. What strengths and talents will make this business extremely
               successful.
   3. Have teams of business partners create the perfect business pitch.
   4. Have teams take turns displaying their business plan visuals and presenting their business
      pitches.
   5. After all teams have presented, have a KidsBank Board Meeting where you list the names of the
      businesses that have made loan proposals. The members of the Board of Trustees should cheer
      if they approve each business for a loan.

Three-Minute Comprehension Check: What are the three components of a successful business pitch?
Have students respond on a half-sheet of paper.




Day 8: What are profits and losses?
Materials: Computer Lab (alternatively, a Laptop computer hooked up to an LCD projector)

Introduction: What do you need to have a successful business? How do you know if a business is
successful? Yes, if it make a profit!

   1. Who remembers what a profit is? Yes, a profit is the money you make after you pay your
      employees, pay back your loan, and pay for your supplies.
   2. What is a loss? A loss is when selling your product isn’t enough to cover the cost of paying your
      employees, paying back your loan, and paying for your supplies.
   3. Lemonade Stand Profits and Losses. At a computer lab, have students visit
      http://www.coolmath-games.com/lemonade/ to explore profits and losses. (Alternatively, this
      can be done as a whole-group activity on a Laptop computer hooked up to an LCD projector. If
      you have access to both an LCD projector and a computer lab, your best bet is to have students
      play Lemonade Stand once as a whole group, then as individuals or in pairs. Either way, pretest
      the machines to make sure that Java is installed.)
   4. Make sure you read the introduction to the game to students. It will help them to learn that
      decisions about increasing profits and minimizing losses have to do with PRICE.

                                              Lemonade Stand

      Hi, and welcome to Lemonade Stand! Your goal in this game will be to make as much money as
      you can within 7, 14 or 30 days. To do this, you've decided to open your own business -- a
      Lemonade Stand! You'll have complete control over almost every part of your business, including
      pricing, quality control, inventory control, and purchasing supplies. You'll also have to deal with
      the weather, which can be unpredictable. Unfortunately, the weather will play a big part when
      customers are deciding whether or not to buy your product.

      Other factors which will make or break your business is the price you charge. Customers are more
      apt to pay higher prices when the product (your lemonade) is more in demand - When the
      weather is hotter. As the temperature drops, and the weather turns bad (overcast, cloudy, rain),
      don't expect them to pay nearly what they would on a hot, hazy day.

      The other major factor which comes into play is your customer's satisfaction. As you sell your
      product, people will decide whether or not they like it, and how much they like or dislike it. As
      time goes on, they'll start to tell their friends, neighbors, and relatives (hence, your 'popularity').
      Sell a good product for a good price, and you'll build business over time; overcharge for inferior
      products, and you'll be out of business sooner than you'd think. Another more direct form of
      customer satisfaction affecting sales takes place directly at the stand. As customers buy your
      product, you'll see some tell you what they think by the bubbles over their heads. If customers
      are enjoying their product, others are more likely to buy. If they're expressing their
      dissatisfaction, other customers are more likely to take their business elsewhere.


    5. Have students choose “7 Days” on the next screen. Enjoy!
    6. Note: For older students, visit http://www.microsoft.com/education/makingmoney.mspx to find
       reproducible forms that will help students think more scientifically about profits and losses in
       Lemonade Stand.

Three-Minute Comprehension Check: In Lemonade Stand, what’s one thing that’s good for profits?
What can cause a loss? Have students respond on a half-sheet of paper.




Day 9: What are the risks and benefits of starting a business?
Materials: None!

Introduction: Who wants to start their own business someday? Who’s at least thinking about it? For
those of you who want to start your own business or are thinking about it, it’s important that you know
about the risks and benefits of starting a business.

    1. What is a risk? What is a benefit? What is a possible risk of starting a business? What is a
       possible benefit?
    2. Read the following article aloud to students, available online at
       http://life.familyeducation.com/employment/personal-finance/47254.html.

            Risks of Starting Your Own Business
            More than half of all entrepreneurial ventures fail. Having gotten that fact out in the open, we're now
telling you to ignore it if you're considering starting your own business.
There are reasons that business ventures fail, and, when you know what they are, you can avoid
them. Sure, there are risks involved with starting your own business. You could lose a lot of money.
You could become estranged from your family if you put all your time and energy into work. You
could lose your business to fire, an earthquake, or flood.

But there are risks involved with working for somebody else, too. You might lose your job. You might
hate the job and be miserable every day of your life. You might have to take a salary cut, or become
estranged from your family because you're traveling for weeks at a time.

All of life involves risk. If you go into a business, or a marriage, or anything else thinking that you'll
fail, then chances are that you will fail.

Most businesses fail because the person who started them didn't set goals, or failed to thoroughly
think through what he would do, and how he would do it. Some entrepreneurs try to start a business
without ever writing a business plan, which is a huge mistake.

A business plan is the entrepreneur's bible, and an absolute necessity. It not only serves as a road
map for where your business will go and how you'll get it there, it will be an important sales
document when you're trying to attract funding for your business.

If you do your homework, and adequately prepare before starting a business, chances are good that
you can make it work. And remember that not attempting something you really want because you're
afraid of the risk involved might be the biggest failure of all.

Rewards of Going It Alone
Why then, if the hours are long, the pay unpredictable at first, and the future uncertain, do so many
people succumb to the urge to start their own businesses?

They do it because they believe the potential rewards far outweigh the risks involved, and they have
enough confidence in themselves to believe they'll be successful.

Let's cut to the chase. Most people start their own businesses because they hope to make money—
lots of money. And, they're drawn to the prospect of being their own boss. Other factors count, such
as the opportunity to meet other people in business, or to be recognized within the business
community. Basically, however, it boils down to money and freedom.

Making a lot of money is good because it gives you great freedom. Think about how nice it would be
to not have to worry about how you'd pay for the kids' college educations or fund your own
retirement? Think about being able to pack up on the spur of the moment and head out for an island
getaway. Or taking the whole family on a ski trip to Aspen over Christmas.

Money is definitely an incentive, and one of the greatest rewards of being an entrepreneur. The
freedom of being your own boss is another reward of owning and running your own business. It's
nice to be able to take off for a couple of hours to watch your daughter's soccer game or to take your
elderly parent to his doctor's appointment. Of course, being your own boss also entails a lot of
responsibility, but it provides a very attractive sense of freedom. One additional reward—and it's a
big one—of starting your own business, is the great feeling of accomplishment that comes with
having built an enterprise from your hopes and dreams.

From http://life.familyeducation.com/employment/personal-finance/47254.html. For educational
                                          use only.
    3. Make the following chart on the board:

                                   Risks                            Benefits




    4. Drawing from their intuition and from the article, have student volunteers list possible risks and
       benefits of starting a business

Three-Minute Comprehension Check: Have students list own risk and one benefit of starting a business
on a half-sheet of paper.




Day 10: How do South Dakotans earn their money?
Materials: “How do South Dakotans earn their money?”

Introduction: As you may have guessed, there are many different kinds of businesses…even right here in
South Dakota! What kind of business does your business plan call for? Most of the time, when we think
of businesses, we think of retail shops—stores where you can visit and buy a good or a service. But, the
economy is so much bigger than that. Retail shops actually make up only a small part of the economy!

    1. A “sector” is a part of the economy devoted to a special good or service. Explain to
       students that there are many sectors within the South Dakota economy. Some people
       raise cattle for a living. Some work at hospitals or doctors’ offices. Some work in
       factories.
    2. Distribute “How do South Dakotans earn their money?” which has a list of the most popular
       sectors in the South Dakota economy. Have students read descriptions aloud and think of an
       example in their hometown.
    3. If there is time at the end, use a computer hooked up to an LCD projector to visit Brainpop’s
       Economics section at http://www.brainpop.com/socialstudies/economics/. Have students pick
       which video they’d like to watch. (For this topic, there are many great free videos. So, you
       don’t need a subscription!) Make sure you have students do the comprehension questions at
       the end.

Three-Minute Comprehension Check: Name two ways that South Dakotans earn their money on a half-
sheet of paper.
Day 11: How are South Dakota and other regions similar and different
economically?
Materials: Art Supplies; “Expeditions Maps”; “Regional Mázaska”

Introduction: We’ve learned all about the different sectors of South Dakota’s economy. Who can name
one way that South Dakotans make their money? How about another one? Today we’re going to travel
all around the United States, learning about the different regions and their different economies.

   1. It makes sense that economies are different in different parts of the United States. Some parts
      have vast amounts of rich, fertile land. Others have lots of people, stores, and restaurants.
   2. Teach students the following concepts:
           Population means number of people. Areas with LOW populations are good for
              agriculture, forestry, hunting, and fishing because there’s more empty land for crops to
              grow and animals to roam. Areas with HIGH populations are good for retail and tourism
              because there are large cities with people looking to spend money on entertainment,
              clothing, and dining.
           Rainfall means how much rain. Areas with HIGH rainfall are good for agriculture and
              forestry, because crops and trees can grow more quickly.
   3. Distribute Art Supplies, Expeditions Maps, and “Regional Mázaska.” Have students follow along
      on their maps as you read the following article aloud. (Pause after each region to give students
      a change to respond. Some regions, like the West, may call for discussion.)

                                   Life in the USA: US Regions and US States
         The Northeast (Maine, New Hampshire, Vermont, Massachusetts, Connecticut, and Rhode
         Island)
         The first immigrants (or settlers) to the United States came to the Northeast region in the
         17th century. These were mostly English Protestants, looking for freedom to practice their
         religion and political reform. Because the winters are cold and harsh, and the land not very
         flat or fertile, this region is not well suited for farming. Eventually manufacturing and trade
         became the most important contributors to the regional economy. This region is well known
         for its culture (with excellent theaters and museums) as well as its educational system (with
         some of the most highly rated and respect universities in the country). This region is also
         known for its mix of ethnic groups, including Irish, Italian, and many eastern Europeans.
         The Middle Atlantic (New York, New Jersey, Pennsylvania, Delaware, Washington, DC, and
         Maryland)
         The first settlers in this region were more diverse than in the Northeast. Not only were English
         Protestants included, but also English Catholics, Dutch, and Swedes. Although the weather is
         not quite as cold, farming was still difficult, so manufacturing and shipping became the
         dominant industries. Some of the most highly populated American cities (including the largest,
         New York city) are located in the Mid Atlantic, as is the nation's capital (Washington, DC).
Today finance, communications, and pharmaceuticals are some of the most important
industries in the region.
The South (Virginia, West Virginia, Kentucky, Tennessee, North Carolina, South Carolina,
Georgia, Florida, Alabama, Mississippi, Arkansas, Louisiana, and parts of Missouri, Texas and
Oklahoma)
The first southerners were English Protestants, like the northeasterners, but they were less
independent and revolutionary in their nature. With temperate weather and sprawling lands,
the south was very conducive to farming and soon agriculture became the primary industry.
Southerners are probably the most distinctive of all American regional groups, with more
relaxed attitudes and traditional ways than their neighbors to the north. They are known for
their hospitality. The climate and the landscape have led this region to become popular with
American tourists, and also with retirees. Today farming has become less prominent, and
manufacturing and tourism have contributed greatly to the economy.
The Midwest (Ohio, Michigan, Indiana, Wisconsin, Illinois, Minnesota, Iowa, parts of Missouri,
North Dakota, South Dakota, Kansas, Nebraska and eastern Colorado)
The Midwest is the largest of the regions, with the most variation in weather. However, the
land is almost entirely flat, and also very fertile, making it ideal for farming. The region is
known as the nation's "breadbasket" because of its abundant production of oats, wheat, and
corn. The first immigrants were Americans from the east coast, as well as Europeans from
Sweden, Norway, and Germany. Midwesterners are known for being honest, straightforward
people of traditional values. The area is not densely populated, with fewer big cities than its
neighbors to the east. The largest city is Chicago, known for its port, and for being a
connection (through railroad lines and airline hubs) between the eastern and western United
States.
The Southwest (western Texas, parts of Oklahoma, New Mexico, Arizona, and Nevada)
This region has had the least influence by European immigrants. Much of its culture has been
defined by American Indians and by the Spanish (most of the Southwest previously belonged
to Mexico). The land is generally flat and dry, and the weather is very hot. The region has
many deserts. The nation's greatest natural wonder, the Grand Canyon, is located in this
region. Also located here is Las Vegas, one of the world's premier gambling centers.
The West (western Colorado, Wyoming, Montana, Utah, California, Nevada, Idaho, Oregon,
Washington, Alaska, and Hawaii)
The first settlers in the West were the Spanish who established Catholic missions along the
coast. This region has probably the most variation in landscape and climate. Mountain chains
run from north to south, creating temperate, wet areas to the west, and harsher, drier areas
to the east. This region contains much undeveloped land which is enjoyed by the locals for
recreation. The west has the most varied mixture of immigrants of all the other regions. In
some areas, Mexican and Asian influences are dominant over European influences.
Westerners are known as the least traditional of Americans, and the most tolerant of change
and differences. California is the nation's most populous state, and is famous for its movie and
high-technology industries.
 Adapted from http://www.usastudyguide.com/regionaldifferences.htm. For educational use only.
   4. What region is South Dakota in? In your opinion, which region is most similar to South Dakota?
      Why? Which region is most different from South Dakota?

Three-Minute Comprehension Check: List one way that South Dakota’s region is similar to its neighbor,
the West. List one way that South Dakota’s region and the West are different. Have students respond
on a half-sheet of paper.




Day 12: What goods and services does the government provide?
Materials: None!

Introduction: For many days, we’ve been talking about private goods and services. Think way, way back
to the beginning when we talked about the difference between public and private. What’s a public good
or service? Wašté! It’s a good or service provided by the government. Today we’re going to talk all
about public goods and services.

   1. First, let’s talk about why there are public good and services. Anyone have any ideas? I can
      think of three.
            A good or service is too expensive for an individual to pay for. Roads and schools, for
                instance, cost the government billions of dollars!
            A good or service benefits more than one person. Imagine if you owned a road or owned
                a school, and only you and your family could use it. Now imagine that EVERYONE had
                their own roads and schools. It makes way more sense if everyone just shares, and
                indeed, that’s exactly how it works!
            People in a society have different amounts of money. Some have more than they know
                what to do with. Some have barely enough to get by. Having the government provide
                goods and services at a low price helps those who can’t afford to spend very much.
   2. Explain to students that there are different levels of government, and the different levels have
      different responsibilities.
   3. Today we’ll focus on federal, state, and tribal governments.
            The federal government is based out of Washington D.C. It is responsible to all the
                citizens of the United States.
            State governments are located in the state capitals. (The capital of South Dakota is
                Pierre.) State governments are responsible to all the citizens in that state.
            Tribal governments have a special relationship with the federal government. Because
                tribes are sovereign (meaning independent), tribal governments often choose to
                administer goods and services to tribal members instead of having the federal
                government do it. Tribal members must follow federal laws, but tribes can also make
                their own laws.
   4. Create the following chart on the board. Have students think of goods and services provided by
      federal, state, and tribal governments.
                      Federal                       State                      Tribal
         Goods
         and
         Services



   5. If students need help, you can prompt them to consider the following:
            Federal: Interstate Highways, Postal Service, Military/Defense, National Parks, Federal
              Courts, the Food and Drug Administration (which inspects food and medicine for safety),
              the Space Administration (which sends astronaut and shuttles into space)
            State: State Courts, County Schools, State Highways, Hunting and Fishing Licensing
            Tribal: Tribal Court, Tribal Police + Fire, Indian Health Services, Tribally-administered
              schools, Child and Family Service, Gaming Commission, Forestry Department, Sanitation
              Department, Tribal Ranches, Tribal Casinos

Three-Minute Comprehension Check: Name three good or services provided by the government.
(Challenge: What level of government provides these goods/services?) Have students respond on a half-
sheet of paper.




Day 13: How does the government pay for the goods and services it provides?
Materials: Laptop Computer attached to LCD projector

Introduction: Let’s work on some vocabulary. Who can define: Economy? Economics? Want? Need?
Good? Service? Public? Private? Profit? Loss?

   1. Today we’re going to talk about TAXATION! Who know what a tax is?
   2. Providing goods and services costs the government money. Citizens pay for goods and services
      in different ways, mostly through taxation. There are different kinds of taxation:
             Income tax: You pay the government a small percent of every dollar you earn
             Sales tax: You pay the government a small percent for every dollar you spend
             Corporate income tax: Businesses pay the government a small percent of every dollar of
                profit
   3. Recently, the U.S. federal government collected $2.7 trillion dollars from citizens! That sounds
      crazy, until you think about how much the government spends on goods and services for citizens.
      The government is also the largest employer in the United States, so a lot of Americans are
      actually receiving their salaries from the government. (Of course, they have to give a certain
      amount back for taxes.) Plus, the government gives social security checks to retired citizens, and
      pays for the health care of citizens who can’t afford doctors and medicine. All this cost $3.1
      trillion dollars!
   4. Now you may have noticed something. The government collected $2.7 trillion, but spent $3.1
      trillion. Where does that extra $.4 trillion come from? It comes from borrowing. Believe it or
      not, even the government borrows money! It borrows from other countries or from banks. The
      government has to pay this money back. It’s just like when you take out a loan to start your own
      business. The money that the government has to pay back is called a debt.
   5. Using a computer hooked up to an LCD projector to visit Brainpop’s Economics section at
      http://www.brainpop.com/socialstudies/economics/. Have students watch “Taxes: As Certain
      as Death.” Have students do the comprehension questions at the end. (Note: If your school
      doesn’t have a Brainpop subscription, you can have students watch “Interest: The Cost of
      Borrowing Money” instead. It’s both free and relevant.)

Three-Minute Comprehension Check: List two ways that the government pays for the goods and
services it provides.



Day 14: How has the economy changed for the Lakota?
Materials: “Economies of Yesterday and Today”

Introduction: Today is the last day of our unit on the economy. What have you learned about money,
mázaska, starting a business, and the economy? What surprised you? What didn’t surprise you?

   1. Survey students. How long has the economy been around?
           Was it around in 1900, before there were computers and airplanes?
           Was it around in 1800, before there were automobiles and telephones?
           Was it around in 1700, before the United States officially became a country?
           Was it around in 1600, before any English settler dreamed of venturing west?
           Was it around in 1500, before the Spanish brought the horse to the Lakota?
           Was it around before that?
   2. The economy has changed a lot over the years, but it’s always been around. Traditionally, the
      Lakota people lived off the land. There was no need for money, because the Lakota took what
      they needed from the land. People worked together to make sure that everyone in the tiyóšpaye,
      that is, the family had what they needed to live. Tiyóšpaye were self-sufficient. They didn’t need
      anyone from the outside to provide for them, because everyone within a tiyóšpaye had a role.
           Women ran the household. They were in charge of the meals, maintaining the home,
                and raising the children.
           Young men hunted, fished, and gathered food to bring back to the tiyóšpaye. They also
                defended the tiyóšpaye from attacks from the outside.
           Selected older men were the spiritual leaders of the tiyóšpaye. They made decisions that
                affected the whole tiyóšpaye, and resolved any conflicts that arose.
   3. When members of a tiyóšpaye encountered another tiyóšpaye, another tribe, or another culture,
      and the group had something that the tiyóšpaye needed, they wouldn’t pay them, because there
   was no common currency, or money system. Instead, they would negotiate a trade. This is
   called bartering, when two parties work out a deal where they exchange one good for another
   good.
4. In modern times, there is still bartering sometimes. Can anyone think of an example? Maybe I
   need a star quilt, and you need a jingle dress. I know how to make really excellent jingle dresses,
   and you know how to make really excellent star quilts. You and I might work out a trade without
   exchanging money. This is bartering, and in some situations, it’s a great way to get what you
   need.
5. Why don’t we just barter for everything? (Allow students to make conjectures.) Here’s a few
   more reasons why we have a currency system today.
         Efficiency. Imagine if you had to work out a trade for every single item you bought at
           the grocery store. Imagine how long the lines would be! You’d spend all day there!
           Money makes things go more quickly. The owner of the grocery store picks a price, and
           if you think it’s a fair price, you pay it.
         Fairness. What if you really, really wanted to buy some jerky at the grocery store, but
           you don’t have anything the grocery store owner wants. Then, some other guy comes up
           and makes a trade offer to the grocery store owner, and walks away with the jerky! No
           fair! With money, you can get the jerky you want, and the grocery store owner can take
           that money, and go buy whatever he or she wants.
         Savings. In Lakota culture, the young men and women would make sure that their elders
           were taken care of, hunting and cooking for them. In a lot of families, it still works that
           way. But what if you’re old and you don’t have a son, daughter, niece or nephew to look
           after you? You can’t hunt for a lot of meat when you’re in your forties, and save it for
           when you’re in your seventies—the meat would go bad! But, when you’re young, you
           can save your money, so that when you’re in your seventies, you can buy food from a
           store.
6. The modern economy is a combination of a barter economy and a currency economy.
   Traditionally, the Lakota had a barter economy. I’ve given some reasons why the world has
   moved away from a barter economy as it has gotten bigger and bigger, with more and more
   cultures participating in economic activities. There’s definitely some advantages of the modern
   economy over the traditional economy, but there’s also definitely some advantages of the
   traditional economy over the modern economy. Let’s see if you can think of some advantages
   and disadvantages of both. Have students discuss in groups, then provide ideas to fill in the
   following chart:

                                      Traditional Economy                   Modern Economy
                  Advantages
               Disadvantages

7. Have students complete “Economies of Yesterday and Today.”
Three-Minute Comprehension Check: Would you prefer the traditional Lakota economy over the
modern economy? Why or why not?
Name ___________________                                    Date __________________


                               My Business Plan


  You decide to open your own business. Wašté! What will your business sell?




Does your business need a building? ___________

Will you buy an existing building or will you build a new one? ___________

Where will you build your building? _______________________



      What supplies will you need besides a building to start your business?




Does your business need employees? ___________

How many employees will your business need? ___________

What jobs will your employees do? _____________________________________

What qualities will you look for in your employees? ________________________
Name ___________________                                      Date __________________

            How will you get the money to buy a building, buy supplies,
                     and pay employees their first paycheck?



                If you’re getting a loan, what will you say to convince
                  the lender that you will be able to pay them back?




            How will you convince consumers to come to your business?




              Uh oh! Your profits aren’t high enough to pay back your
                     loan! How do you increase your profits?




   Wašté! Now you’re making BANK! What will you do with all of your profits?
Name ___________________                                     Date __________________


                               A BUSINESS PITCH

A Hook      A catchy sentence or two that will get your audience to listen.

The Plan    What you’ll spend the loan amount on. Why your business is
            guaranteed to make a profit.

The Person Who you are. What strengths and talents will make this business
           extremely successful.



In the three boxes below, write the perfect pitch for your business. Make sure
you include A Hook, The Plan, and The Person in your pitch.
Name ___________________                                               Date __________________


                      How do South Dakotans earn their money?
Directions: A “sector” is a part of the economy devoted to a special good or service. Here you
will find a list of the most popular sectors in the South Dakota economy. Read the description
of each one, then think of an example in your hometown.

                                                                       Hometown Example:
        Finance Managing banking customers’ checking and
                  savings accounts. Loaning money to
                  businesses and home buyers. Buying,
                  trading, and selling stocks and futures.
     Insurance Selling insurance plans to automobile
                  customers, home buyers, and business
                  owners. (Insurance customers pay a
                  monthly fee. If there is an emergency where
                  they need a large amount of money, they
                  can get it from their insurer.)
Manufacturing Making the products that the health care
                  sector and retail sector use and sell in their
                  stores.
   Health care Running hospitals, doctors’ offices, and
                  dentists’ offices. Selling medicine to sick
                  customers.
           Retail Selling groceries, clothing, and other goods
                  and services to customers in local stores.

     Real Estate Buying, selling, renting, and managing land
                 and buildings. Includes commercial and
                 residential properties.

     Agriculture Raising livestock (meat) and crops
                 (vegetables, fruits, and grains). Selling these
                 products to food processing factories.
        Forestry Growing and cutting down trees. Selling
                 lumber to construction companies.

     Fishing and Processing and selling freshly-caught game
         Hunting to residents of South Dakota and elsewhere.

        Tourism Hotels, restaurants, and attractions geared
                towards out-of-towners on vacation.
Name ___________________   Date __________________
Name ___________________                                          Date __________________


                               REGIONAL MÁZASKA
Color Maine, New Hampshire, Vermont, Massachusetts, Connecticut, and Rhode Island
ŠÁ/RED. These states make up The Northeast.

How do you think this region gets its mázaska? _______________________



Color New York, New Jersey, Pennsylvania, Delaware, Washington, DC, and Maryland
ZÍ/YELLOW. These states make up the The Middle Atlantic.

How do you think this region gets its mázaska? _______________________



Color Virginia, West Virginia, Kentucky, Tennessee, North Carolina, South Carolina,
Georgia, Florida, Alabama, Mississippi, Arkansas, Louisiana, Missouri, Texas and
Oklahoma TÓ/BLUE. These states make up the The South.

How do you think this region gets its mázaska? _______________________



Color Ohio, Michigan, Indiana, Wisconsin, Illinois, Minnesota, Iowa, North Dakota, South
Dakota, Kansas, and Nebraska TÓZI/GREEN. These states make up the The Midwest.

How do you think this region gets its mázaska? _______________________



Color New Mexico, Arizona, and Nevada TÓŠA/PURPLE. These states make up the The
Southwest.

How do you think this region gets its mázaska? _______________________



Color Colorado, Wyoming, Montana, Utah, California, Nevada, Idaho, Oregon,
Washington, Alaska, and Hawaii ZÍŠA/ORANGE. These states make up the The West.

How do you think this region gets its mázaska? _______________________
Name ___________________                                  Date __________________


                       Economies of Yesterday and Today


   1. Draw a scene from the traditional Lakota economy.




What’s one advantage of this economy? _________________________________

What’s one disadvantage of this economy? _______________________________



   2. Draw a scene from the modern economy.




What’s one advantage of this economy? _________________________________

What’s one disadvantage of this economy? _______________________________

				
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