Farming Economics

Unit: Farming for the Future

Lesson 14 of 25
Duration: 60 minutes
Class size: 13 students (Grades 2–5, multi-age)

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Inquiry Statement (IB PYP Phase 2–5)

How do economic decisions affect farming?

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Learning Objectives

Aligned with IB Primary Years Programme (PYP) Phases 2–5 (adapted for students Grades 2–5):

• Conceptual understanding:
  Students will understand that farming involves economic decisions based on costs, profits, and budgeting. (Key Concept: Function; Related Concept: Economy)

• ATL (Approaches to Learning) skills:

  • Thinking Skills – Applying budgeting concepts to real-life scenarios
  • Communication Skills – Expressing ideas clearly through discussion and presentation
  • Self-management Skills – Organizing information to create a budget plan

• Transdisciplinary Theme:
  How the World Works – Understanding economic processes in farming and business

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Success Criteria

Students will:

• Define basic farming economic terms: cost, profit, and budget.
• Create a simple budget for a simulated farming business using a provided template.
• Explain how choices in farming affect costs and profits.

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Materials Needed

• Budget template handouts (dyslexia-friendly font, ample spacing, color-coded sections)
• Visual aids of common farm crops and costs (pictures, icons)
• Pre-cut play money or farm product cards
• Whiteboard/Smartboard for group notes
• Calculators (optional, for advanced learners)
• Chart paper & markers for group presentations

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Lesson Breakdown

1. Engage & Connect (10 minutes)

• Begin with a student-led inquiry discussion: “What do you think it costs to run a farm?”
• Use visual aids and familiar examples (seeds, water, tools, labor).
• Introduce simple economic terms: cost, profit, budget with clear definitions linked to farm life.
• Use storytelling: “Imagine you want to start a small farm with $100.” What will you spend on?

Differentiation: Use picture symbols + word labels. Use partner talk to support language learners.

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2. Explore & Create (Simulation Activity) (25 minutes)

• Present a simulated farming business scenario: students choose from crops with different costs and potential profits (e.g., carrots, lettuce, tomatoes).
• Distribute budget templates with sections for: Initial cost, ongoing costs, projected sales, and profit.
• Allow students, in pairs or small groups, to make decisions and fill in their budgets.
• Support students with a simplified number grid for those needing math scaffolding (linked to Singapore Math standards).
• Encourage advanced learners to estimate profit margins and calculate potential losses.

Differentiation: Provide number cards for low confidence mathematicians; calculators for advanced students.

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3. Explain & Reflect (Group Sharing) (15 minutes)

• Groups present their farming budgets and explain their choices.
• Facilitate peer questions to deepen understanding:
  • “Why did you pick that crop?”
  • “How will your choices affect your profit?”
• Promote metacognitive reflection: “What would you change next time to make more money?”

Differentiation: Students may present orally, via drawing, or through role-play. Provide sentence starters for anxious speakers.

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4. Extend & Analyze (Optional for advanced learners) (5 minutes)

• Challenge advanced learners to compare two crop budgets and analyze which is more profitable or sustainable.
• Prompt higher-order thinking questions:
  • “What happens if the cost of water increases?”
  • “How could investing in better tools impact profit?”

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5. Closure & Assessment (5 minutes)

• Quick formative assessment: Students complete an exit ticket answering two questions:
  • “What is one cost you have to think about when farming?”
  • “How can making a budget help a farmer?”
• Collect budget templates as evidence of understanding.

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Differentiation Strategies for Diverse Learners

• Provide dyslexia-friendly materials (OpenDyslexic or similar fonts, high contrast, short sentences).
• Use visuals, icons, and manipulatives to support comprehension.
• Pair stronger readers/writers with peers to facilitate peer support.
• Break tasks into small steps with clear instructions.
• Allow alternative ways to express learning (drawing, oral explanation, acting out).
• Provide additional scaffolding with number lines or calculator assistance.
• For English Language Learners (ELLs), pre-teach vocabulary with picture cards.

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Assessment Criteria (Informal/Formative)

• Ability to complete a budget template with appropriate entries.
• Clarity in group presentation and ability to explain budgeting decisions.
• Responses on exit ticket demonstrating understanding of cost and budget concepts.

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Reflection & Teacher Notes

• Observe student engagement and inquire into their decision-making processes—note how they balance creativity and logic.
• Consider students’ comfort with numbers and provide additional support in subsequent lessons.
• Use student budgets as baseline data for follow-up lessons on sustainability and resource management.
• Prepare for next lessons by gathering resources related to environmental impacts on farming economics.

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Extensions for Wide-Reaching Inquiry

• Launch a mini in-class farmers’ market where students “sell” produce based on their budgets, then calculate real-time profits and losses.
• Integrate technology by having students create simple digital budgets using spreadsheet software (if device access allows).
• Connect with a local farmer via video call for authentic inquiry about making economic decisions on their farm.

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This lesson supports the Reggio Emilia emphasis on student inquiry, collaboration, and reflection, while aligning with IB’s conceptual and ATL learning framework. The simulation approach nurtures critical thinking, encourages authentic interactions, and respects diverse learner strengths.