10 Themes: Part 7: Production, Distribution, and Consumption

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This lesson plan is perfect for those who want their students to understand the principles of supply and demand and how they affect the economy. Students will gather data and analyze it to determine the best way to deal with scarcity of resources. They will also learn about opportunity cost, which is a fundamental concept in economics.

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Description

Production, distribution, and demand are three important concepts in economics that everyone should understand. This lesson plan is designed to introduce these concepts to students in an engaging and easy-to-understand way. By the end of the lesson, they’ll have a good grasp of how economics works in their everyday lives and what economists do. They’ll be able to gather and analyze data, determine how to deal with scarcity, compare the cost and benefits of different choices, and define opportunity cost. This is valuable knowledge that will help them make informed decisions throughout their lives.

Additional information

grade-level

3rd Grade, 4th Grade, 5th Grade

subject

Social Studies

State Educational Standards

D2.ECO.1.3 – 5, D2.ECO.2.3 – 5, D2.ECO.3.5 – 5

Lessons are aligned to meet the education objectives and goals of most states. For more information on your state objectives, contact your local Board of Education or Department of Education in your state.