What our Economics lesson plan includes
Lesson Objectives and Overview: Economics introduces students to the basics of economy. They will learn to identify types of resources used to produce goods and services. They will also learn about the roles of producers and consumers in a free-market capitalist system. The lesson will teach them about the concept of supply and demand and its effect on producers and consumers. By the end, your students will have a solid understanding of how economics works.
There are two pages of content in this lesson. Students will learn first what economy means and what economics is. The lesson uses an example to explain how people figure out what to spend their money on. Food, water, and shelter are all necessities of life. However, other things, such as toys or pets or electronics, are not. Economics is basically the study of choosing what to spend limited resources on.
Students will learn about resources and how they are often limited. Everyone, however, has the resource of time. This lesson describes how time can be a great resource. It explains how sometimes people don’t have enough money to buy something. So instead of playing video games for an hour, they can mow a neighbor’s lawn for payment. That would be considered a good use of the resource of time. Additionally, the lesson explains the difference between needs and wants. Needs are necessities while wants are not essential.
ANSWER THE QUESTIONS ACTIVITY
Students will work alone for the activity portion of the lesson. The activity worksheet asks seven questions. Students will answer each of the questions and explain some of their answers.
NEED OR WANT PRACTICE WORKSHEET
The practice worksheet contains a table with three columns. The first column is for items. There are 15 rows of items listed. In the second column, students will mark whether the item is a need (N) or want (W). In the third column, they will explain the reason behind their answer.
ECONOMICS HOMEWORK ASSIGNMENT
For the homework assignment, students will fill out a table listing items they have consumed, or services they received in the last five days. They will mark whether the item was a good (G) or a service (S). They have to include at least seven services. Finally, they will have to explain whether a good or service can be both a need and a want.