28.1
Summary of the Week: Students will gain an understanding of basic economics. They will begin to understand the differences between goods and services and how money is used
in an economy. Standards: N/A
Teacher Background Knowledge: Economics is how people make goods and provide services. It is also how people earn money and what they choose to spend their money on. This week, students will be taught the basic concepts of economics, including goods, services, producers, and consumers. A good is something that people buy and sell, while a service is work that one person does for someone else. A producer is someone who makes a good or provides a service, and a consumer is someone who buys a good or service. Notes for Teacher: ● The sequence of articles in this week is designed to build and support the learning of concepts for students. ● The articles “Goods” and “Services” will be taught together. For this lesson, you will need the Poster Pal T-chart “Goods and Services.” You will also need enough small pictures of goods and services to be taped to each student's chair. See the lesson plan for more information. ● Throughout the week, the students will play in a class store in order to practice being producers and consumers. The materials idea list for the store is included in the Materials Needed section of the article “Money.” ● The articles “Producers” and “Consumers” will be taught together. The Poster Pal activity “Match the Consumer and Producer” will be completed in this lesson. For this lesson, the students will do an activity with a partner. Each partnership will need a small object for the activity. See the lesson plan for more information. ● For the lesson “Buying and Selling,” each student will need an index card with a “B” written on one side and an “S” on the other. Essential Question: How is money used in economics?
Economics | Week 28
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