Title of Lesson:
Subject Area: Economics
Grade Level: 4th grade
Students will be able to realize the importance economics plays and how it affects their lives in various areas (school, job, money) by having students:
*Find an article that deals with economics and write a paragraph describing how the article relates to their lives.
*Students will try and list issues or items that are not affected by the economy. (Should come up with very few if any)
Vocabulary words, blank sheet of paper, chalkboard, newspapers, magazines, etc.
1. Explain to students that today we are going to have a brief introduction to economics and some of the areas and concepts surrounding it.
2. Introduce and explain the basic vocabulary and concepts including:
Economics: the study of how people choose to allocate scarce resources to satisfy their unlimited wants. If there were enough of a resource to go around everyone could have as much as he or she wanted, there would be no need to allocate.
The principles of economics: because scarcity is universal, people must make choices. The choices they make are in their best self interest, that is people make decisions that they think will give them the most satisfaction.
Unlimited wants and needs: the human characteristic of never feeling that all wants and needs have been satisfied
Limited resources: there are never enough resources to fulfill all wants and need
Why study economics: it helps people and societies make better choices. An understanding of economics is vital to your success in the workplace, marketplace, and many areas of society.
3. Ask students to make a list of everything that they would need and want if they had an unlimited supply of money. Give them no more than five minutes to do this. Then ask if they are finished. Ask them how long it will take for them to be finished. Students should get the idea that their lists do not end. Ask the students why they do not own everything on their list. Discuss with the students the items on their list and share some ideas of your own.
4. Discuss with the students that economics helps us make more informed decisions. As a consumer you will have to make many economic decisions. You will have to decide on a lifetime career, which will surely affect your lifetime income, personal happiness, and success. You will make decisions about working, learning, earning, and spending. All these decisions can be made more effectively with a basic understanding of economics. Economic concerns are the topics of many newspaper headlines: "College Tuition To Rise," "Unemployment Remains High," etc.
5. Have the students look through newspapers or magazines and have each child select an article that relates to economics and write down what aspects of everyday life it affects. Then have the students try to list things in their lives that are not affected by economics. When students have written down their responses than carry on a guided discussion with some of their articles. Make them explain to the class exactly how their article relates to economics and how it affects their lives (or does it.) Also, have them share things in their lives that are not related to economics (if any.)
6. Teacher will end the lesson with a summary of the lesson. Reiterate the fact that every society has a limited amount of resources. In America, who gets what is decided by consumers and the price system in the market. Individuals make choices based on personal preferences and the size of their income. Everyone needs to know and be aware of economics in order to make wise choices and decisions.
Students will find some economic issues in the world and then relate it to their lives. They will have a basic understanding of economics and how it affects them by listing ways and discussing it in class.
Lesson Plan 3