The introduction to this lesson is a brief online story about a little girl’s visit to a pet store with her father. She considers several pets before choosing a “cute and cuddly” dog. Students are reminded that pet owners are responsible for keeping their pets safe, healthy and happy. A discussion of a pet owners desire to provide the best for their pets leads to an exploration of people’s wants. The activities that follow challenge students to explore the wants of a pet owner and their desire to provide the best for their pet fish, and then the wants of a person. The students learn that the ability to discover their wants will help them establish priorities when they are faced with scarcity. During the evaluation process, students identify some of their personal wants. As a class, they discuss why some choices are the same and others are different. They take the discussion a step further exploring how their wants compare with those of siblings and adults in their lives. They discover that age, lifestyle, likes (tastes and preferences) and what one views as important (values) help to explain the differences.
In this lesson, students will learn about choices and opportunity costs that occur every day. While this lesson will go on throughout the day, the actual lesson is short.
Students will understand that incentives are used to encourage them to make good choices. After identifying incentives offered at home and in school, the students will distinguish between positive and negative incentives.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
Designed primarily for elementary and middle school students, each of the 15 lessons in this guide introduces an economics concept through activities with modeling clay.
17 out of 17 lessons from this publication relate to this EconEdLink lesson.
This revised and updated "how to" guide is a great way to start a classroom business with your students.
7 out of 7 lessons from this publication relate to this EconEdLink lesson.