Laura Ingalls Wilder made a sketch of De Smet, South Dakota in the 1880's. This lesson will discuss the markets in De Smet and competition.
Students will understand what businesses are, that a marketplace exists whenever buyers and sellers exchange goods and services, and that there is competition in the market place if you have more than one seller of the same item or similar items.
You know that five dollars you got for your birthday? There are so many things you can spend it on, aren’t there? A toy boat to sail on the pond, a doll to play with or a jump rope. A lot of stores sell the very same things, where should you buy? You are a smart consumer if you pay the smallest amount for the thing you buy. Follow two stories of Josh and then see if you can make the smart spending decision by comparing prices. Everyone must choose. People, rich and poor, young and old, must address the problem of wanting more than they can have. For many people the problem of choice is most apparent when they enter the marketplace as consumers. Children and adults, confronted by a multitude of tempting consumer products, must learn to evaluate the options available to them. But how does one spend money wisely? Consumer educators often use the following suggestions as criteria for spending money wisely. Avoid impulse purchasing Bargain hunt Buy high quality products Use credit sparingly Reflect on which wants are more important than others
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.
This publication contains fourteen lessons that use a unique blend of games, simulations, and role playing to illustrate economics in a way elementary students will enjoy.
1 out of 16 lessons from this publication relate to this EconEdLink lesson.
This publication contains 15 lessons that complement the 3-5 Student Workbook. Specific to grades 3-5 are a variety of activities, including a guessing game using clues to identify various occupations; the story Urban Mouse and Rural Mouse which teaches students about entrepreneurs and opportunity recognition; and a role-playing activity in which students learn which method of payment is appropriate in a variety of situations.
1 out of 17 lessons from this publication relate to this EconEdLink lesson.