Students will learn about competition in the market place. They will understand that competition takes place when there are many buyers and sellers of similar products. They will discuss how competition among sellers results in lower costs and prices, higher product quality, and better customer service.
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.
Advertising is the primary tool used by businesses to tell consumers about the goods and services they sell in the marketplace. Businesses also use advertising to try to convince consumers to buy what they are selling. Advertisements do this by pointing out how consumers will benefit if they buy a product. These benefits are called incentives. In this lesson, these two basic functions of advertising are introduced. Various techniques used to achieve these objectives are also explained. During the assessment activity, students view television commercials directed at them. They identify the various advertising techniques used to grab their attention and convince them to buy.
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.
4 out of 16 lessons from this publication relate to this EconEdLink lesson.
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.
3 out of 17 lessons from this publication relate to this EconEdLink lesson.
This interdisciplinary curriculum guide helps teachers introduce their students to economics using popular children's stories.
2 out of 29 lessons from this publication relate to this EconEdLink lesson.