The role of government is to provide for the common defense, define and protect property rights, and enforce contractual arrangements. Throughout the 20th and early 21st century, government has increased its role in economic life. The role of government has expanded to address so-called market failures and externalities by expanding their regulatory reach to address environmental concerns, monopolistic competition and provide public goods. Governments have also introduced various social programs to provide a social safety net for low-income individuals and senior citizens.
A classic rhyme, Simple Simon and the Pie-Man, introduces students to the concepts of consumer and producer. Students learn that consumers are the people who buy and use goods and services. Producers make the goods and provide the services. When producers are working, they often use goods and services provided by other producers. These goods and services are called resources. An interactive activity helps students distinguish between consumers and producers. In a second activity, the students match producers with the resources needed to provide goods and services. A suggested follow-up lesson is We are Consumers and Producers [http://??] which examines how students and their families function as consumers and producers in their homes and communities.
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
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This publication contains 16 stories that complement the K-2 Student Storybook. Specific to grades K-2 are a variety of activities, including making coins out of salt dough or cookie dough; a song that teaches students about opportunity cost and decisions; and a game in which students learn the importance of savings.
16 out of 18 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.
10 out of 17 lessons from this publication relate to this EconEdLink lesson.
This publication helps students analyze energy and environment issues from an economics perspective.
6 out of 6 lessons from this publication relate to this EconEdLink lesson.