This lesson will show students the importance of keeping track of their savings.
Understanding the concept of opportunity cost is critical for good decision making. The ability to identify the opportunity cost—the highest valued alternative that must be given up when another option is chosen—helps people to assess their alternatives.
In the book, Peppe the Lamplighter, by Elisa Bartone, Peppe and his family moved to America to pursue the American Dream. His mother has passed away, his father is ill, and all the children need to find work to help provide for basic essentials. Peppe is excited to find a job, only to be told by his dad that his new job is not important or a job he should be proud of. This lesson will challenge students to consider specialists in the community and the valuable goods and services they provide. They will also participate in an activity that will allow them to learn the concept of interdependence and how it satisfies economic wants.
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 interdisciplinary curriculum guide helps teachers introduce their students to economics using popular children's stories.
23 out of 29 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.
11 out of 17 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.