This lesson focuses on collectibles and how they retain, lose, or gain value. In each round of a trading simulation, students will learn more about the value of their collectibles and discuss why items gain or lose value. They will record and reflect on their strategies for each round
Everyone has at one time or another opened a lemonade or Kool-Aid Stand. What a great place to begin an economics lesson. Students can taste test three brands of lemonade and compare prices with taste – is the most expensive the best? Using a reader’s theater students will construct a supply and demand schedule and can create a bar or line graph to demonstrate market interaction between buyers and sellers.
Advertisements can tell consumers about prices and other information that may help them in the decisions they make about what to buy. But students also should know that ads are slanted by sellers to show a product in the best light. This lesson reveals to students how advertisers use words and images to make goods and services look their best. To protect consumers and make sure that competition among sellers is fair in the marketplace, the federal government requires that factual claims in ads be backed up with proof. Still, it is usually okay for sellers to talk only about the positives and ignore the negatives of what they are selling. Another common trick is to use exaggerated claims called “puffery.” It is up to the consumers to separate factual claims from opinions and exaggerations. This lesson challenges students to create a set of tips that could help consumers to make this distinction. Being able to tell the difference between factual claims and puffery or opinions can help consumers to make smart choices and avoid market disappointments.
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.
3 out of 17 lessons from this publication relate to this EconEdLink lesson.
This publication helps elementary students analyze energy and environment issues from an economics perspective.
3 out of 10 lessons from this publication relate to this EconEdLink lesson.
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.
2 out of 16 lessons from this publication relate to this EconEdLink lesson.