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INTRODUCTION

bull dogRead the story, "The Perfect Pet ".

Do you have a dog or know someone else who does? If you do, you know having a dog means more than just finding one that is cute and cuddly. You have to care for it.

TASK

In this lesson, you will learn about the economic wants of pets and their owners.

PROCESS

ACTIVITY 1

Pets depend on their owners to provide the goods and services that keep them healthy and happy. These goods and services are called economic wants.

Read about the economic wants of pet owners.

THINK ABOUT IT

Imagine you are the little girl who has just chosen a dog as her perfect pet.

  • What things would you want for your new pet?

Few pet owners have enough money to buy everything they want for their pets. This is called a scarcity problem. Scarcity forces people to make choices.

  • If you could buy just five of the many things at the pet store for your new dog, what would you buy?
  • Which of your choices are the same as those of your classmates?
  • Why do you think these choices were the same? Which of your wants are different?
  • Why do you think these choices were different?

ACTIVITY 2

Imagine the little girl in "The Perfect Pet" picked a fish instead of a dog as her new pet. She has only $5.00 to make her purchases. Help her decide what she will buy for her new fish.

CONCLUSION

Some of our wants are the same, but not all. Our likes, our values, and what we already have help explain the differences.

ASSESSMENT ACTIVITY

Tell why some of your choices in Activity 2 are different from those of your classmates. Why are others the same?