In this lesson students review the concepts of goods, services, and producers using the Internet to locate examples of each in a teacher's classroom. They learn about the three kinds of resources necessary to produce goods and provide services locating examples from a picture tour of the Crayola Factory. Through interviews they learn about the work of the people in their families and draw conclusions from their findings. Finally, they examine a picture of a farmer working in a field to identify examples of natural, human, and capital resources.
After listening to a computer-read story, "Jack and the Beanstalk," the students will find out that beans were used as an exchange for Jack's cow. Jack traded his pet cow for an old man's magic beans. Were they both happy? They should be! People exchange goods because both feel they will be better off after the exchange.
In the story, A Chair for My Mother, a little girl and her family save money in a jar to buy a chair after their furniture is destroyed in a fire. In this lesson, students will learn that characters in the book are human resources who save part of the income they earn. Students will identify other human resources and state how the mental and physical work of those human resources allows them to earn income. Finally, students name strategies to reach a savings goal.
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.
17 out of 17 lessons from this publication relate to this EconEdLink lesson.
This revised and updated "how to" guide is a great way to start a classroom business with your students.
7 out of 7 lessons from this publication relate to this EconEdLink lesson.