Lesson 1: What is Economics?

Lesson Title: What is Economics?

Length: 50 minutes
Big idea/essential questions:
People use resources available to produce goods and services.
Scarcity is when there is a limited amount of goods and services. We will talk about how
goods and services are produced and who decides/how it is decided who gets the goods
and services.
Lesson Objectives:
Students will be introduced to the economic concepts of scarcity, choice, and opportunity
cost.
MI Grade Level Content Expectations/CCSS/NGSS/anti-bias standards:
CCSS.ELA-LITERACY.SL.4.1
Engage effectively in a range of collaborative discussions (one-on-one, in groups, and
teacher-led) with diverse partners on grade 4 topics and texts, building on others' ideas
and expressing their own clearly.
4 E1.0.2 Describe some characteristics of a market economy (e.g., private property
rights, voluntary exchange, competition, consumer sovereignty, incentives,
specialization).
Diversity 7 DI.K-2.7 I can describe some ways that I am similar to and different from
people who share my identities and those who have other identities.
Materials Needed:
A New Coat for Anna by Harriet Ziefert
Laptop
Projector
Economics vocabulary word cards
Connecting Back word cards to make a flow chart
Lesson Procedures:
To introduce the lesson, I will read the book A New Coat for Anna by Harriet Ziefert.
This will introduce the main concepts of the lesson. The students and I will discuss how
Annas mother exchanges things for materials for Annas coat, and relate this to a sheet
provided titled Connecting Back that contains concepts such as limited resources,
goods and services, and scarcity. For example, the students will recognize that Anna and
her mother must give the wool weaver something in exchange for weaving wool, because
if the wool weaver got nothing in return he would lose time and possibly a paying
customer. (15 minutes)

The students and I will review their vocabulary cards that I will provide. Words like
consumer, goods, services, etc. will be present. (10 minutes)
Students will use the vocabulary they have learned to create a flow chart/graphic
organizer that simulates an economic system. In their table groups, students will be
manipulating word cards including the words/phrases natural resources, economic
systems, how will goods and services be produced?, which are used to produce goods
and services, but resources are limited and human wants are unlimited which results in,
capital resources, choices in order to answer, every society has resources, who will
consume the goods and services?, human resources, every society has resources,
scarcity which means people must make, what goods and services will be produced?,
into the flow chart mentioned above. After completing the flow chart/graphic organizer a
class discussion will be implemented that ultimately leads to the correct flow chart on the
overhead for all the students to see. (20 minutes)
The students will ask any questions they may have. (5 minutes)

Accommodations:
Students will have cards to create their own flow charts; this will cater to students who
are hands-on learners.
Assessment:
Students will accurately complete the flow chart with their word cards.