Economics: Understanding Needs and Wants

Title: Economics: Understanding Needs and Wants

Compliance: Common Core State Standards for Mathematics (CCSS-M)

Subject: Social Studies

Summary: This first-grade lesson introduces students to the basic concepts of economics by exploring the difference between needs and wants.

Topic: Economics: Needs and Wants

Learning Outcomes:

• Know the difference between needs and wants
• Understand that people have limited resources to satisfy their needs and wants
• Can identify examples of needs and wants in their own lives

Methodology:

This lesson will be taught using a combination of whole-class discussions, interactive activities, and individual reflections.

Resources/Materials:

• Whiteboard or chart paper
• Markers or chalk
• Picture cards (pre-made or printed)
• Construction paper
• Scissors
• Glue sticks

Instructions:

Engage:

1. Begin the lesson by asking students what they think the word 'economics' means. Write their responses on the whiteboard or chart paper.
2. Explain that economics is the study of how people make choices to satisfy their needs and wants with limited resources.
3. Introduce the concept of needs and wants. Ask students to brainstorm examples of things they need and things they want. Write their responses on the board.

Explore:

1. Show students a set of picture cards with various items, such as food, toys, clothes, and shelter.
2. Ask students to sort the cards into two categories: needs and wants. Discuss their choices as a class.
3. Explain that needs are things we must have to survive, like food, water, and shelter. Wants are things we would like to have, but we can live without them.

Explain:

1. Review the categories of needs and wants with the students.
2. Discuss how people have limited resources, such as money and time, to satisfy their needs and wants.
3. Explain that sometimes we have to make choices because we can't have everything we want. Give examples, such as choosing between buying a toy or saving money for a family vacation.

Elaborate:

1. Have students create a collage using construction paper, scissors, and glue sticks.
2. Ask them to cut out pictures from magazines or draw pictures of things they need and want. They should glue the pictures onto the construction paper, separating them into two sections.
3. Encourage students to share their collages with the class and explain why they chose certain items as needs or wants.

Assess:

1. Conduct a class discussion to assess students' understanding of needs and wants. Ask questions like:
• What is the difference between needs and wants?
• Can you give an example of a need in your life?
• Can you give an example of a want in your life?
2. Observe students' participation during the sorting activity and collage creation.