Economic Understanding

Choice and Opportunity Costs

Economic Understanding

Goods and Services

Scarcity

Skills: Identifying resources that are lacking and/or needed. Analysing how people deal with limited resources.

• Snack scarcity activity: Give students fewer snacks or supplies than needed and discuss how they decide to share or use them.
• Classroom store: Provide limited quanitiies of classroom items and let them experience making tough choices.
• Gamed-based learning: Play games where students must use tokens or "money" to choose between different items, emphasizing trade-offs.

• Story connections: Read books and discuss examples of scarcity in the story.
• Class discussions: Ask, "What are some things we don't have enough of? " and "How do we decide who gets them?"
• Scarcity posters: Have students illustrate situations where there isn't enough of something (time, money, materials).

Skills: Evaluating decisions people make. Identifying available options. Recognizing what is given up when a choice is made.

• Choice scenarios: Present simple dilemmas (e.g., "Would you rather have recess or extra art time?") and discuss what they give up by choosing one.
• Classroom market: Give students play money to "buy" classroom privileges or items; discuss what they "didn't" choose and why.
• Literature connections: Use stories to talk about spending and saving decisions.

• Decision charts: Have students list "What I chose" vs. "What I gave up" for different situations.
• Role-play: Act out choices families or businesses might face (e.g., "Should we buy a new computer or take a trip?")
• Reflection writing: As students to finish the prompt: "When I chose___, I gave up ____."

Skills:Identifying what is produced, traded, or provided. Connecting good and services to needs, wants, and values.

• Classroom economy: Create a mini economywhere students "produce" goods (art crafts) and "provide" services (line leader, tech helper).
• Sorting activities: Use picture cards or magazines to sort examples into "Goods" and "Services".
• Community role-play: Act out community roles (baker, teacher, firefighter) to show how each provides goods or services.

• Goods & Services Collage: Students cut out or draw examples from real life and label them.
• Economy simulation: Let students "shop" for classroom goods and pay with play money to see how transactions work.
• Read-alouds: Literature that explore entrepreneurship and production.
• Field trips or guest speakers: Invite local business owners or service providers to talk about their jobs.