An Introduction to Economics

36 pages including a scripted lesson plan and interactive class activities and demonstrations to introduce students to the field of Economics in a very hands-on, interactive way that children can relate to.

Welcome to the world of MatterMania! I hope you enjoy my lesson plans for fun, interactive, and stimulating science classes. My lessons encourage the STEM fundamentals: becoming critical thinkers and effective problem solvers through real world examples and project based learning.

In part 1 of this lesson plan, students will learn basic concepts such as the definitions of social science, society, goods, and services. Through a class exercise, they will learn about bartering and the basics needs of a money-based system (durability, portability, and divisibility). They will learn about public and private spending and sources of income. They will then take part in several simulations to learn about natural, capital, and human resources, as well as profits and incentives. The final exercise will highlight the ideas of scarcity and opportunity costs as each student “buys” what they want for the class party.

Part 2 of this lesson plan teaches students about smart spending. They will learn about monopolies, competition, concessions, and the Law of Supply and Demand. They will then learn how banks work with interest, loans, and debts. While taking part in an interest simulation with “popcorn money,” students will see the benefits and costs of using cash, checks, or credit cards as well as the pros and cons of ecommerce.

Part 3 of the Economics unit focuses on the business side. Through class activities, they will learn about specialization and assembly lines. They will learn how companies try to get consumers to buy their products through marketing, advertising, and sales. Students will then see the differences in each of these categories by trying to “sell” an after-school science class to other children their age.

This lesson plan is appropriate for grades 2 – 5.

This lesson plan can be completed in 3-4 class periods. The lesson is fully scripted, easy to use, and appropriate for teachers, homeschoolers, parents, and substitute teachers.

Included in this packet you will find:

A list of the items needed to run this lesson

The teacher script

Instructions for several class experiments and demonstrations