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Economics

This lesson covers the fundamental concepts of economics, including scarcity, choices, opportunity costs, trade, supply and demand, and the allocation of goods and services. Students will learn how money facilitates trade and the costs and benefits of personal spending and saving choices.

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Economics

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  1. Economics • Standard SS2E1 The student will explain that because of scarcity, people must make choices and incur opportunity costs. • Standard SS2E2 The student will identify ways in which goods and services are allocated (by price; majority rule; contests; force; sharing; lottery; command; first-come, first-served; personal characteristics; and others). • Standard SS2E3 The student will explain that people usually use money to obtain the goods and services they want and explain how money makes trade easier than barter. • Standard SS2E4 The student will describe the costs and benefits of personal spending and saving choices.

  2. Exchange To trade one thing for another. Example:I want to trade in my green disk for a blue one. Barter The exchange of goods or service without money. Example: I’ll give you my cake for your ice cream. What is Barter?

  3. Needs – what people must have to live. Food Clothing Shelter Wants – the things we would like to have, but can live without. Needs vs. Wants

  4. Economic Choice You make an economic choice when you only have money for certain items, not all. Example: I do not have enough money for both popcorn and a pretzel. I must choose, so I buy the popcorn. That is my economic choice. YUM!

  5. Opportunity Cost Opportunity cost what you must give up when you make an economic choice. Example: I chose the popcorn, so I have to give up the pretzel. That is my opportunity cost.

  6. Supply is the amount of a good or service available. Demand is what people are willing and able to buy. Supply and Demand I would like to buy one candy cane, please.

  7. Scarcity - Sometimes there is not enough of something to go around. That item is scarce. The Ice Cream Singers Oh no! Ice cream is scarce! “I scream, you scream, we all scream for ice cream! La, la, la, la, la!”

  8. What can I do with my money? • Spend it • Save it • Invest it Give people money to use to make more moneys, like in stocks and bonds.

  9. Goods and Services • Goods • Services

  10. Producers Producers make goods or provide services.

  11. Consumers Consumers use or buy goods and services.

  12. Resources: • Resources - All natural, human, and human-made items to produce goods and services.

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