can? Then, define economics to the students as the study of how society chooses to allocate its scarce resources to the production of goods and services to satisfy unlimited wants. Use this material to help you remember what was learned in Microeconomics. This is done by use of terms and definitions to those terms. Find introduction to economics lesson plans and teaching resources. This series is aimed at introducing students to economics using hands on lesson plans and activities to ciltivate interest and understanding about the basic concept of economics. How do individuals obtain the things they need to survive? Move on to the next section of the leconomics lesson plan. can? Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade. Draw a line from “Resources” to each of the other words. Grades: 6 th, 7 th, 8 th, 9 th. Grades: 6 th, 7 th, 8 th, 9 th. What is the difference between needs and wants? Explain to students that economic resources are divided into three groups. The terms used in this lesson plan will be used in later lesson plans to narrow the focus and create a more in depth understanding of economics. This Economic Resource Lesson Plan is included in this Intro o Economics Lesson Plan Series as a way to help students understand what recources are and how they apply to scarcity in economics. Also introduces the concepts of Present Value and … Copyright © 2020 Bright Hub Education. The worksheet should be completed within 1-2 pages. Would Mountain Dew sell as well if the price went up by $1 per 12 oz. Instructional Objective(s) (Lesson Objective(s)*) After participating in a lecture on the introduction to economics, students will research a current news article about one aspect of either local (state) or national economy. An introduction to economics. Unit 1 - Describe fundamental economic concepts to obtain a foundation for employment in business. Time is Money! All Rights Reserved. Inside you will find: -Lesson Plan Ideas -PowerPoint with matching Interactive Notes -Bellringer and Closure Activity If you are wanting to give your students a basic introduction to economics this kit will save you . 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A series of 'off the shelf' lesson plans and resources for use in the classroom. It’s likely that students will look confused. Ask them to consider the gas problem. Explain that this is just an example of economics in practice and ask students who else might use economics in their jobs. A series of 'off the shelf' lesson plans and resources for use in the classroom. TIME VALUE OF MONEY : Time Value of Money - TVM.