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ECONOMICS QUESTIONS LESSON PLAN TEACHING CONCEPT LEARNING ECONOMIC PRINCIPLES ACTIVITY SAMPLE EXAMPLE HELP STUDENTS PRACTICE TEACHER FINANCE SKILLS ONLINE COURSE

 

 

 

Students learn about allocation of goods and services.

 

 

GOODS AND SERVICES:
The Key Economic Questions

 

Objective:

In this lesson the students will understand the three economic questions that all societies must answer.

  • Know the three economic questions and five economic goals of every society
  • Understand how societies make decisions on the division of resources
  • Identify the economic goals of the United States

Standard:

National Economic Standard 3: Allocation of Goods and Services

 

Suggested Grades:

Seventh Grade - Eighth Grade - Ninth Grade - Tenth Grade - Eleventh Grade - Twelfth Grade - Adult Education - Business Education

 
 

 

KEY ECONOMIC QUESTIONS LESSON PLAN

 

Teaching Materials

  • Lesson - Key Economic Questions (see below for printable lesson)

Process:

After completing the lesson plan, have students answer the assessment activity.

Lesson Excerpt:

In economics there 3 questions that all societies must answer:

  1. What goods and services should be produced?
  2. How should goods and services be produced?
  3. Who gets to consume the goods and services?

Each society answers these questions in a different way based upon the resources available.

Resources are Land, Labor, and Capital

Land- this refers to all natural resources used to produce goods and services.  This includes crops that are grown on a land, minerals that are mined from land and rent that is paid to an owner of land for its use.

Goods and services are the things that we buy like mp3 players or hair cuts.  A good is a physical thing you can hold a service is some thing that gets used up right after it is purchased.

Labor- this is the effort that an individual person puts into making a good or service.  This for this effort the person is paid a wage.  Labor includes factory workers, medical personal, and teachers.  They all provide their labor for a wage.

Capital- this is anything that is used to produce other goods and services.  If you make cars you need machines to make the metal that is used in the cars.  It is also the truck that drives the cars to the dealer who sells them, and it is the building that the cars are made in. All of these are the resource known as capital.

Continued...

 

 

Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:

 

ECONOMIC QUESTIONS LESSON

Key Economic Questions Lesson

Lesson plan and student worksheet.

 

 

 

 

 

 

Back to more Basic Economics Lessons, Lesson Plans, and Worksheets

 

 

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Teaching Economics Question Skills Lesson Plan - High School Student Secondary Education Adults Education Teens Teenagers Free Instruct Theme Unit Middle School Young Adults Classroom Review Thematic Unit Activities Consumer 101 Finance 7th 8th 9th 10th 11th 12th grade.

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