GOODS AND SERVICES:
The Key Economic Questions

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     For teaching and learning general money skills, personal finance, and money management, please go to the Money Instructor home page.