At the beginning of February we took a little break from our end of the day workshop and studied economics for a few days!!! We learned a lot of new vocabulary words and had fun exploring new concepts too!
The first things we learned were needs and wants. A need is something we can’t live with out, and a want is something that makes life more fun. We made a list of things that we want like toys, pets, electronics, etc…
The kids know that we have 5 needs:
food, water, shelter, clothes,
Our second lesson, we talked about goods and services. A good is something you can hold in your hand, and a service is something that someone else does for you. First Graders brainstormed a list of services that we know about such as mailmen, waiters, policemen, teachers, and dentists…
For our third Economics lesson, we turned our room into a factory and talked about producers and consumers. We learned that we are all consumers because we use, buy, and eat things and we learned how producers make things. We all became producers in our classroom and made a product to show off to the class.
After we walked around and admired all of our products, I showed the kids a pile of suckers that I had (because Amelia and Evelyn love them!). I told them that there were different flavors of suckers and that they would only be able to choose only one to take home. After they had chosen, I had the kids raise their hands if they weren’t able to get their first choice of a sucker. I used this example to explain the idea of scarcity to the kids, we talked about how there isn’t always enough of something for everyone to have it.
After we talked about scarcity, I ask the kids if there might have been a different flavor that they wanted. Several students raised their hands. This led into talking about making a choice. We talked about how when you can’t have both, then you need to make a choice between the ones you like the best. I gave the kids the example of how I go shopping and see so many things at the store that I want, but I don’t have enough money to buy it all. So, we have to make choices!
Finally, I asked the kids what you could do if you ended up with a piece of candy that you didn’t want and they came up with the idea to trade. So, I had the kids who ended up with candy that wasn’t their first choice come to the middle of our circle and see if they could trade with each other. Some of them were able to and some were not. We discussed how trading is a great solution, but how it only works if the other person wants what you have to trade.
Our Key terms so far in Economics have been wants, needs, goods, services, consumer, producer, scarcity, choice, and trade.
We will continue with our end of the day workshop time this week and begin a new social studies unit about history at the end of the month!
Mrs. Stadt :)