I can explain why I need to learn about economics and why it will help me understand issues in my community.

Economics is the study of the economy. The economy has to do with people using money when they buy and sell things, the different kinds of jobs in a community, and the way in which people are saving and spending their money. A good economy is usually when there are a lot of jobs available, businesses are making money, and there is a high need for goods to be created. A bad economy is usually when there are not a lot of well-paying jobs and businesses are shutting down because there isn’t a high need for the goods, or things, they are selling (Ducksters, 2019).

This image below shows a girl putting money in her piggy bank.  Saving and spending money has a lot to do with the economy.

This girl is saving money in her piggy bank that she earned from doing chores (DuPaix, 2019).

The economy is made up of buyers and sellers. This learning module will go in deeper to what that means later. The economy can affect us all in different ways. You may hear your parents talking about a good or a bad economy. Here are some examples to help you know what each of them mean:

“A bad economy means we shouldn't spend too much money right now. We should only buy the things we need and try to make our money last as long as we can until the economy gets better.

In this good economy, most people can find a job, so they can afford to take their kids on vacation and buy necessities like food and a home.”(DuPaix, 2019)

The boy in the video below will explain economics a little further and why it is important.

 (Business and Economics for Kidz, 2015)

He discusses the example of Bob and his lemonade stand. Bob was able to raise the money of his lemonade and he was very happy with the extra income when his stand was doing well and selling lots of lemonade. This is an example of a good economy.

Homework:

1. Comment: What is economics? Why is it important for you to be aware of it?
2. Update: Give an example of job someone that you know does for a living. How does this job help them and help the economy?
3. Comment: Comment on 2 other classmates’ updates.

References:

Business and Economics for Kidz. (2015, June 17). Retrieved November 23, 2019, from https://www.youtube.com/watch?v=TSQ3bUWtKrs.

Ducksters. (2019). Money and Finance. Retrieved November 22, 2019, from https://www.ducksters.com/money/economics.php.

DuPaix, M. (2019, September 26). How to Explain the Economy to Your Kids. Retrieved November 22, 2019, from https://www.thebalance.com/economy-definition-2085358.

I can explain the difference between needs and wants.

It is important to understand that sometimes the things we need are different from the things that we want. Things we need help us to live and survive, while things we want often help add to our entertainment or happiness. We need water to live but you may want ice cream after dinner. You could survive and live without ice cream, but your body needs water to live.

The video below gives some good examples of needs and wants.

 (ASB, 2014)

In the video, it explains that we need food, water, and a home to live in. These things help us to live and survive. Wants are things that we don’t necessarily have to have in order to survive, but may make us happier. Wants could be toys, vacations, and ice cream.

It is important to understand needs versus wants when you are talking about the amount of money you have and what you choose to spend it on. A later learning module will go deeper into saving and spending and what that means and looks like. If you only have a certain amount of money, it is important to spend it on things that you need first, and then spend it on things you want.

Take a look at the chart below to understand some needs versus wants.

This chart helps gives visual examples of needs versus wants (Martin).

The basic needs listed in the image above help keep us safe and survive. We need a shelter to stay safe from weather and danger, food to give us energy, water to keep us alive, and clothes to protect us. The wants listed above are things that are nice to have, but are not necessary to live. We would all like to have a cellphone, pets, toys, candy, and balloons, but we do not need them to live.

Being aware of the difference between needs and wants helps you to make smart decisions with your money!

Play this needs and wants game to help understand this concept.

Click Here to Play 

Homework:

1. Comment: What is the difference between a want and a need?
2. Update: Draw a two column chart with the headings WANT and NEED. Under each heading draw at least 3 things you and your family may want or need. Upload your picture as an update.
3. Comment: Comment on 2 other classmates’ updates.

References:

ASB. (2014, June 30). Retrieved November 24, 2019, from https://www.youtube.com/watch?v=J8P3sCooGg0.

Martin, C. (n.d.). Teacher's Brain - on Pinterest. Retrieved November 24, 2019, from https://www.pinterest.com/teachersbrain/.

I can explain the difference between a good and a service.

One of the basic ideas of economics is the idea of a good versus a service. We spend our money on different things, and these things can usually be separate into one of these two categories.

A good is a thing that you can touch. A good is something you can eat or use like food or an iPad. You can see some examples of goods in the image below.

This image defines and gives examples of goods (Griffin).

A good is something you can use and feel like the car, books, bicycle helmet, bicycle, and clothes pictured above.

Goods can also be something someone makes or grows to sell to someone else as you can see in the image below.

Goods can be made by other people (Griffin).

The picture shows things that people made like bread, clothes, candles, or chairs. People often make these things to sell to other people in order to make money. We will go over buyers and sellers in the next update.

A service is something someone does for others. Services can be done to satisfy other people’s wants or needs. The image below gives examples and says that sometimes people are paid for services, and sometimes they are not.

A service is something someone does for someone else (Griffin).

The image above gives examples of services such as cutting hair, putting out fires, and cooking.

Watch the video below to further understand the difference between goods and services.

(Schott, 2013)

The video says that when you go to the grocery store and buy food, or go to the toy store to buy toys then you are purchasing a good. Some examples of services that can be found in a community could be a doctor which provides the service of helping people feel better, and a chef provides a service by cooking food for others (Schott, 2013).

Play this game in order to further understand the difference between goods and services.

Click here to play. 

Homework:

1. Comment: What is the difference between a good and a service?
2. Update: Take and upload pictures of goods that you have around your house. Label the goods. Tell us what some of the services your family may need or want throughout each week.
3. Comment: Comment on 2 other classmates’ updates.

References:

Griffin, N. (n.d.). Economics Camp Success - Lessons - Tes Teach. Retrieved November 24, 2019, from https://www.tes.com/lessons/pC9LwFRlSn9c_Q/economics-camp-success.

Schott, S. (2013, February 8). Retrieved November 24, 2019, from https://www.youtube.com/watch?time_continue=7&v=pL15YTrjlo8&feature=emb_title.

I can explain the different roles of buyers and sellers.

We are all buyers and sellers throughout different points in our lives. It is important to understand that a buyer is someone that consumes something and is called a consumer. A seller is someone that creates or has something else to give to another person and are called producers (they produce things for others).

“Producers and consumers need each other. Producers make products in order to make money and consumers are the ones that pay the money to buy these products. Without consumers producers would not make any money and without producers consumers would not have goods and services to buy.” (Liapis)

The image below gives a good definition of each of these concepts.

We are all consumers and producers (Liapis).

Understanding goods and services helps you to understand the roles of producers and consumers. Watch the video below to see some different examples of producers and consumers in the real world.

(Homeschool Pop, 2017)

The video asks you to think of different times you have been a producer or a consumer. Producers sell goods or services while consumers are the ones buying goods and services. Your parents are consumers when they go to the grocery store and buy food for your family. You are a consumer when you go to the toy store and buy toys to play with.

Play this game to further understand the difference between consumers and producers.

Click here to play. 

Homework:

1. Comment: What goods and services do you provide for your family as a producer? When are you a consumer?
2. Update: Look up some different producers and consumers in your community. Where can they be found? How do they support each other?
3. Comment: Comment on 2 other classmates’ updates.

References:

Homeschool Pop. (2017, July 13). Retrieved November 24, 2019, from https://www.youtube.com/watch?v=OAP_JlWLa4k.

Liapis, D. (n.d.). 2nd Grade Economics Lesson (Producers And Consumers) - Lessons - Tes Teach. Retrieved November 24, 2019, from https://www.tes.com/lessons/wKOH73w2agJuMQ/2nd-grade-economics-lesson-producers-and-consumers.

I can explain how and why people choose to save and spend money.

Everything we want or need usually costs money. Everything we want or need costs different amounts of money. We can earn money by doing different jobs (services) or making and selling goods.

It is important to be aware of how and when to make the choice to spend or save. It’s always a good idea to spend money first on things that we need, and then with money leftover to either save or spend on things we want.

Look at the image below to see the difference between spending and saving.

You have to make responsible choices with your money (Nickerson, 2012).

As the image above says, it’s important to save for emergencies. You may not know when you will need money for something in order to help you do something or buy a necessary good. Adults have jobs that give them money for providing a good or service to the community. Adults then pay bills, or buy goods necessary for their family’s needs, and then save money for things they or their family may want. Watch Elmo in the video below decide what to do with money he gets from his Nana.

(Kobliner & Sesame Street, 2016)

In the video Elmo has some money and doesn’t know what to do with it, then he learns about the idea of having 3 jars. Each jar has a purpose, one is for spending money, one is for saving money, and one is for sharing money. You see examples of kids like you that put their money in the three different jars and use it for different things like toys or buying cat food for kitties in need at an animal shelter.

What do you think of having 3 different jars for spending, saving, and sharing? Do you have a way that you already do this at home?

Peter Pig helps you practice counting money and learn more about saving in this game.

Click here to play.

Homework:

1. Comment: What do you think of having 3 different jars for spending, saving, and sharing? Do you have a way that you already do this at home?
2. Update: Tell us some of the things you or your family saves, spends, or shares money. Why is saving money important?
3. Comment: Comment on 2 other classmates’ updates.

References:

Kobliner & Sesame Street. (2016, October 17). Retrieved November 24, 2019, from https://www.youtube.com/watch?v=ZrsWh7Bo97A.

Nickerson, A. (2012, September 28). Nose to the Grindstone Mode. Retrieved November 24, 2019, from http://oneextradegreeteaching.com/nose-to-grindstone-mode/.

For the peer review project you will be choosing at least 2 out of the 4 sets of concepts  economics presented throughout this module to define and give examples of. You can choose from:

• Want vs. Need
• Goods and Services
• Buyers and Sellers
• Saving and Spending

You can choose any method of presenting which may be, but isn’t limited to: a video presentation, a brochure, a PowerPoint presentation, a music video, a theatrical performance (with written script), or any other creative method that has gotten pre-approval from your teacher.

Be creative! The more original, creative, and authentic your examples the better!

You can use the rubric below for guidance. Remember, this is what your teacher and peers will be using to assess your work:

Your teacher will distribute this survey at the beginning of the module and then again at the end to see what you have learned throughout the updates.