Social Studies
Objective: I can explain what economics is and give examples of choices people make with money and time.
Standards: D2.Eco.1.3-5
Builds on: Needs everyday experience of choosing, and Week 19 Day 3 (towns use tax money for shared services). One-minute check: ask "You have time for one game before bed. Can you play two?" (No. Time is limited.)
- economics – the study of how people use limited money, time and materials to get what they need and want
- Warm-Up (5 min) — Spaced review from Week 19. Ask: "What do taxes pay for?" (Services everyone shares, such as schools, roads and parks.) Say: "Money is one thing people must choose how to use. Time is another." Then ask the big question: "Why can't we have everything we want?" Accept any answer.
- Mini-Lesson (10–15 min) — Say: "Economics is the study of how people use limited things to meet their needs and wants. Limited means there is only so much." Draw a clock in the notebook and shade one hour. Say: "Priya has one hour after school. She can practice piano or ride bikes with friends. She cannot do both." Say: "Every choice has benefits and costs. A benefit is a good thing you get. A cost is what you pay or give up." Draw a chart with three columns: Option, Benefit, Cost. Fill it in together. "Piano: she is ready for her lesson, but she misses her friends." "Bikes: she has fun and exercise, but she gets less practice." Ask: "What is limited for Priya?" (Her time.) Ask: "Name one benefit of riding bikes." (Fun or exercise.) Ask: "Is choosing piano right or wrong?" (Neither. She weighs the benefits and costs.) Say: "Families, businesses and towns make economic choices too. A town may choose between fixing a road and building a park." If stuck, say: "Ask two things: What do I get? What do I give up?"
- Activity / Source Work (15–20 min) — Choice hunt. 1) Your child remembers five choices from this week. At least two are about money and two about time. 2) Write one per sticky note: the two options, with a circle around the one chosen. Sample: "Saved my dollar or bought gum." 3) Your child sorts the notes into two columns: Money choices, Time choices. 4) Pick two notes. For each, your child names one benefit and one cost of the option chosen. 5) Source work. Open the flyer or receipt, or set out the two priced items. Your child picks two items with prices. 6) Draw a chart with four columns: Item, Price, Benefit, Cost. Fill in a row for each item. 7) Ask: "If you could buy only one, which would it be? What evidence from the flyer helps you decide?" (Sample: the price, the size or how long it lasts.) Your child chooses and says what is given up. Choices vary. Look for a benefit and a cost named for each item.
- Notebook Entry (10 min) — Your child finishes: "Economics is ___." Then list the five choices and star the hardest. Add: "It was hard because ___." Sample: "Economics is how people use limited money and time to get what they need and want. The hardest choice was soccer or the party because I wanted both."
- Exit Ticket (5 min) — Read the three questions aloud. Your child answers in full sentences without notes. Praise answers that name both a benefit and a cost.
Watch for: Thinking economics is only about money, not about time.
Try: Ask: "If you play a game for an hour, what else could you have done with that hour?"
- Why do people have to make choices about money and time?
- Ben can spend his allowance on a comic book or save it for a soccer ball. Name one benefit and one cost of saving.
- Mia has 20 minutes. She picks drawing over reading. Is that an economic choice? Tell why.
Answers: 1) Because money and time are limited, and we cannot have everything we want. 2) Benefit: he gets closer to the soccer ball. Cost: he has no comic book now. 3) Yes. Her time is limited, so she must choose how to use it.