Economics Lesson Plan: Wants and

Needs
Content

Name: Michelle Angel

Level of Certifcation: Early Childhood and K-6

Grade Level: First

Objective: Students ill !e a!le to di"erentiate !eteen ants and

needs# demonstrate ma$ing choices !ased on ants and limited
resources# understand hat is in%ol%ed in ma$ing choices# de&ne 'rice as
the amount o( money used to !uy or sell something)

Standards:

*-E*)+),: -escri!e ays in hich (amilies consume goods and ser%ices

*-E*)+).: /sing e0am'les# e0'lain hy 'eo'le cannot ha%e e%erything

they ant 1scarcity2 and descri!e ho 'eo'le res'ond 1choice2)

Time Frame: * *3, 4ours

Materials

5oo$: 6Something 7ood8# !y 9o!ert Munsch

Chart 'a'er or chal$3hite !oard

Play Money: 'ennies# nic$els# and :uarters

-raing 'a'er and crayons# ma$ers# colored 'encils

, 4andouts ;attached<

Wants and Needs Flash Cards 1colored# laminated and cut a'art2

=he Price is Wrong Wor$sheet

Four medium-si>ed grocery sac$s

=oy (oods 1or 'ictures o( (oods cut (rom maga>ines and laminated to
colored 'a'er2: (our dairy items# (our meat items# (our %egeta!le items#
and (our 6?un$- (ood8 items li$e ca$es and candies

Price tags or !lan$ stic$ers

Procedures
Prior Knoled!e Needed
PA7E * @F A

K-E*)+)*: -escri!e economic ants they ha%e e0'erienced)

Students should !e a!le to recogni>e and count money in 'ennies#

nic$els# dimes# and :uarters# u' to AA cents)
"ntici#ator$ Set:

7ather students in the reading corner to share the !oo$ Something 7ood)

=he teacher ill say# 64a%e you e%er gone grocery sho''ing ith
someoneB What $inds o( things do they sell in a grocery store that you
li$eB 6What ould you 'ic$ hen you go to the grocery storeB8 etc))

Allo se%eral students to suggest (a%orite (oods or other items (ound

in grocery stores)

=he teacher ill continue !y saying# 6=oday eCre going to !e tal$ing

a!out the things e ant# and ho e canCt alays get e%erything e
ant) DCm going to read a !oo$ a!out a (amily that ta$es a tri' to the
grocery store) DtCs called Something 7ood# !y 9o!ert Munsch) =he 'ictures
in the story ere made !y Michael Martchen$o) =he little girl in this story#
=yya# is unha''y !ecause her dad ne%er !uys anything 6good8 at the
grocery store) LetCs see hat ha''ens)

=he teacher ill then 'roceed to read the !oo$)

%nstructional %n#ut:

=he teacher ill !rieEy discuss the !oo$ ith the class !y as$ing the
(olloing :uestions:

=yya said that sometimes her dad doesnCt !uy 6good8 (ood) What $ind o(
things did her dad !uyB

4e gets !read# eggs# mil$# cheese# and s'inach)

What did =yya consider 6good8 (oodB

Dce cream# coo$ies# chocolate !ars# and ginger ale)

What as (unny a!out the (oods =yya tried to get her (ather to !uyB

She 'ut hundreds o( things in her cart: *++ !o0es o( ice cream and
.++ chocolate !ars)

What did her dad call the (ood she 'ic$ed outB

4e called it 6sugary ?un$)8

Why do you thin$ some o( the 'eo'le thought =yya as a dollB

4er (ather told her to stand in one 'lace and not mo%e) She did such
a good ?o!# she loo$ed li$e a doll)

-o you thin$ =yyaCs (ather could 'ay (or hundreds o( (ood items)

4o much did the lady ho or$ed at the store decide to sell =yya (orB
PA7E , @F A

She decided to 6sell8 her (or F,A)AG)

Why do you thin$ =yyaCs dad 'aid F,A)AG to !uy =yyaB

4e anted her to $no that he lo%ed her and thought she as orth
the money to him)
%nstructional Modelin!:

=he teacher ill discuss conce'ts: unlimited ants# limited resources#

choice and needs %ersus ants)

@n the to'ic o( /nlimited Wants and Limited 9esources# the teacher ill
as$:

-o you agree ith =yyaCs idea o( 6good8 (oodB What are some o( your
(a%orite (oodsB

Write some o( the studentsC choices on the !oard# listing them in

the le(t-hand section o( the to-'art riting area)

-o any o( you agree ith the (ood =yyaCs dad 'ic$ed outB 4o many o(
you li$e !readB

4a%e students raise their hands as you run through the $inds o(
(oods the (ather !ought: eggs# mil$# cheese# and s'inach)

=he teacher ill continue !y saying# 6E%ery!ody has a di"erent idea o(

hat 6good8 (ood is# !ut e can agree that e all ant good (ood# no
matter hat e thin$ is good) =he things that e ant that e ha%e to
'ay (or are called ants)8

=he teacher ill rite 6ants8 on the !oard a!o%e the list o( (oods#
and underline it)

=he teacher ill continue# 6=he 'ro!lem is# e ant a lot o( things) Loo$
at ho much =yya anted)8

=he teacher ill sho the 'icture o( =yyaCs sho''ing cart

o%erEoing ith ice cream or chocolate !ars again)

6D( someone told you that you could ha%e all the ice cream you anted#
ould you 'ic$ out one thing# or ould you &ll your cart li$e =yya didB
5ecause 'eo'le alays ant more and more and more# e say that e
ha%e unlimited ants)8

Write the ord 6unlimited8 !eside 6ants8 on the !oard)

=he teacher can ta$e aay e0tra 'encils# seats or anything else
in the classroom to use as an e0am'le)

6=he ord 6unlimited8 means there is no end) Peo'le ne%er sto' anting)
=yyaCs (ather 'ro!a!ly anted to !uy lots more stu" in the store# too) Why
PA7E . @F A
do you thin$ he didnCt &ll his sho''ing cart ith *++ loa%es o( !read and
.++ do>en eggsB8

Allo students to s'eculate) Some 'ossi!le ansers might !e:

6=yyaCs (ather didnCt ha%e enough money (or that much (ood) =yyaCs
(amily canCt eat that much (ood !e(ore it goes !ad)8

@n the right-hand section o( the !oard# list 6time8 and 6money)8

Say:

6E%en though 'eo'le ha%e unlimited ants# they canCt ha%e e%erything)
=here are lots o( reasons hy e canCt ha%e e%erything e ant# !ut
today eCre going to tal$ a!out one reason: money) A resource is
something that hel's you get the things you ant)8

Point to the list in the 6ants8 section)

6=he 'ro!lem ith resources is that they arenCt 6unlimited8 li$e ants)
What does 6unlimited8 mean againB8

Dt means there is no end to them)

6What do you thin$ e call something that -@ES ha%e an endB8

Students should guess 6limited)8

6=here is an end to the amount o( money 'eo'le ha%e) 5ecause money

has a limit# e call it a limited resource)8

Write the ord 6limited8 a!o%e the ord 6resources8 on the !oard)

6-o you thin$ =yyaCs (ather had enough money to !uy all the ice cream
and chocolate !ars AN- all the other groceries his (amily neededB8 So e
can say that =yya and her (amily had unlimited antsHmean- ing i( they
could# they ould ha%e !ought hundreds and hundreds o( things in the
store) 5ut they also had limited resourcesHmeaning there asnCt enough
money to !uy all the things they anted)8

6=yyaCs (ather had to thin$ a!out his limited resources) =hen he had to
thin$ a!out hat his (amily needed) -o you thin$ his (amily needed *++
!o0es o( ice cream and .++ chocolate !arsB8

No# they anted them# !ut they didnCt need them)

6-o you thin$ they needed !read# eggs# mil$# cheese# and s'inachB8

Encourage students to discuss this thoroughly) A%oid a lengthy

discussion o( nutrition# !ut do stress the need (or good (ood %ersus the
ant o( ?un$ (ood)

6When you donCt ha%e enough resources to get e%erything you ant# you
sometimes ha%e to ma$e a choice)8
PA7E I @F A

Write the ord 6choice8 in large letters !elo !oth lists on the
chart 'a'er)

6Ma$ing a choice means to decide ?ust hat you ill use your resources
on) S'end your resources on the things you need &rst# and i( there is any
le(t o%er# then get some o( the things you ant) =yyaCs (ather as doing
that in the story: he as choosing the gro- ceries that his (amily needed)
9emem!er hat he called the ice cream and chocolate !arsB 4e called
them 6sugary ?un$)8 4e decided his (amily didnCt need sugary ?un$# so he
ouldnCt s'end his money on those things) Why did he s'end his money
!uying =yyaB8

Allo any ansers) Students may suggest that her (ather needed
=yya# hich is a nice ending to this lesson)

=he teacher shos a recei't (rom a recent sho''ing tri' on the elmo) =he
teacher may ha%e to ha%e 'ictures along ith the ords de'ending on
hat has !een !ought and on the recei't)

=he teacher ill com'are ith the students# hat do you thin$ D !ought#
hy did D !uy this# ould you ha%e !ought something elseB8
Guided Practice:

=he teacher ill assign 'rices to each o( the toy (ood items 1or 'ictures2)
Each item should !e la!eled less than a dollar# and in %arying amounts)

For e0am'le# the dairy items might !e 'riced li$e this:

Carton o( mil$: JGK Pac$age o( cheese: ,IK 7allon o( ice cream: A+K
Stic$ o( !utter: JK

=he teacher ill 'lace the (oods in the se'arate grocery sac$s ;ahead o(
time<# and la!el the sac$s 6-airy#8 6Meat#8 6Legeta!les and Fruits#8 and
6Mun$ Food)8

=he teacher ill then discuss 'rices ith the class

=he teacher ill say# 6LetCs tal$ again a!out hat ha''ened to =yya hen
she stood %ery still) What did the lady (rom the store doB8

She thought =yya as a doll# so she 'ut a 6'rice tag8 on her nose)

6What is a 'rice tagB A 'rice tag is a stic$er or a 'a'er attached to

something that is (or sale that tells ho much it costs) What does the
ord 'rice meanB 6

D( no one 'ro%ides the anser# tell the grou' that 'rice is an amount o(
money you must 'ay (or something)

6What as the 'rice someone ould ha%e to 'ay i( they anted to 6!uy8
=yyaB8

=he 'rice is F,A)AG)

PA7E G @F A

6What are some 'rices o( things you ha%e !oughtB8

Allo students to share their e0'eriences !uying things)

=he teacher ill then conduct 'rice and money counting acti%ities)

=he teacher ill -istri!ute one grocery sac$ to each student or 'air o(
students and ha%e them 'ut the items in order (rom least e0'ensi%e to
most e0'ensi%e)

=he teacher ill as$ students to hold u' the most e0'ensi%e item in their
grocery sac$s# and then ha%e them &nd the least e0'ensi%e)

=he teacher ill 'lace 'lay money in the center o( the ta!le# sorted !y
coin ty'es) 4a%e one student at a time select an item (rom his or her
grocery sac$ and then count out the amount that matches its 'rice tag)

=he teacher ill say# 6No eCre going to see i( e ha%e enough money
to !uy some o( our unlimited ants) @n this or$sheet you see 'ictures o(
some things you might ant to !uy) At the to' o( the 'age is the amount
o( money you ha%e) Count the money# and rite the amount on the line)
=hen color all o( the items that you could !uy (or that amount) D(
something has a 'rice that is more than the money you ha%e# -@NC= color
it) When youCre &nished coloring the items you could !uy# dra a circle
around the colored item that you ant the most)8

=he teacher ill then 'ass out the or$sheets and 'ro%ide hel' to any
students ho seem to !e struggling)
%nde#endent Practice:

=he teacher ill 'ut students into grou's and gi%e them in(ormation on
here they li%e# hat the eather is li$e# hat (ood is scarce# and hat
(ood isnCt)

=he teacher ill assign the grou's to ma$e a list o( hat (ood they ould
choose# hy# and hat ty'e o( clothes they ould need and hy)

=he students ill then com'lete 6=he Price is Wrong8 or$sheet)

A(ter students ha%e com'leted or$sheet# they ill !e instructed to ma$e

a grocery list o( hat they need to !uy# ith a certain amount o( money --
gi%en !y the teacher# and construct a rationale (or hy they chose the
items they did)
&i'erentiation of %nstruction:

Wants and Needs Eash cards# colored# laminated# and cut a'art

No letNs 'ractice identi(ying ants and needs) DN%e got a set o( Eash
cards) When D hold one u'# tell me i( the 'icture on the card is something
that you needHyou ha%e to ha%e it to li%eHor i( it is a antHsomething
that you ould li$e to ha%e# !ut you can li%e ith- out it)
PA7E 6 @F A

ShuOe the Wants and Needs Eashcards and hold them u' one at a time)
Allo students to call out the ansers) D( students disagree on an item#
sto' and discuss it ith the class) Ma$e sure they understand the
di"erence !eteen goods that they must ha%e to sur%i%e and those that
they donNt really need)

@'tional: Pou might as$ students to dra a 'icture o( a ant they ould
li$e to ha%e hile you or$ ith indi%idual grou's in the (olloing small-
grou' acti%ities)
Tec(nolo!$:

Money Counting Dnteracti%e Flashcards: )a'lusmath)com3cgi-

!in3Eashcards3money)
Closure:

=he teacher ill gather the students to the (ront o( the room and ha%e the
students share their grocery list# rationale and illustrations)
"ssessment

Chec$ studentsC understanding !y listening care(ully to the res'onses

they gi%e during grou' discussions and on the Wants and Needs Eash card
acti%ity)

@!ser%ations o( students counting money in the small grou' acti%ity and

their res'onses on =he Price Ds Wrong or$sheets)

-escri!e ays in hich (amilies consume goods and ser%ices !y ma$ing

the grocery list

/sing e0am'les# e0'lain hy 'eo'le cannot ha%e e%erything they ant

1scarcity2 and descri!e ho 'eo'le res'ond 1choice2 !y ma$ing the
grocery list !y 'ic$ing hat they need# and hat they ant)
Co!nitive &emand of Lesson Se)uence

Students ill Construct a grocery list !ased on Needs)

Students ill Analy>e ays 'eo'le consume goods and ser%ices)

Students ill -ra Conclusions on that 'eo'le cannot ha%e e%erything

they ant)

Students ill -e%elo' a Logical Argument (or hy o!?ects on 6Needs8 list

are actual needs and not ants)
PA7E J @F A
Making A Grocery List: Needs VS. Wants
Teacher Name: Ms. Angel
Student Name: _______________________________
CATEGORY I . , *
Content -
Accuracy
All facts in the
grocery list are
accurate.
99-90% of the
facts in the grocery
list are accurate.
89-80% of the
facts in the grocery
list are accurate.
Feer than 80% of
the facts in the
grocery list are
accurate.
Knoledge
7ained
All stu!ents in the
grou" can
accurately anser
all #uestions
relate! to facts in
the grocery list an!
to technical
"rocesses use! to
create.
All stu!ents in the
grou" can
accurately anser
$ost #uestions
relate! to facts in
the grocery list an!
to technical
"rocesses use! to
create.
%ost stu!ents in
the grou" can
accurately anser
$ost #uestions
relate! to facts in
the grocery list an!
to technical
"rocesses use! to
create.
&e'eral stu!ents in
the grou" a""ear to
ha'e little
(nole!ge a)out
the facts or
technical "rocesses
use! in the grocery
list.
S'elling Q
Proo(reading
*o s"elling errors
re$ain after one
"erson other than
the ty"ist rea!s
an! corrects the
grocery list.
*o $ore than +
s"elling error
re$ains after one
"erson other than
the ty"ist rea!s
an! corrects the
grocery list.
*o $ore than ,
s"elling errors
re$ain after one
"erson other than
the ty"ist rea!s
an! corrects the
grocery list.
&e'eral s"elling
errors in the grocery
list.
Attracti%eness Q
@rgani>ation
The grocery list
has e-ce"tionally
attracti'e
for$atting an!
ell-organi.e!
infor$ation.
The grocery list
has attracti'e
for$atting an!
ell-organi.e!
infor$ation.
The grocery list
has ell-organi.e!
infor$ation.
The grocery list
for$atting an!
organi.ation of
$aterial are
confusing to the
rea!er.
7ra'hics3Picture
s
Gra"hics go ell
ith the te-t an!
there is a goo! $i-
of te-t an!
gra"hics.
Gra"hics go ell
ith the te-t/ )ut
there are so $any
that they !istract
fro$ the te-t.
Gra"hics go ell
ith the te-t/ )ut
there are too fe
an! the )rochure
see$s 01te-t-
hea'y01.
Gra"hics !o not go
ith the
acco$"anying te-t
or a""ear to )e
ran!o$ly chosen.
Grade: _____/ 20
Comments:____________________________________________________________
______________________________________________________________________
______________________________________________________________________
PA7E R @F A
______________________________________________________________________
______________________________________________________________________
PA7E A @F A