Economics

Today you will be buying some items or good in class.  It will be like going to the grocery story. What happens when an item is sold out or many people want the same item?

You will have to decide what item you will like to buy or if you have enough money to buy.  Or what will you do if prices are increasing but you really want that item. 

We will use beans like if it was money.  Let say a bag of cookies costs 5 beans this means if you want the bag of cookie you will have to give me 5 beans.

Also we will shop by tables, meaning that something can be sold out because everybody wants the same item (microeconomics)

Resources:

Microeconomics

http://encyclopedia.kids.net.au/page/mi/Microeconomics

https://jr.brainpop.com/socialstudies/economics/goodsandservices/

Macroeconomics

http://encyclopedia.kids.net.au/page/ma/Macroeconomics

[Video: https://www.youtube.com/watch?v=DJG-liA19eY]

After the activity the class will discuss and use vocabulary words like:

• goods
• services
• supply and demand

Students will be ask about what they think about the prices of goods in our class changing prices as we want more of the same thing/s.  Then students will be challenge to think what happens as country when we want more of the same thing.

This activity help students understad about good and services and how supply and demand works.  Students will look more into microeconomics not so much into macroeconomics.

Rationale: Students will learn and practice in a fun way about supply and demand.