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Every Penny Counts
Source: Council for Economic Education (EconEdLink) | Type: Lesson
You know that five dollars you got for your birthday? There are so many things you can spend it on, aren’t there? A toy boat to sail on the pond, a doll to play with or a jump rope. A lot of stores sell the very same things, where should you buy? You are a smart consumer if you pay the smallest amount for the thing you buy. Follow two stories of Josh and then see if you can make the smart spending decision by comparing prices.
Everyone must choose. People, rich and poor, young and old, must address the problem of wanting more than they can have. For many people the problem of choice is most apparent when they enter the marketplace as consumers. Children and adults, confronted by a multitude of tempting consumer products, must learn to evaluate the options available to them. But how does one spend money wisely? Consumer educators often use the following suggestions as criteria for spending money wisely.
Avoid impulse purchasing
Bargain hunt
Buy high quality products
Use credit sparingly
Reflect on which wants are more important than others
Grades:
Concepts:
- Budget
- Choice
- Competition
- Consumers
- Decision Making
- Goods
- Price
- Savings
- Services
- Trade-off
Standards:
- Economics 1: Scarcity
- Economics 8: Role of Price in Market System
- Economics 9: Role of Competition
Related Resources:
Reviews
What a great lesson plan that is filled with multiple activities and scenarios for children to learn from!
I really like this lesson. I am a high school teacher with a 7 year-old who is studying money. I found the interactive activity to be great!
I like this lesson. I teach special education (life skills) in a secondary school. Although this lesson deals with pets, we could easily apply the same skills to other things.
I think this will be very useful with my 1st grade class.
This is a very good lesson.
I like the lesson and interactive activity.
I love the interactive activity. I also like that the stories were provided and that I do not have to hunt down books at the local library. The content was on grade level for my 1st graders. EXCELLENT!!
I am so happy that someone has taken an interest in an econ lesson plan. I teach students in a self contained special education class, and there are certain standards of learning that I have to teach. I spend A LOT of time looking for ways to teach the material.
