This week in social studies, we are going to begin talking about economics. We will start out with the basics: wants vs. needs. There are some good nonfiction social studies books that do a great job helping to explain this. After reading, we will create a list of what we need. Then create a list of what we want (that should be fun :) and interesting!). They will fill out and draw in their economics journal our needs as well as five things they want. This topic will probably cover a few weeks as we will try to apply as many real world applications as we can (lemonade stand, connecting to their own life-shopping/grocery store, birthdays and daily life). Wants vs. needs will help set us up for goods and services. We will spend the rest of the week talking about what are goods and services, again creating a visual list for them to refer to. This background will be important when we get to the stage of learning about producers and consumers and how they effect people's wants. We will watch some commercials, talk about advertisements as well. My undergrad was in marketing so I love trying to talk/teach this to first graders! After teaching and vocabulary (again made visual to help them) they will become producers and consumers, making goods and services for their classmates. We will have a market day, were they will sell their goods and services to their friends! I will let you know when that gets closer and what items we may need from home, after I figure out what they want to make/do :) Some examples from the past have been: hair styling station (gel/updo's), nails, decorated pencils, making special goods to hold stuff (treasure boxes), fake money and others.
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