Economics · Lesson Plan
What Is Economics?
Economics is the study of how a society uses its limited resources to satisfy its wants and needs. This foundational lesson makes that definition concrete through everyday scenes — a household sharing chores, a firm’s managers allocating labor, a government setting a budget — to show that every group faces the same core problem: scarce resources and unlimited wants. It sets up the rest of the economics unit (scarcity, supply and demand, opportunity cost).
For Teachers
Lesson at a glance
- Topic
- Economics
- Grade Level
- Grades 6–12
- Resource Type
- Lesson + Worksheet
- Estimated Time
- 45–60 minutes
- Format
- Lesson + worksheet
- Materials
- Printable lesson, worksheet, pencils
What Students Learn
Learning objectives
- Define economics
- Explain the problem of scarcity
- Distinguish wants from needs
- Recognize economic decisions in everyday life
- Connect economics to households, firms, and government
Materials
What you’ll need
- Printed lesson and worksheet (one per student)
- Pencils
- Whiteboard
Key Terms
Vocabulary
- Economics
- The study of how a society uses its resources to satisfy wants and needs.
- Resources
- The land, labor, and capital used to produce goods and services.
- Scarcity
- Limited resources against unlimited wants.
- Wants
- Things people would like but do not strictly need.
- Needs
- Things required for survival and basic living.
- Allocation
- Deciding how to divide limited resources.
For Teachers
Lesson plan
Estimated time: one 45–60 minute class period.
Lesson sequence
- Define economics (12 min). The study of using limited resources for unlimited wants.
- Three scenes (15 min). Household, firm, and government all face scarcity.
- Wants vs. needs (10 min). Sort examples and discuss trade-offs.
- Worksheet (11 min). Students identify economic decisions in their own lives.
Assessment
Assess the worksheet for a correct definition of economics and recognition of scarcity in real situations.
Discussion
Discussion questions
- What is economics?
- What is scarcity, and why does it matter?
- How is a want different from a need?
- Where do you make economic decisions every day?
- How do households, firms, and governments all face the same problem?
Printable Lesson & Worksheet
What Is Economics? — Lesson & Worksheet
A printable lesson and worksheet introducing economics: scarcity, resources, wants vs. needs, and everyday economic decisions.
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