Lesson Plan

Economics: Goods & Services

A Lesson Plan for 1st Grade

Mahindra Rock

Instructional Tech Integration

Tom Woodward
March 22, 2010

Honor Code: “I pledge that I have neither given nor received unauthorized
assistance during the completion of this work” Mahindra Rock
Introduction
Lesson Topic: Goods & Services

Length of Lesson: 1-2 days 20-30 minutes each depending on length of activity

Virginia Standards of Learning: From Economics 1.7 – “The student will explain the
difference between goods and services and describe how people are consumers and
producers of goods and services.

Learning Objectives
Students Will:

 Explain the differences between goods and services.

 Describe how people are both buyers and sellers of goods and services.
 Distinguish between jobs in which people produce goods and jobs in which people
provide services.
 Recognize that people earn money at jobs.
 Understand that people use the money they earn at their jobs to purchase goods and
services to satisfy wants and needs.
 Realize that saving money allows people to buy goods and services in the future

Teaching and Learning Sequence

Introduction/Anticipatory Set
 Tell students that they are going to learn about money jobs goods and services.
 Begin by reading Goods and Services by Janeen Adil. Gather all students to the
reading section of the classroom where the students will sit and listen to the story.
 Next, begin a discussion about jobs, money, goods and services.
 Have students return to their desks to begin a matching game. You will have
prepared props before the lesson begins.
 Assess students with worksheets

Lesson Development
 Explain to students that they are going to learn about money, jobs, goods and
services.
 Gather the children in the reading section of the classroom where the students will
listen to the story, Goods and Services by Janeen Adil.
 Begin a discussion about jobs, money, goods and service, asking questions
throughout, and making a list on chart paper of goods and the workers who make
them as well as services and the workers who perform them.
 You will explain that a job is work that needs to be done. People earn money for
doing jobs. They spend the money to buy goods and services to satisfy wants
and needs.
 Some people work at jobs making or producing goods. You can see and touch a
good. An example of a good is food.
  Examples of jobs where people make or produce food are: Cooks & Farmers
 Ask the students: "What good does the cook produce?" (Cooks might produce
hamburgers at a fast food restaurant.)
 Ask the students: "What good does the farmer produce?" (Farmers might produce
cows, pigs, corn, and vegetables.)
 Ask the students: "What are some other goods people might produce at their jobs?"
(Artists produce paintings, factory workers produce cars and clothing, and
scientists produce new medicines.)
 Ask the students: "Do you know anyone who works in a job to make or produce a
good?" (Answers may vary.)
 Some people provide services. A service is an activity someone does to satisfy a
want or need for some- one else. An example of a service is a haircut.
 Examples of jobs where people provide a service are: Doctors and Nurses,
Teachers, and Firefighters
 Ask the students: "What service does the doctor/nurse provide?" (They make us
well when we are sick. They help keep us well.)
 Ask the students: "What service does the teacher provide?" (Teachers help us
learn.)
 Ask the students: "What service does the firefighter provide?" (Firefighters put out
fires and rescue us if we are in a fire.)
 Ask the students: "What are some other services people provide at their jobs?"
(Veterinarians take care of our pets, hair stylists cut our hair, and postal workers
deliver our mail.)
 Some people, such as builders, work at jobs producing goods AND providing
services.
 Ask the students: "What service does the builder provide?" (He uses his skills to
build and repair houses and other buildings.)
 Ask the students: "What goods does the builder produce?" (The goods are the
houses or other buildings.)
 Ask the students: "What are some other jobs where people produce goods AND
provide services?" (People who work at garages fix your car and sell you parts,
and people who work at ice cream shops make the ice cream and serve it to you.)

 Then, Using the props available (hats, tools and equipment), students will take turns
choosing a hat, and then match it to the appropriate tools or equipment. The class
will decide if that person provides a service or makes goods.

Closure
 End the lesson by returning to the initial discussion about jobs, goods and services.
 With a partner, have the students make a list of goods we use at home or at school.
The list should have 5 examples. Then share lists and add to class list.
 Homework: Pass out a Goods and Services worksheet where they will need to
circle the correct choice, a good or a service.
Evaluation

Formative: Observe students during the prop activity. After matching the hat with the
appropriate tool, are they correctly identifying whether the person provides a good or a
service? If they are then I am on track with the lesson. If not, then I will need to re-
evaluate the exercise and re=teach the next day using a different method.

Summative: Each student independently will write a G or an S on the attached Goods

and Services worksheets (with G or S for goods or services). Students will need to
correctly sort 7 out of the 9 pictures correctly. If-necessary, re-teaching will occur on the
next day of instruction.
 Reference:

http://www.wcs.k12.va.us/users/honaker/TechnologyLP/econ1plan.pdf

www.federalreserve.org

www.moneyinstructor.com