Lesson Plan: Economic Decisions

Time Needed: 1 Class period (50 min)

Materials Needed: Laptops and Google Classroom

Goal(s): Students will be able to define three key terms related to economics. Then,
students will use their understanding of those terms and apply them to real world
scenarios where they must make informed economic decisions.

Objective(s):
● I can define supply and demand
● I can define scarcity
● I can define opportunity cost
● I can identify factors that influence economic decisions
● I can use my knowledge of economics to make informed decisions

Standards:
● MLR, SS Personal Finance and Economics, Grade 6-8:
○ Economics: Students understand the principles and processes of personal
economics, the influence of economics on personal life and business, and
the economic systems of Maine, the United States, and various regions of
the world by:
■ (D1) Explaining how scarcity requires choices and relates to the
market economy, entrepreneurship, supply and demand.

Procedure:

1. Entry Ticket (10 min)

a. What words do you think of when you hear the word Economics?
i. Create wordle
ii. Briefly discuss
1. What words appear the most?
2. Why might we think that way?
2. Economic Terms - Powerpoint (15 min)
a. Go over learning targets
b. Hand out Economic Terms Notecatcher
c. Define supply and demand
i. Real world examples?
ii. Discuss and clarify as needed
d. Define scarcity
 i. Real world examples?
ii. Discuss and clarify as needed
e. Define opportunity cost
i. Real world examples?
ii. Discuss and clarify as needed
f. Economic Scenarios (20 min)
i. Go through each scenario one at a time
1. Discuss and have students share what they think
3. Exit Ticket (5 min)
a. Provide an example of supply and demand, scarcity, opportunity cost in
your own life.