A student learning how to manage money by keeping a budget.

Economic Choices

Teacher Background

To make economic choices, students need to understand the value of work, and how it provides income so people can purchase the things that they need and want.

People get to make choices about earning, spending, saving money, and where to live and work.

Vocabulary

Budget: a plan on how to spend the money we earn.

Notes for Teacher

  • Students should have the chance to think about choices they can make with money.

Think Deeply

  • What do we spend money on?
  • How do you make choices between two things you want?
  • Why is it important to consider donating money?
  • What can I do if I have a hard time saving money?

Well-Being Questions

  • When you are deciding between two choices, what factors do you consider?
  • What could happen if your economic choices did not consider your well-being or the well-being of your community?
  • Why is it important to remember your basic needs when making economic choices?
  • What benefits are there to budgeting and sticking to your plan?
  • How does using a budget increase your ability to meet basic needs?

Let’s Write

You have worked really hard and have earned $10. How does it feel to have earned $10? What do you think you should do with it? Is there anyone you could ask for advice? Write out the scenario of what happens to your $10. What do you have to show for it when it’s all gone?

Lesson Plan

1. Explain to students that most people work to earn money, and then spend money on goods and services that they need and want.

2. Read the “Donating” article to the class. (Article is included below).

3. Share about a time when you donated something or something was donated to you and how that made you feel. Talk about how the donation was helpful and how the donation made a difference. Have a class discussion around these questions:

a. How does donating help others?

     b. What do others get from donations?

     c. Does donating have to be just giving things away?

     d. What other kinds of donations are there?

     e. How does donating help you?

4. Create a list on a piece of chart paper of all the things that could possibly be donated. Be very specific (e.g., instead of clothes, say pants, shirts, dresses, etc.). Have the students think of things they have at home that could be donated. 

5. Have the students pick one thing from the list and write it in their interactive notebooks. Have them give one to two reasons why donating that item would be helpful. The students can choose to either do this or complete the activity included with the article.

Article Assessment Questions

1. Donating is __________ part of what you have to others.

a. keeping

     b. selling

     c. giving

     d. making

2. Which is an example of donating goods to your community?

a. giving your dog a bath

     b. selling lemonade in your neighborhood

     c. buying Girl Scout cookies

     d. giving your used clothes to an organization

Donating Activity for Economic Choices Lesson Plan from Studies Weekly

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