Birthdays: Making Economic Choices

In Social Studies we have been learning about the need to make choices based on economics. The students made a list of things that they would want to do, want to eat, want to play, and other things they would like to have their birthday party. I then explained that each item would cost them $10 dollars but they only had $40 total. Therefore, they could only choose 4 items. We discussed that they would need to choose just four items. This led to a discussion of choosing all four items from one group versus spreading out the choices across all four categories. They decided it was better to spread out the choices across the categories in order to meet all needs of the party. Each student then chose one item from each category that they would want at their party to illustrate on a foldable.

 

Making Economic Choices

In Social Studies the students have been learning about making economic choices. To help them understand the concept of scarcity, the students played "Musical Chairs." As they played, we discussed how everyone wants the same thing but there is not enough to go around. Therefore, the demand is high but the supply is low. We discussed that when there isn't enough of something, in particular money, then choices have to be made between what is needed and what is wanted.