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PA Standard 6.1.3.B: Identify needs and wants of people. Identify examples of natural, human and
capital resources.
Learning Targets/Objectives:
Third grade students will be able to identify wants and needs in their own lives by sorting examples of
wants and needs into their respected categories.
Third grade students will be able to define what opportunity costs are and how they relate to wants,
needs and choices by participating in a class discussion over a PowerPoint Slideshow.
Assessment Scale:
See attached Rating Scale for exit slip
Proficient – 3
Basic – 2 or 2.5
Below Basic – 1.5 or less
Subject Matter/Content
Prerequisites:
Goods are things we can buy, hold and touch
Services are things we pay others to do for us
Key Vocabulary:
Wants- things we do not need to survive; we have a lot of these things. (video games, jewelry, books,
games)
Needs- things that are necessary to live (water, food, shelter, clothes, warmth)
Choices- Decisions we make when more than one option is available to us.
Opportunity cost- The item given up to buy another item.
Content/Facts:
We make choices all day long.
We have a limited amount of money and must decide where we wants to spend our
money.
We all have wants and needs
Introduction/Activating/Launch Strategies:
Give the class a made-up scenario about yourself and ask them to decide what you should
spend your money on.
“Okay class, so I’m going on an island for two weeks. I’m not sure that they will have
much food because I’ve never been there. I only have $30 to spend for my trip. Should I
use my money to buy groceries, a camera (because I’m sure it is going to be gorgeous), or
board games in case I get bored on the island?”
Accept answers from students on what they think I should spend my money on.
Have the class take a vote in their groups on what they think I should spend my money
on.
Tally their responses on the board.
Tell them this is a perfect example of our next topic in economics, wants needs and
choices!
Development/Teaching Approaches
Ask students to take out their Economics Packets and have multiple students
volunteer to read the “needs and wants” section, as well as the “Choices” section.
Discuss some of the choices the students make on an every day basis. (What to wear,
what to eat for breakfast, what color marker to use, etc.)
Go through PowerPoint:
Slide 1- Ask students what they remember from the video of what Needs are.
Have a volunteer read the definition of needs.
Slide 2- Ask students what they remember from the video of what Wants are.
Have a volunteer read the definition of wants
Slide 3- opportunity costs. Explain the example on the slide.
Tell the students opportunity cost is the thing/s you give up in order to get another thing.
Closure/Summarizing Strategies:
Exit Slip:
Ask students to head back to their desks.
Read the students the questions to the exit slip before passing them out.
Hand out each exit slip.
As students to put them into the blue bin at the front desk when finished.
If time allows, add the ‘Wants’, ‘Needs’ and ‘Choices’ foldable into their Economics
lapbooks.
Write the definitions you want them to have down up on the board for them to copy
before gluing their foldable into their lapbooks.
Accommodations/Differentiation:
Have my students with disabilities sit closer to the board in case they cannot see and/or
hear too well.
Ensure M. of the directions when completing the rolling the dice activity.
Read the directions to the exit slip to the entire class before giving it to all students.
Materials/Resources:
Economics Packets
Smart Exchange Sort
PowerPoint Presentation
Big Dice
Expo Markers
BrainPop Video
Foldable resources
Exit Slip
Glue sticks (19)
Report of Student Assessment:
My students performed very well on their exit slips. I think it was beneficial that we
played the Dice Activity before taking an individual assessment piece because a lot of students
were not too clear on opportunity cost before we played the game. After a handful of students
rolled opportunity cost on the die, I was able to help them come up with examples of opportunity
cost. My students did perform very well on their exit slips! 14 of my students got all 3 questions
correct. They were able to grasp the concept of wants needs and opportunity cost. 1 student of
mine scored a 2.5 because they wrote a bed for needs. I gave this student a half a point for this
answer because I could see how they think a bed is a need because we need something to sleep
on. I will make sure to tell this student why I only granted a half a point for this question. 3 of
my students got the question about opportunity cost wrong, and only 1 student scored a zero. I
think the student that scored the 0 was because she swapped the spots of where she wrote in an
example of wants and needs. She also did not understand the opportunity cost question.
Self-Evaluation:
I thought this lesson ran smoothly. I am happy that I used my behavior management
system throughout the class because this made the class move a lot faster. The transitions were
smooth because they wanted to make sure they were at their seats I order to be granted a point.
One thing that I wish I did mention when teaching this lesson was giving them an
example of opportunity cost that was more than one object. When I was giving examples, I only
gave examples with two objects (If I bought a shirt instead of a scarf, my opportunity cost would
be the scarf). On my exit slip I gave them an example of two objects versus one object (If two
bananas cost $1 and so did one apple, but I decide to buy the two bananas, what is my
opportunity cost?) Although only 3 students got this question wrong on the exit slip, I think I
could have made those 3 students get it right if I had given an example of multiple things for one
thing when I introduced opportunity cost.