Want or Need, what do we have with economics in the classroom?

What is economics?

The American Economic Association, "Economics is the study of how people choose to use resources" (p.1). Some resources for economics could be food, land, the time people put into work, and equipment. There are two main types of economics, such as micro-economics and macro-economics. Micro-economics is decisions based on an individual or business, whereas macro-economics is a community as a whole. Although many students learn economics in high school, I think it is important to introduce the main concepts in elementary school. There are multiple articles, passages, and videos on economics to help children in elementary school understand the key concepts. Through my research, I found that Scholastic has many articles for children with multiple reading levels.

The Importance of Economics

In my Social Studies class, I presented the importance of economics through the lives of all people, communities, and nations. In economics it is important for students to understand how economics influences the decisions they make. The Case for Economics in the Elementary Classroom article states, "As adults, today's students will be confronted with economic issues that require decisions, the consequences of which will impact their lives and lives of others. In the ordinary business of life, they will make decisions about what to buy, how much of their income they should spend, and how much to save and what careers to pursue. As citizens, they will need to understand the fallacy in politicians' promises to cut taxes and increase spending on a variety of public good" (1998, p.1). What decisions do you make on a daily bases? Do you think they are good decisions? The decisions you make every day impact your life, mentally, physically, and economically. It is important to teach these components of economics in schools with students of all ages. Students should realize that scarcity is throughout the nation for certain resources, which may affect the way they live in years to come. Students need to know concepts of how economic influences all people, communities and nations by income levels, unemployment, and supply and demand. 

Teaching "Wants vs. Needs"

Teaching students this concept in elementary school may be difficult, however in this video the teacher is asking the students how they make bread. The teacher asks her students critical think questions about how much bread is in a grocery store, how you make it and what you "need" to make it. The students are than asked what a plant needs to grow, such as food, water, sunlight, and the soil. The students begin to think of what the plant "needs" instead to survive. As the video continues to enhance this concept, the students are learning the difference between "wants" and "needs." Later on in the video, the students are asked what they are asking for their birthday; many students are naming toys or game. The teacher than asks each individual student if this is something they "need" or "want" and all the students say "want." The students begin to understand the concept of "wants and needs." Although their are more complex examples, for students in elementary school, this example allows them to relate it to a real-life situation. At one point the teacher mentioned to the students, "What happens if the grocery store only has two loaves of bread?" Many students got concerned and said, "There would not be enough bread", however this is when they began to realize that they need that as a source of food. In my future classroom, I would provide them an example that the students are familiar with, such as plants or animals. The main goal in teaching is for the students to understand what they are learning and if they can relate it or imagine it, than it will be easier for them to understand the concept. 

I would present this video in my future classroom because it would be good for visual and audio learners. I think the song that they sing, will help students remember the differences between "wants and needs" which is an important key concept they will need to know as they mature. I also believe the students will begin to memorize the song, since the rhyme is catchy. This video will engage the students in learning about the difference between what someone or something may "want" versus "need." After they understand the concept of "needs versus wants" I will start to teach supply and demand and show them how it does not only affect us, but the nation as a whole. 

Economics is an important topic to focus on in younger and older grades. Not all students in high school will choose economics as a course to take, therefore it is the elementary school teacher’s jobs to create a foundation of what economics is, why it is important and how it will influence our decisions we make every day. Economics can be taught through various concepts, such as my fellow classmates mentioned in their blogs. To view their blogs, click on their name below:

Christine Brown

Kelli Flannery

Amanda Luciano

Ainsley Pilz

Lindsay Roe

Nicole Scicutella

Thank you for reading,

Works Cited

Social Studies In Action: Assessing Students' Learning. (n.d.). Retrieved April 13, 2015, from http://www.learner.org/workshops/socialstudies/session7/index.html

The Case for Economics in the Elementary Classroom. (1998, December 1). Retrieved April 13, 2015, from https%3A%2F%2Fwww.minneapolisfed.org%2Fpublications%2Fthe-region%2Fthe-case-for-economics-in-the-elementary-classroom

What is Economics? (n.d.). Retrieved April 13, 2015, from https%3A%2F%2Fwww.aeaweb.org%2Fstudents%2FWhatIsEconomics.php