September 7, 2015
By Natalie Chari

Lesson plan

Year one Economics: Goods and Services

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Students will be able to differentiate between goods and services and be able to understand why goods and services are essential to our lives and economy.

(5 minutes)
  • Tell students that today they are going to be learning about goods and services.
(10 minutes)
  • Ask students what they think the word GoodsMeans. Explain to students that a good is something that you can use or consume, like books, food, and toys.
  • Ask students what they think the word ServicesMeans. Explain to students that a service is something that someone does for you, like teach you social studies, give you a haircut, or drive a bus you take. Tell students that when you pay for for a service, you don't really get something solid, like a book or a glass of milk, but you do get something that you need.
  • Let students know that both of these are important in our economy because they allow us to choose what we would like to do for ourselves and what we would like to have someone else do for us.
(20 minutes)
  • Put students into groups of 2-4 and have them brainstorm a list of goods and a list of services.
  • Have them share their ideas with the class.
(20 minutes)
  • Ask students to work on the Goods and Services worksheet.
  • Enrichment:Let advanced students brainstorm the lists individually in their journals or on paper. Instead of the given worksheet, advanced students can complete the Advanced Goods and Services worksheet to draw their own examples.
  • Support:Make sure support students really understand the difference between goods and services. Assist them whenever they need it.
(5 minutes)
  • Ask students to tell you what goods and services are. Have students elaborate on what makes these items similar and different.
  • Have students complete the Goods and Services Quiz to check for understanding.
(5 minutes)
  • Ask the students for examples of goods.
  • Ask the students for examples of services.

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