📖

Economics: Making Wise Choices

Review: Our American Story

Day 174of 180
Week 35of 36
25Minutes
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🖨️ Download Worksheet (PDF)
🎯 What You'll Learn

Learning Objectives

1

Understand the difference between needs and wants

2

Recognize the roles of producers and consumers

3

Learn basic principles of saving and spending

📖 Scripture Connection

Proverbs 21:5

“The plans of the diligent surely lead to profit; and everyone who is hasty surely rushes to poverty.”

— Proverbs 21:5 (WEB)

Shows God's wisdom in being careful with money

📦 Materials Needed

  • Play money
  • Small items representing goods
  • Envelopes for 'saving'
  • Notebook for tracking
  • Colored markers
📚 Step-by-Step

Lesson Plan

1Opening (5 min)

Gather students and ask about times they've seen their parents make money choices. Discuss what money is used for.

💭 Review Question: What do you think is the difference between something you need and something you want?
2Teaching (8 min)

Explain economic basics in simple terms using real-life examples

📌 Key Talking Points:
  • Needs are things we must have to live, like food and shelter
  • Wants are things that are nice but not necessary
  • Producers make things that consumers buy
  • Saving money helps us be prepared for future needs
💬 Discussion Questions:
  • Can you give an example of a need?
  • What's something you want but don't need?
  • How can we be good helpers with money?
3Activity: Wise Choices Market (8 min)
game

Students practice making economic decisions with play money and goods

📝 Instructions:
  1. Give each student some play money
  2. Set up a 'market' with items representing needs and wants
  3. Students must choose how to spend their money wisely
  4. Discuss choices after activity
🔄 Variations:

Simpler: Pre-select items for younger students

Challenge: Add unexpected 'expense' cards to simulate real-life situations

4Closing (4 min)

Recap main economic principles learned today

📝 Review Questions:
  • What's the difference between a need and a want?
  • Why is saving money important?
  • How can we be good stewards of what God gives us?
🙏 Prayer:

Dear God, thank You for teaching us to be wise with the resources You provide. Help us make good choices. Amen.

Coming up: Tomorrow we'll look at how God has guided America's story

💎 Memory Verse

Luke 16:11

“If therefore you have not been faithful in the unrighteous mammon, who will commit to your trust the true riches?”

— Luke 16:11 (WEB)

🎯 Activity: Money Verse Hop - Jump when each word is said

👨‍👩‍👧 For Parents

Teaching Notes

📚 Background:

Economic concepts introduced gently and age-appropriately

💡 Teaching Tips:
  • Use concrete examples from daily life
  • Emphasize stewardship over strict financial rules
  • Make learning fun and interactive
🤔 Common Struggles:

Children may have difficulty distinguishing needs from wants

👀 Signs of Understanding:

Understanding of basic economic concepts and thoughtful decision-making

🚀 Want More?

Extension Activities

  • Create a home savings jar
  • Draw pictures of needs and wants
  • Practice counting money with parent

Ready for Tomorrow?

Great job completing today's lesson!

Continue to Day 175 →Back to History & Social Studies