Module 19: Basic Economics- Social Studies 3 - Course Guide

Module Overview:

In this module, students will learn to differentiate between wants and needs, explain how they result in the production and acquisition of resources, explain how supply and demand affect the price of a good or service, and define and use examples of scarcity as an economic principle. They will determine the relationship between cost and benefit and synthesize information about multiple economic principles.

Module Materials:

Lesson #	Lesson Title	Material(s)
1	Wants vs. Needs	*Social Studies 3B Workbook, ISBN 978-1-63916-166-9 (optional);
2	Supply and Demand	None
3	Scarcity	None
4	Cost vs. Benefit	None
5	The Impact of Economic Principles	None

Module Objectives:

Lesson #	Lesson Title	Objective(s)
1	Wants vs. Needs	Differentiate between wants and needs. Explain how they result in the production and acquisition of resources.
2	Supply and Demand	Explain how supply and demand affect the price of a good or service.
3	Scarcity	Define and use examples of scarcity as an economic principle.
4	Cost vs. Benefit	Determine the relationship between cost and benefit.
5	The Impact of Economic Principles	Synthesize information about multiple economic principles.

Module Key Words:

Key Words
wants needs production resources supply demand economy scarcity cost benefit good service economic principles consumers customers

Module Assignments:

Lesson #	Lesson Title	Page #	Assignment Title
1	Wants vs. Needs	5	Wants and Needs in Your Home Assignment
2	Supply and Demand	5	Supply and Demand Assignment
5	The Impact of Economic Principles	5	A Story of Economic Principles Assignment

Learning Coach Notes:

Lesson #	Lesson Title	Notes
1	Wants vs. Needs
2	Supply and Demand	After completing this lesson, ask your student to explain what goods and services are, supply and demand, and the role of supply and demand in the economy.
3	Scarcity	After completing this lesson, ask your student to explain scarcity and how it impacts the economy.
4	Cost vs. Benefit	After completing this lesson, ask your student to explain cost and benefit and to give examples of when they have to think of the cost and benefit of different situations.
5	The Impact of Economic Principles	After completing this lesson, ask your student to explain the following: economic principle, the economic principles consumers use when making economic decisions.

Guiding Questions

Module Guiding Questions:

When a student starts a lesson ask them questions to check for prior knowledge and understanding and to review concepts being taught. At the end of the lesson ask the questions again to see if their answer changes.

Lesson Title	Question
Wants vs. Needs	What is the difference between a want and a need, and how do they drive the economy?
Supply and Demand	How does supply and demand impact the economy?
Scarcity	What is scarcity, and how does it impact the economy?
Cost vs. Benefit	How are costs and benefits related?
The Impact of Economic Principles	How do multiple economic principles impact a purchasing decision?

Module Video Questions:

When a student watches a video take time to ask them questions about what they watched. Suggested questions for the videos in this module are listed here. Suggestion: Have the student watch the entire video first all the way through. Then have them watch the video a second time, as they watch it pause the video and ask the questions.

Lesson Title	Video	Question

Module Suggested Read Aloud Books:

Take time to read to your student or have them read aloud to you. Read a different book each day. While reading the book point out concepts being taught. You may purchase these books or find them at your local library. Suggested things to discuss while reading the book:

What is the main idea?
What are three things new you learned?
How does this book relate to what you are learning about?

#	Book	Author	Lexile Level

Module Outing:

Take some time to apply what your student is learning to the real world. Suggested outings are below.

#	Outing