Objectives: Students will learn to distinguish between goods and services, and identify that goods and services are used to satisfy needs and wants.

Economic Concepts / Vocabulary:
Goods and Services

Materials: 

Books from your library that illustrate people making goods and providing services. eg. Berenstein Bears on the Job, Richard Scarryís What Do People Do All Day?

"Economic Words" chart from lessons 1 and 2

Chart paper and marker

Familysí goods and services survey (included at the end of this lesson)

Teaching Procedure:
1. Teacher divides and titles a "Goods" and "Services" chart.

2. Using illustrations in the selected books find and chart examples of goods and services with student input.

3.  Next, bring out another gift (a box containing catalogs)óequally large and beautifully wrapped.  Tell the children that this one is full of things that they might want.  (Review some of the things that Sister and Brother Bear wanted in the story.)  Have the children brainstorm what the package might contain.  Write down each different response.  Do not unwrap the gift yet. 

4.  Activity: Familiesí Goods and Services Survey 

a. Assign the survey as homework. Explain the directions.

b. Teacher prepares the charts below.
 

Goods	Want	Need

 
 

Services	Want	Need

 

c. Invite the students to share the data collected from home. The students will determine if the family goods and services meet their needs or satisfy their wants. The teacher will record the goods or services and check it as a need or a want on the chart.

5. Closure:  Using the charts, help students make the connection that goods and services help meet their familyís needs and satisfy their familyís wants.

Name_____________________ Date____________________

List five goods that your family uses. (Things we buy like books, cars, socks, soda, T.V., video games, etc.)

1.____________________________________________________
 
 

2.____________________________________________________
 
 

3.____________________________________________________
 
 

4.____________________________________________________
 
 

5.____________________________________________________

List five occupations that provide a service that your family uses. (Providers who do things for which we pay like doctors, beauticians, chefs, etc. )

1.___________________________________________________
 
 

2.___________________________________________________
 
 

3.___________________________________________________
 
 

4.___________________________________________________
 
 

5.___________________________________________________ 

Supporting online materials: Economic Glossary