Economics Unit

An economics unit that spans approximately a week of instructions. It touches on topics including supply, demand, production, banking, loans, interest, risk, and credit. It uses experiments as part of the students' exploration of these topics. Universal Concept: structure, change

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Content Area

  • Social Studies

Resource Type(s)

  • Lesson Plan
  • Unit Plan


  • 3rd Grade
  • 4th Grade
  • 5th Grade


  • No Courses Identified

Standard(s)/Course Objective(s)

  • E9.3.1 - Identify needs as high priority wants, and wants as goods, services, or leisure activities.
  • E9.3.2 - Give examples of prices consumers have paid when buying goods and services.
  • E9.3.3 - Give examples of prices set by businesses for selling goods and services.
  • E10.3.2 - Define banking terms, including saving, interest, and borrowing.
  • E10.3.3 - Identify reasons people use banks.
  • E12.3.1 - Differentiate between barter and monetary trade.
  • E9.4.1 - Give examples of incentives and determine whether they are positive or negative.
  • E9.4.2 - Give reasons why consumers choose to buy more of a good or service, i.e., when prices are low, and when they choose to buy less, and when prices are high.
  • E9.4.3 - Give reasons why producers choose to sell more of a good or service, i.e., when a price is high, and when they choose to sell less, and when its price is low.
  • E9.4.5 - Explain why all those who trade must benefit from the trade, using an example such as trading baseball cards.
  • E10.4.2 - Identify instances in which people might pay interest or receive interest.
  • E.10.4.3 - Discuss reasons people use banks.
  • E9.5.1 - Describe how scarcity requires a person to make a choice and identify costs associated with that choice.
  • E9.5.2 - Demonstrate an understanding that an individual can be a consumer and producer at the same time.
  • E9.5.3 - Identify the resources needed for production in households, schools, and community groups.
  • E9.5.5 - Demonstrate an understanding of supply and demand in a market.
  • E10.5.1 - Define trade and commodities used in trade.
  • E10.5.2 - Identify how interest rates affect borrowing, saving, and purchasing using credit.
  • E10.5.3 - Identify services offered by different types of financial institutions.

Textbook Unit(s)

  • No Textbook Units Identified


  • GATE - Gifted and Talented Education