Collection
Economics in Elementary Social Studies

The elementary curriculum provides many opportunities for teaching economic concepts. The resources selected below teach elementary students about money as a medium of exchange, the role of government in providing goods and services and how economic issues affect history.

Lesson

Grades K-2, 3-5

Teach Specialization using Sloth and Squirrel in a Pickle

In this economics lesson, students participate in hands-on activities that reinforces the concepts of specialists/entrepreneurs, workers, capital resources, and products. 
Key Concepts: Entrepreneurship, Productive Resources, Specialization
30 mins
Lesson

Grades K-2, 3-5

No Extra Room on the Mayflower

The students will explore the ideas of scarcity and choices by exploring a virtual model of the Mayflower. They will...
Key Concepts: Choice, Scarcity
Lesson

Grades 3-5, 6-8

Taxation without Representation?

This lesson will take students through the series of tax acts that were enacted by the British government and disputed...
Key Concepts: Balance of Trade and Balance of Payments, Budget Deficits and Public Debt, Economic Systems…
Lesson

Grades 3-5

Ben & Jerry's Flavor Graveyard

Ben & Jerry are producers of ice cream. Even if they produce ice cream for the entire nation, they still...
Key Concepts: Choice, Entrepreneurs, Productive Resources…
Lesson

Grades K-2

Vincent van Gogh's 'Flower Beds in Holland'

Students study a painting by van Gogh called "Flower Beds in Holland". The students recognize that this farmer made a...
Key Concepts: Choice, Decision Making/Cost-Benefit Analysis, Scarcity
Lesson

Grades 3-5

Pennies Make Cents

Students will review the history of trade before money and will investigate the history of money. Students will locate information...
Key Concepts: Money, Trade, Exchange and Interdependence
Lesson

Grades 3-5

I Have No Money, Would You Take Wampum?

Through the use of folk tales, history, and the students' own experiences, students will recognize the inter-relatedness of goods, services,...
Key Concepts: Goods and Services, Money, Trade, Exchange and Interdependence
Lesson

Grades 3-5

Hey, Mom! What's for Breakfast?

Students working in cooperative groups will discuss food items they consume for breakfast, investigate elements of foreign culture, particularly food,...
Key Concepts: Consumers, Goods and Services, Producers
Lesson

Activity

Content Partner

Grades 3-5, 6-8

PBS-NOVA Financial Lab

Managing money is hard! Even when you know what you should do, it can be hard to actually do it....
Key Concepts: Budgeting, Opportunity Cost, Saving
45 min
Activity

Grades 9-12

Comparative Advantage Activity

This interactive activity illustrates the concept of comparative advantage in three hypothetical situations: first analyzing two workers in a pizza...
Key Concepts: Benefits of Trade, Decision Making/Cost-Benefit Analysis
Activity

Video

Grades 3-5, 6-8, 9-12

Scarcity Video and Quiz

In this economics video, students will learn about scarcity and play a Kahoot! game.
Key Concepts: Economic Systems, Goods and Services, Scarcity
10 mins
Video

Grades 3-5, 6-8, 9-12

Opportunity Cost Video and Quiz

In this economics video, students will learn about opportunity cost and play a Kahoot! game.
Key Concepts: Choice, Decision Making/Cost-Benefit Analysis, Opportunity Cost
20 mins
Video

Grades 3-5, 6-8, 9-12

Money Video and Quiz

This video teaches the concept of Money. Money is anything that is used to buy and sell goods and services....
Key Concepts: Economic Institutions, Money, Trade, Exchange and Interdependence
Video

Grades 3-5, 6-8, 9-12

Productive Resources Video and Quiz

This video teaches the concept of Productive Resources. Productive resources are used to produce goods and services and are classified...
Key Concepts: Decision Making/Cost-Benefit Analysis, Division of Labor/Specialization, Entrepreneurs…
Video