Lesson 3

Today we reviewed the 'Goods -vs- Services' homework.  Next, we revealed items from brown paper bags and classified them as Wants or Needs.  Then we discussed the difference between Producers and Consumers, as well Supply and Demand.  

 

Homework:

Students should complete the Producers and Consumers worksheet.  In addition, they should come up with their own example of a time when there is high supply/low demand and low supply/high demand. 

 

When you run errands, ask your student if the store you are in provides goods or services; are you purchasing wants or needs? If you are dining out, ask about the reasons your family chose the particular restaurant - price? quality of food? good service?  cleanliness?   This will reinforce the lessons they are learning!