What is Economics and why is it important to me?



You will be placed in a group of five students. Within this group each member should go around in a circle and read a page from the book entitled, If You Give a Mouse a Cookie. After you finish reading, each group member should list each item requested by the mouse. The first student will recall the first item, the second student will repeat the first item and state the second item, the third student will announce the first and second items and recall the third item, and so on….

Notice that the mouse asked for several items. These items include goods and services. Goods are things the mouse can touch and use. Service is something that is done for the mouse. An example of a good is a cookie. An example of a service is having someone read you a book. Divide the listed items listed into the worksheet labeled ‘goods and services’. Then, add to the list by listing your own favorite goods and services. While writing this list notice that you can go on forever listing goods and services.

To further your understanding of goods and services visit the website: http://www.econedlink.org/lessons/em457/popupActivity2.htm


People have unlimited wants for goods and services.

The supply of goods and services is dependent on the demand for those goods and services.

Supply and demand are very influential factors in our economy. Supply is the total amount of goods or services available. Demand is based on how many people want and/or need of the good or service.

Now, use what you have learned about the economy to "open" a lemonade business. You and your partners will decide how you will make the lemonade, and how to price your product to meet the demand based on the weather and the supply at hand.

Go to: http://www.freeclassicgames.com/arcade/lemon/index1.php3?gID=4 to open your business!



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    Description: Goods and Services

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