Lesson: Basic Economic Concepts Economics • Third Year of Secondary School

In this lesson, we will learn how to compare different types of needs, resources, and goods and describe the effect of needs on economic activities.

Lesson Plan

Students will be able to

understand the definition, types, and characteristics of needs and distinguish between primary and secondary needs (secondary needs are also called wants),
understand the definition of an economic activity and its relationship to human needs,
understand different types of resources: renewable versus nonrenewable, scarce versus free, natural versus human versus capital,
understand the definition of goods and distinguish between consumption goods and capital goods.