Lesson Plan: Basic Economic Concepts Economics
This lesson plan includes the objectives, prerequisites, and exclusions of the lesson teaching students how to compare the different types of needs, resources, and goods and describe the effect of needs on economic activities.
Objectives
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.
Prerequisites
Students should already be familiar with
- linking everyday life activities with economic concepts.
Exclusions
Students will not cover
- other types of resources (e.g., entrepreneur),
- other types of goods (e.g., merit goods),
- resource allocation,
- the fundamental economic problem,
- the basic economic questions about production.
