3. Standards
STANDARD SS.1.E.1.1 Standard 1: Beginning Economics
Recognize that money is a method of exchanging goods and
services.
STANDARD SS.1.E.1.3 Standard 1: Beginning Economics
Distinguish between examples of goods and services.
CCSS.ELA-Literacy.CCRA.L.6 Acquire and use accurately a range
of general academic and domain-specific words and phrases
sufficient for reading, writing, speaking, and listening
CCSS.ELA-Literacy.CCRA.R.4 Interpret words and phrases as
they are used in a text
4. Vocabulary
Goods and Services
Goods and services include everything purchased
and sold.
A good is an object people want that they can touch
or hold.
A service is an action that a person does for
someone else.
The difference between goods and services is that
goods are something that you can touch.
6. A dollar for Penny
Comprehension Questions
Describe to the person next to you Penny’s business.
Does Penny provide a good or a service?
What is the price of the lemonade in the beginning
of the story?
Discuss with the person next to you, does the price
stay the same? Why or why not?
7. A dollar for Penny
Comprehension Questions
How many cups of lemonade does she prepare?
How many did she sell?
Identify the different prices of her good.
How much did she earn when she counted her
money?
What did she buy with her earned dollar?
8. Goods and Services
Class Activities
As a class we are going to brainstorm and identify a
list of various goods and services.
(on the blackboard write goods and services, write students answers underneath)
Worksheet on goods and services
http://www.superteacherworksheets.com/economic
s/goods-and-services_WMZTR.pdf
9. Small Group Activity
If your group was selling lemonade Identify 3 different
ways that would result in an increase or decrease in
demand for the lemonade.
10. Investigate- Informational
Herschel’s World of Economics: Goods and Services
https://www.youtube.com/watch?v=wy0TrDCiqLw
Producers Lesson
http://www.econedlink.org/interactives/EconEdLink-interactive-tool-
player.php?filename=em457_story2.swf&lid=457
Consumers Lesson
http://www.econedlink.org/interactives/EconEdLink-interactive-tool-
player.php?filename=em457_story1.swf&lid=457
11. Comprehension Questions
Why is it important to have people living in a
community that provides services as well as goods?
What would happen to a community if there were
no businesses in town?
What goods and services do you use with your
family?
What are people who USE goods and services called?
What are people who MAKE goods and services
called?
12. Goods and Services
Class Activities
Students will play the “Clap-Clap, Stomp-Stomp”
game. The teacher will say an example of a good or
service. If the teachers says a good the students will
clap their hands. If the teachers says a service the
students will stomp their feet.
Students will use magazine clippings and create a
collage representing goods and/or services that
families consume.
13. Show What You Know
Create Your Own Book
Students will create a book on what good or service
they want to produce when they grow up and why.
Students will read their books to the class.
Students will use this website to create a cover for
their book
http://www.readwritethink.org/classroom-
resources/student-interactives/book-cover-creator-
30058.html
14. Show What You Know
Activities
Interactive drag-and-drop
activityhttp://www.econedlink.org/interactives/index
.php?iid=101&type=educator
Interactive drag-and-drop activity
http://www.econedlink.org/interactives/EconEdLink-
interactive-tool-
player.php?filename=em310_dragndrop_v2_save_2.s
wf&lid=310
