Economics Activities for 2nd grade 

Economics Activities for 2nd grade 

As teachers, we make choices everyday about how to use our time, what to buy and sell, and how to share what we have. These are all examples of economics in action and part of life as an adult. While economics may seem like a topic for only adults, if you have made it to this blog, then you also recognize that economics is a topic for kids too! 

In this blog post, we will explore some basic economic concepts that your second grade students can understand. We’ll also provide a few fun activities that will help them learn about economics in a hands-on way. Each lesson is fun and engaging, and it will help your students learn important concepts about money and goods. Plus, all of these lessons are aligned with Common Core State Standards. So go ahead and keep reading to explore these economics activities for 2nd grade!

 

How to Teach Economics to Second Graders 

Below we have five excellent economics activities you can use to introduce important concepts to your students. If you are ready to jump into these already prepared lessons go ahead and jump ahead to learn more! 

If you are interested in some tips on how to create your own lessons to teach economics, keep reading! 

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The subject of economics consists of several smaller topics: 

These topics are all related to economics. While they may seem like topics for secondary students, you can effectively teach these concepts to elementary students by keeping a few key things in mind. 

Use these 3 key concepts to help teach economics to elementary students

  • Use real life examples that are appropriate for the age of your students. This helps students make connections to concepts which helps them understand them more easily.
  • Use images with words when teaching complex concepts. When students can visually see an example of a consumer good, they are more likely to remember what they learned. 
  • Use tangible activities. Digital or printable activities where students can move and organize pictures helps students retain information. 

In the activities below you will see how we incorporated these three ideas. These economics activities are part of our Learning Quest series. Learning Quests help students learn about complex topics through activities such as the types mentioned above, as well as other learning comprehension activities for reading, listening, and writing

Economics Lesson Plans for Elementary School

Needs and Wants

 

What do your students need? What do you students want? Do they need a rocket ship? Do they want a computer? What are their thoughts on needing or wanting air, water, and other important things in their life? 

Through these different Needs and Wants learning quest activities, your first or second grade students will learn and understand the  difference between needs and wants. This helps prepare them to learn about more complex economics later on. 

Goods and Services 

Teach students about different roles in the economic world by discussing the differences between producers and consumers. Beyond the idea of producers and consumers, students will also benefit from learning about goods and services. 

Using examples that students are familiar with, such as getting a haircut, they will understand that the person who offers a haircut provides a service. Then they will learn that they are the consumer for receiving the haircut. This is just one example your students will explore through this Goods and Services Learning Quest lesson

Services, Money and more 

Of all the economics topics, financial literacy learning quest is probably the one that may feel like it is not needed at a young age. However, more and more people are saying they wish they learned more about financial literacy in schools! Therefore, you are right on track by teaching your elementary students about financial literacy!

This learning quest introduce students to financial literacy through types of money and money words: 

  • Paper money
  • Coin Money
  • Check
  • Bank Card 
  • Spend
  • Save
  • Budget
  • Allowance 

This lesson begins by teaching students these words and their meanings. Then, students demonstrate their understanding through activities that ask them to identify what they need money for and what money is not needed for. These activities can be done digitally or in printable versions. 

Supply and Demand

The Supply & Demand Learning Quest connects your students with the concept of supply and demand by presenting them with real life scenarios. For example, asking them to think about a time when they really really wanted something and it was sold out. 

Once students are familiar with this idea of supply and demand, you can assess their understanding through a True and False activity that asks them to look at several statements and determine what is an example of supply and what is an example of demand. 

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Whether you are looking to teach your first and second grade students about one or more economic concepts, these learning quests will help you get the job done! More importantly, your students will be engaged and excited about learning about economics

 

If you’re looking for  more information about our Learning Quests you may be interested in these blog posts such as:

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We're Emily, Amy, and Tatum

We are teachers, coaches, and curriculum designers with The Core Coaches. Together we have three Master's Degrees and 40 years of experience in the classroom! The Core Coaches are passionate about designing and implementing engaging lesson plans. We want to share our useful strategies and materials with other teachers.

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