The subject of economics consists of several smaller topics: 

• Needs and Wants
• Goods and Services
• Money and Financial Lit
• Supply and Demand

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.