About the
Four Markets Economics
Lesson
Summary
The students identifies examples of goods and services in the community
Lesson Objectives
• The student understands the concepts of goods and services.
Suggested Grades
1st Grade
2nd Grade
3rd Grade
Lesson Excerpt
1. Students brainstorm the types of jobs and the items that are involved with each of the four types of markets [i.e., local movie theater: popcorn, movie, tickets, cashier, manager, janitor]; students write these jobs in their journal.
2. Teacher explains the difference between a “good” [or “product”] and a “service” and gives the example of a restaurant providing a service as well as a good/product [the food], and a doctor’s office providing service, a movie theater providing a service as well as a product [food, movie] and a grocery store providing a service as well as a product.
3. Teacher organizes the class into four separate groups with each group representing a movie theater, doctor’s office, grocery store and restaurant.
Continued...
