Economics: Needs vs. Wants
Make spending choices and discover scarcity in a class market.
Materials
5 materials1
Hook image
2
Demo video
2
Anchor chart
3
Investigation sheet
4
Exit ticket
Lesson plan
4 phases, 33 minGoal
Students can sort goods into needs and wants and explain a spending choice using the idea of scarcity.
1
Hook & warm-up
Spark curiosity with a quick prompt that connects economics: needs vs. wants to what students already know.
4 min
class
Hook image
2
Direct instruction
Introduce the core ideas with a guided walkthrough and clear worked examples.
11 min
class
Demo video
Anchor chart
3
Guided practice
Students apply the concept in pairs or small groups while the teacher circulates and confers.
14 min
pair
Investigation sheet
4
Wrap-up & check
Consolidate the big idea and check understanding with a short exit ticket.
4 min
single
Exit ticket
Interactive materials open in a read-only preview before purchase.
Ratings & comments
I translated the handout for my bilingual group — happy to share it if anyone wants a copy.
Good bones, and the slides are clean enough to project without editing. I trimmed the discussion to fit a 45-minute period.
That is a fair point about the sourcing — I have listed two substitutes in the materials now.
Sixty-five minutes matches my experience too. I now split it across two shorter periods.
This is now a staple in my unit. The progression from hook to wrap-up feels natural and easy to follow.
It works fine without the lab kit — I demoed the tricky step at the front and the rest is paper-based.
I did the same swap. Saved setup time and students were just as engaged.
Good to know the hook travels — I will try that.
Solid lesson. A couple of the materials were hard to source on short notice, but everything else was excellent.