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First Grade - Language Arts

 

Activities

Monster Musical Chairs

Financial and Economic Concepts: Scarcity and Choices

Students listen to the book Monster Musical Chairs and identify the scarcity problem the monsters had – not enough chairs for every monster to have one.  Students wear a picture of a want that they have drawn and play a version of musical chairs in which the chairs are labeled as goods.  Students learn that a good can satisfy a want.  They also learn due to scarcity not everyone’s wants are satisfied.

Determine how many students know how to play musical chairs.  Read the story and help students listen for the problem the monsters have each time the music stops.  Tell students the monsters have a scarcity problem.  Explain scarcity means not being able to have all the things you want.

Place eight chairs back-to-back, in the front of the room.  Tell students that an economic want can be satisfied by a good.  Students draw something they want on an “I Want” card.  (see handouts on link below).  Goods (also on link below) are taped on the chairs.  Nine students play the game, just like musical chairs.  Continue to play rounds until one student is left.

Complete Lesson Plan, Handouts, and Discussion Questions (pdf)

Music Connection

Lesson provided by the Federal Reserve Bank of St. Louis and Philadelphia.

Yard Sale

Financial and Economic Concepts: Opportunity Cost and Tradeoffs

(NOTE: If you do not own your own copy of the book check with your school librarian or the public library to get a copy. The book is also available for purchase online.)

After the teacher reads Yard Sale, the class discusses spending decision of the animals in the story. Students learn a decision-making process and how to identify their opportunity cost.

Complete Lesson Plan

Activity 1 – Goods Sold at the Garage Sale (pdf)

Activity 2 – Spending Money to buy an Alarm Clock (pdf)

Activity 3 – Opportunity Cost at a Yard Sale (pdf)

Activity 4 – Opportunity Cost at a Yard Sale (pdf)

Activity 5 – To Spend or Not to Spend? (pdf)

Visual 1 – To Spend or Not to Spend?

Music Connection

Making Spending Decisions

Financial and Economic Concepts: Supply and Demand

In this activity, students color and cut out their own play money.  They identify items that cost money and determine things they would choose to spend their money on.

Student Worksheet (pdf)

After completing the activity, have students draw pictures of 3-5 items that cost money.  Have them spell the name of that item.  If they need help with spelling, have them ask a friend to help them.  Once they have their pictures, have them choose only one to buy.  Explain that when is limited, we must make choices.

Scarcity Music Connection

Supply Music Connection

Choose

Financial and Economic Concepts: Opportunity Costs

Organize five classroom activities which students enjoy and can be performed independently. Examples might be painting, listening to music, watching a movie, looking at books, or playing with class toys.

Tell students that during a thirty minute period they may be involved with two fifteen minute activities. Let the students choose the two activities they want to do. Let them know that once a choice is made, no changes will be accepted.

Following the activity, talk with the students about how they enjoyed their choices. Ask them if they would choose differently if they could again. Why?

Help students understand priorities, or the things that are most important to them. Prioritizing needs and wants helps an individual determine what is obtainable.

Choices! Choices! (pdf)

My Choice (pdf)

Music Connection