Elementary Economics Lessons: 2nd Grade Curriculum Your Class Will Love
Why do kids need to learn about economics?
You may be wondering, “Why do kids need to learn about economics?” Especially those in lower grades. I understand what you are thinking, but economics is a concept that is very vital and important in life, even beyond school. So children should be learning about economics to help them understand the importance of money and financial literacy. This post includes 6 topics to add to your 2nd-grade elementary economics lessons.
What to teach: Elementary Economics Lessons for 2nd Grade
If you’re scratching your head, wondering how you’re going to teach 2nd-grade economics, I have it mapped out, so you don’t have to. I have a few major topics that I like to include in every economics lesson. These include barter and trade, goods and services, jobs and income, needs vs. wants, producers, consumers, and one of the most important, saving and spending money.
All of the activities in this post are from my Economics Activity Bundle: worksheet pack.
Barter and Trade
Barter and trade are one of the first topics I like to cover. In my barter and trade unit, we talk about why people barter and trade, scarcity and how it affects people around the world, as well as what food banks are and how to help those in need.
One of our favorite activities we do during our 2nd-grade economics unit is to practice trading toys by bartering with friends in class.
Goods and Services
The next topic that students love learning about is goods and services. In second grade, my goal is for students to understand the difference between goods and services. I also want students to understand that service workers help our community and make life easier.
A fun goods and service activity that my class loved doing each year was sharing their favorite goods and services with the class.
Producers and Consumers
Once students understand what goods and services are, I like to teach them about producers and consumers. Producers make and sell goods and services, while consumers buy goods and services.
Another fun way to get students to learn about producers and consumers is by having them share where their families like to shop and what they like to buy. This helps students connect their life to the topic.
Jobs and Income
Part of my 2nd grade economics curriculum guide spends time researching different jobs. Our state standards want 2nd graders to know what income is and why we need it. As well as understand that work provides income so that we can purchase goods and services.
Students love looking at pictures online, researching facts about different jobs, and sharing what they learned. Having students research a job to figure out what skills and education are needed to get hired for a job they want is a fun activity your class will enjoy.
Needs and Wants
The next topic I teach my class is about needs and wants. When learning about money and economics, it is important for students to learn the difference between needs and wants. Teaching about needs and wants helps students learn how to make good decisions when spending money.
Once students have learned how to determine the difference between a need and want, I have them work on fun sorting activities to practice deciding if something is a need or want.
Saving and Spending
Just like needs and wants, teaching students about spending and saving is an important real-world topic students should learn about. Teach students the difference between spending and saving, as well as the importance of buying needs before wants. One fun way to teach this is by having students make a class plan about saving money for something that they want.
FREE 2nd Grade Curriculum Guide: Elementary Economics Lessons
Hopefully, you were able to gather some ideas to incorporate into your Economics unit. To help you plan out your year, I also created a free 2nd grade economics curriculum guide, which makes planning stress-free. Make sure to grab a copy to help simplify your lesson planning!
Save More Time: Elementary Economics Lessons for 2nd Grade
If you want activities that are fun and engaging for kids that require little planning, check out this Economics Activity Bundle: worksheet pack in my shop. You will easily create a whole unit on Economics that your class will love!
Also, be sure to save this post by pinning this to your Pinterest account. That way you can easily come back to these ideas when you are ready to teach your class about economics.
For More Elementary Economics Lessons, Visit These Posts!
NEW ECONOMICS BARTER AND TRADE WORKSHEETS (YOU WILL LOVE)
GOODS AND SERVICES ACTIVITIES FOR KIDS: SIMPLE AND TIME-SAVING
SPENDING AND SAVING MONEY ACTIVITIES FOR KIDS (THEY WILL LOVE)
