1.10 Producers and Consumers

First Grade - First Social Studies - 1.10 Producers and Consumers

From EngageNY

People make economic choices as producers and consumers of goods and services.

1.10a Goods are consumable, tangible products; services are actions performed by a person or group of people with a certain skill.

Students will identify examples of goods and services

1.10b A producer makes goods or provides a service, while a consumer uses or benefits from the goods or services.

Students will identify examples of a producer and a consumer

1.10c People and families work to earn money to purchase goods and services they need or want.

Students will examine how earning money through work is related to the purchase of goods and services.

1.10d People make decisions about how to spend and save the money they earn.

Students will examine decisions that people make about spending and saving money.

Supporting Materials

How Our Economy Works

In this engaging video students learn that people work to earn money so that they can satisfy their basic needs and wants and that everything we spend money on is either for goods or services. They learn what a job is and the difference between production workers and service workers. They are...

What is Ecomonics?

Explores the basic concepts of economics and viewers will learn about how people play an important role as both consumers and producers. Also discusses wants and needs, goods and services, and scarcity and demand.

Why People Work

In answering the question, "Why do people work," introduces key economic concepts such as wants, needs, money, economy, goods, services, importing, exporting, etc. Provides a contrast between manufacturing and agricultural communities and the representative jobs in each. Explains that Detroit...

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