Economics Emergency Sub Plan: Needs vs. Wants and Basic Budgeting

Objective

Students will be able to distinguish between needs and wants, understand basic budgeting concepts, and create a simple budget plan based on their own financial goals and priorities.

Materials/Resources

• Whiteboard and markers
• Printed copies of a "Needs vs. Wants" chart
• Printed budget planning template
• Scenario cards with examples of needs and wants (e.g., food, luxury items, bills)
• Quiz sheets for warm-up activity
• Pencils and erasers

Lesson Plan Procedure

Opening/Lesson Hook (10 minutes)

1. Warm-Up Activity:

   • Hand out a quick quiz on supply and demand, consisting of 5 multiple-choice questions. Example questions could include:

     • What is demand?
     • If the price of a product goes down, what happens to demand?
     • Define supply.
     • What is the relationship between supply and price?
     • True or False: High demand always leads to lower prices.

   • Allow students 5 minutes to complete the quiz, then review the answers together as a class.

Guided Practice (15 minutes)

1. Discussion on Needs vs. Wants:

   • Introduce the concepts of needs (essentials for survival) and wants (desires that enhance quality of life).
   • Use scenario cards to facilitate a discussion. Present each scenario and ask students to categorize them as a need or a want.
   • Create a T-chart on the whiteboard, listing student responses.

Independent Practice (20 minutes)

1. Budget Planning Activity:

   • Distribute the budget planning template.
   • Instruct students to list their personal needs and wants using the provided chart and then create a simple monthly budget based on their findings.
   • Encourage them to think about realistic costs for their needs and wants, and how they can allocate a budget based on priorities.

Differentiated Activities

• Below Grade Level:

  • Provide a simplified budget template with examples filled in for guidance. Allow students to work in pairs to brainstorm needs and wants.

• At Grade Level:

  • Students will complete the budget planning independently and share their plans in small groups for feedback.

• Above Grade Level:

  • Encourage students to include savings goals in their budgets and research costs of specific items in their wants category.

Closing (5 minutes)

• Summarize the key takeaways from the lesson:

  • The importance of understanding needs vs. wants.
  • How budgeting helps manage finances effectively.

• Ask a few students to share one need and one want they included in their budget.

Extension Activities or Sample Questions

• Formative Assessment:

  • Exit ticket: Write down one thing they learned about budgeting today.

• Summative Assessment:

  • Create a reflective essay discussing the differences between needs and wants and how that understanding can impact financial decisions.

Sample Questions for Further Discussion

• How can understanding the difference between needs and wants help you in your everyday life?
• Why is it important to have a budget?
• What are some challenges you might face when trying to stick to a budget?

Reflection

• After the lesson, the substitute teacher can note what activities engaged students the most and any difficulties faced during the lesson. This feedback can help improve future lessons on economics.

Tips for the Substitute Teacher

• Ensure that all materials are distributed before the lesson begins.
• Encourage student participation during discussions to maintain engagement.
• Be flexible with timing; if students are particularly interested in a topic, allow for additional discussion.
• Use the scenario cards to manage class discussions and keep the lesson interactive.