15 Minute Lessons:

Why does Economics deserve to be taught in your school? In the inaugural issue of Econ Exchange, John Morton wrote:

“Our answer assumes that economics is much more than a bundle of concepts. It is a unique way of thinking that offers insights into the seemingly chaotic confusion of human behavior in a world of different values, resources, and cultures. Note the emphasis on human behavior. Economics is not the study of money. Almost every aspect of human behavior can be analyzed using an economic approach. It is this distinctive approach, not a definite set of conclusions, that counts."

Economics enhances understanding across the academic curriculum. Instead of seeing it as a separate course to be taught in an already over-crowded day, many teachers infuse economic principles into their existing curriculum as a way to help students become better decision-makers regardless of the subject matter. While all these “15 Minute Lessons” may not be timed precisely, all are short, concise lessons and activities designed to fit into a wide variety of subject areas, from helping young children learn to pack their backpacks more efficiently to looking at the opportunity cost of war , to exploring ways to motivate students to be on time for class.

Teachers know they benefit when parents are involved in schools. Suggestions to help with this are found in Tips for Parents. There is also a series of lessons to promote vocabulary building with ideas to help students and teachers become comfortable using the language of economics .

We will be working on these lessons regularly and hope you will check this section often. We welcome your feedback. If you have comments or a suggestion for a "15 Minute lesson" that illustrates one concept, send it to us.

Thus far, we have lessons below. Read through the summaries, and click on the ones that interest you. Be sure to send us feedback of what did and did not work for you, using the form on the left hand side of your screen.

A Chair For My Mother

This lesson is a companion to the poignant story of a family sacrificially saving for a mutual goal. After a fire consumes their posessions, neighbors help a family get back on their feet. Looking beyond their basic needs, a young daughter resolves to provide a comfortable chair for her hard-working mother.

Arthur's Funny Money: An Excellent Example of Entrepreneurship

Arthur’s Funny Money is a story about a young monkey who starts his own bike washing business in order to earn enough money for his Frisbee club uniform. He invests in business materials, advertises, and bargains with his customers in order to earn enough money. It is a delightful introduction to the decisions and opportunities facing a budding entrepreneur.

Beatrice's Goat

Beatrice’s Goat is the true story of a young Ugandan girl and her family whose lives are impacted by the gift of a female goat from Heifer International. When Beatrice’s mother entrusts the goat’s care to her, she learns it can provide milk for both the family’s own consumption and for sale to the community. The value of the gift is multiplied as the goat bears two offspring. Beatrice carefully saves the money she earns from selling the goat’s milk until it is enough to realize her long-held dream of attending school.

Boxes for Katje

This is a true story about a family in Holland trying to survive in the harsh winter after World War II. Poverty had spread and food was scarce. One family in America began sending care packages to meet the pressing needs of this family and their neighbors. Often the boundaries between students’ wants and needs blur. This touching story offers students an excellent opportunity to identify the true needs of a family along with some surprise extras that can be classified as wants.

Chinese Decisions

Do your students think learning to speak a foreign language is fun? This lesson was developed in a third-grade classroom by an enterprising teacher who found he could use economic principles to help motivate his students to learn Chinese. Coupling his school’s token economy with an explanation of cost/benefit analysis, he used the fun of learning a new language to give his students a hands-on understanding of the difference between cost and price, the way incentives produce certain results, and the benefits of marginal thinking.

How Parents Can Help

One way for individuals and nations to improve their living standards is by improving the quality of their human resources, and education is the key to that improvement. A significant portion of a child’s knowledge base is transmitted by parents. This lesson offers parents and guardians some ideas for fostering the growth of economic awareness in their children. When parents and schools work together toward the same objective, great progress can be made.

It Seemed Like a Good Idea at the Time

This is a quick review lesson for a social studies unit on the fall of Ancient Rome during the 5th century AD and a review of the economic concepts of scarcity and consequences.

Late To Class: What Does it Really Cost?

This exercise is designed to help students understand the economics involved in every day choices they make. In this case, coming to class late and its consequences are used as an example, but other decisions that result in a penalty could be used. (Note: At our school, students receive a 30 minute detention at lunch the next day after they are late to a class.)

Little Nino's Pizzeria: Developing Job Skills

Young Tony helps out in his father's restaurant, Little Nino's Pizzeria. Based on a charming children's book in which the characters demonstrate their desire to operate a successful business while being mindful of their community's needs, this lesson also brings an opportunity for parent involvement as children explore ways to acquire many different job skills.

Little Nino's Pizzeria: Making Decisions

This lesson is a complement to the book, Little Nino's Pizzeria. It is the story of a young boy who helps in his father's pizza business. When the store opens in a larger location and expands it business, Nino and his son Tony find they miss the personal touch of the smaller store. The lesson focuses on using the economic concepts of choice, cost and consequence to make decisions.

Name That Fact!

This innovative teacher uses incentives to produce a variety of appropriate classroom behaviors. In this lesson he shares an idea for using an economic principle during classroom review time to encourage students in their mastery of academic facts.

Price As An Allocator

Market economies allocate resources through the use of prices. There is a question of “fairness” that people often ask when faced with this price allocation. Those with money are able to obtain the good or service, while those with less money may have to do without. This lesson takes a look at alternative methods of allocation and is based on a portion of Dr. Gerry Swanson’s De-Mystifying Economics series. It will get students thinking and talking about the issue, so you may want to plan more than 15 minutes to allow for a fuller discussion.

Prairie Town

In the 19th century, towns sprung up along the railroad lines being built across America. The book Prairie Town by Bonnie and Arthur Geisert describes the modern social and economic life of one of these towns. The text and the illustrations in the book are carefully designed to amplify each other and explain the interdependence of town and farm, businesses and individuals, as well as the rhythms of the seasons in the life of the town. The story provides an easily understood illustration of the Circular Flow of economic activity as goods and services move through a free market economy.

Socks for Supper: Identifying Items Available for Trade

"Socks for Supper" is a humorous story of a couple who barter socks with their neighbors for food. It is a great springboard for a discussion about identifying everyday things we often overlook that can have new benefit for us when we trade.

Spatial Scarcity

The idea of scarcity is more than the traditional idea of goods and services; it is just as applicable to issues of time and space. Many studens confront spatial scarcity as they try to manage the contents of their backpacks. This lesson will help bring clarity to a sometimes daunting task.

Students are Producers AND Consumers

The circular flow teaches us that one person can take on multiple economic roles because we are producers of some things, yet consumers of other things. Students easily grasp that they are consumers, but are less likely to see how they are also producers. There is an inherent tension between producers and consumers with producers wanting to receive as much as possible for their good or service, but consumers wishing to pay as little as possible for the same good or service. By realizing the tension between these two roles, students will better understand the inherent choices and costs involved in the trade-offs a free market system necessitates.

Sweet Choices

This interactive lesson provides a very brief and simple way to introduce students to the economic concepts of choice, goods, scarcity, and wants. Although it is written for the early grades, it can be modified easily and made applicable to all grade levels. After all, who doesn't pay attention when candy bars are involved!

The Death of the VCR

Competition for newer and cheaper technologies is speeding up the cycles of supply and demand in the personal electronics arena. Students interact with these technologies daily and would benefit from understanding and analyzing the market forces involved.

The Purse

The Purse showcases the choices and consequences of a young girl named Katie. This story of problem solving is a wonderful springboard to demonstrate the economic principle that choices have consequences.

The Scarecrow's Hat: A Lesson in Bartering

The lesson is based on a story about a chicken who swaps a series of items with different characters in order to gain Scarecrow's hat for her nest. The book becomes a springboard for an interactive lesson about bartering to acquire needs and wants.

The Three Estates

In order to understand the causes of the French Revolution, one must know how pre-revolution French society was structured. It is also essential to understand how class dynamics and economic and political systems can interact in positive or negative ways.

What's the Cost? A Look at the Opportunity Cost of War

Every war in history has its costs. This activity will help students understand the costs and benefits of war, and why governments make certain choices. The activity was done as a review for a unit on WWII, but could be used with any war.