christmas-elf-with-candy-cane.png

Welcome to the ETC (Elf Training Center)!

Here you will learn the importance of economics in order to become one of Santa's special helpers! There are 6 things you must learn in order to pass the "Elf Exam": consumers/producers, types of resources, goods/services, scarcity/economic choices, wants/needs, and barter/money. Good luck, trainee!


*Start by printing and filling out an application {here}.



I. Consumers and Producers

consumer: someone who buys something

producer: someone who makes something​

Trainee Videos:

Consumers

Producers

Activity


Producer/Consumer Sort (Do you know your stuff?)




How is this student a consumer? Who are the producers in this video? (Hint: Look at the products!)





II. Goods/Services

Goods: things people want to buy

Services: when someone does something for you


Brain Pop Jr: Goods and Services
Goods and Services Farm
Interactive Quiz
Interactive Sort
Goods and Services Sorts (Seasons)

Elf Trainee Activity: You will create a North Pole village and divide the stores into two streets: Goods Street and Services Avenue. Your head trainer will provide the templates for you to create your village, as well as the names of your shops.



elves-making-toys.png

III. Types of Resources


natural: from nature (water, soil, wood, coal)

capital: tool made by man to help (hammers, computers, trucks, lawn mowers, factory buildings)

human: people (farmers, miners, builders, painters)



Let's check out other factories and what they use to produce goods. Have your sticky notes ready! Write down at least one example of a natural, capital, and human resources as you see it! You will then share these with the class.

Production Videos

Elf Trainee Activity 1: Using a flip book, record the examples from your sticky notes.


Elf Trainee Activity 2: You will sort examples of resources into the correct type (capital, human, natural).

Elf Trainee Activity 3: You will create a triorama about the 3 different types of resources. Be sure to include 3 -5 pictures as well as words for examples. Make it colorful and neat - we want to see how creative you can be!



IV. Scarcity/Economic Choices

Scarcity: not having enough of something

Why do people have to make economic choices?

  • when resources and goods and services are limited, you may have to make a choice!



Elf Trainee Activity 1: Play "Musical Chairs" with your classmates. What do you have a scarcity of each time? What other things in your classroom do you have a scarcity of? What about outside the classroom?


V. Barter/Money


Barter: exchanging of goods and services without use of money


Money: coins, paper bills, and checks used in exchange for goods and services


Elf Trainee Activity 1: Bring in something to trade - a good or service. What can you barter it for?

Elf Trainee Activity 2: When can you use barter? Money? Watch the video below and be ready to explain!


The History of Money


VI. Wants and Needs (review)


Brain Pop Jr: Needs and Wants