Herschel's World of Economics
Vol. 1, Lesson 1
Introduction
In this lesson, you will- Watch the video
- Herschel’s World of Economic, Episode 1.1: Goods and Services
- Review the vocabulary.
- Select one activity to complete.
Meet Herschel!
Herschel is a feisty little puppet dog. He thinks he knows a lot about economics, but as it turns out, he has a lot to learn. Thankfully, Dr. Day comes to the rescue. Dr. Day teaches Herschel all about basic economic concepts.
Episode 1.1 Good and Services
In this episode, Herschel learns that it takes work to produce the goods and services that satisfy economic wants.
Click on the image below to watch the YouTube Video. If the video is blocked, contact your teacher to ask them to request that your school unblock it.
Review
We will now review some of the new words we learned in the video.
In the video, Herschel learned these terms
- Goods
- Services
- Economic Wants
- Income
Goods and Services
- Review the image.
- Read the definition and example.
- Answer the questions below the image.
Answer the following questions. Click the triangle shaped symbol next to the question to see the answer.
No, Herschel was thinking only of “good” being the opposite of “bad!”
doctor visit
grooming
Compare your answers with other students in your class.
REMEMBER! People must work to produce goods and services – they don’t appear magically on the store shelves.
REMEMBER! People must work to produce goods and services – they don’t appear magically on the store shelves.
Economic Wants
- Review the image.
- Read the definition and example.
- Answer the questions below the image.
Read the text below. Answer the following questions. Click the triangle shaped symbol next to the question to see the answer.
The desire for more goods and services is not necessarily “greedy.”
People often want more so they can give more to others in need, provide a better life for their families, or make their neighborhood more beautiful.
- toys
- video games
- bubble gum
- doggie treats
Income
- Review the image.
- Read the definition and example.
- Answer the questions below the image.
Answer the following questions. Click the triangle shaped symbol next to the question to see the answer.
No! He only wants to buy things
Half-pint Economics Printables
Want to learn more? Click on an image below to download (pdf) of the Half-pint Economics Activity Packets.
KidsEcon at Home Activities
Make a “Wishing Well” poster
entitled,
“Things That People Want.”
- Cut out pictures from magazines
- Use images from web search
- Draw your pictures
Classify these economic wants into goods or services.
Create a collage! “People Work To Produce Goods and Services.”
Draw and color pictures to accompany this title, “People Work To Produce Goods and Services.”
Look for these in the next book you read!
In the next book you read, make a list of the goods or services you find.