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Practical Living/Career Studies

Econ and Me

Basic economic concepts
Grade Levels:
15 minutes
Taping Rights:
MARC Record:
Teaching Materials:
See Below
Program Schedule and Streaming Links:
See Below

With Econ and Me, teachers can teach economic concepts to 7- to 10-year-olds; help students gain insight into today’s world; help students make reasoned decisions; and reinforce language arts, mathematics, and problem-solving skills.

The Kentucky Council on Economic Education provides training for teachers in the use of these video programs. Call 1-800-436-3266 for information.

Program of Studies
All Practical Living disciplines: Cultures and Societies, Economics, Consumer Decisions, Financial Literacy, Career Awareness, Exploration, Planning, Personal Wellness

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2012/13 Program Schedule

101. Scarcity
Scarcity occurs when people can't have everything they want and must make choices. Econ tells Sean and his friends that they have an economic problem—a scarcity of space. Deciding to build a clubhouse, they find they also have a scarcity of wood. The swing set is a resource that could support a clubhouse.
102. Opportunity Cost
Opportunity cost is the most valuable alternative people give up when making a choice. Jennifer sees that the swing set was her opportunity cost for choosing the clubhouse. When the children can't fit all their furniture in, Econ's "decision tree" leads them to keep a bookcase and identify a table as their opportunity cost.
103. Consumption
It's important to consider the benefits of each opportunity in relation to its cost. Econ tells the children that they can use their $4.00 to buy goods, save their money, or pay someone to perform a service. Three decide to spend their limited income, but Tanya saves hers for the amusement park.
104. Production
Producers combine resources to make goods and services, considering costs and benefits. The children decide to earn money to go to the amusement park with Tanya by putting on a play involving neighborhood children.
105. Interdependence
When Tom C. and Sean arrive late for rehearsal, saying that their small jobs don't matter, Econ explains the concept of interdependence with the example of an amusement park, where the enjoyment of every visitor depends on everyone who works there. The program closes with the successful production of The Incredible Econ.

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Kentucky Academic Expectations

This program relates to the following Kentucky Academic Expectations.

Kentucky schools may tape and retain programs according to the rights listed above. For further information, contact the KET Education Division.

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Last Updated: Friday, 26-Aug-2016 03:19:28 Eastern Daylight Time