Goods and Services Worksheets for Elementary Economics

February 11, 2020

Jeannette Tuionetoa

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When thinking about economics, I usually think about high school. However, teaching economics at an early age can help you introduce your child to the concepts from the very basics. A great way to start is with a goods and services worksheet and economics printables.

Goods and Services Worksheets for Elementary

What is economics?

Economics is the social science about making, distributing, selling, and the buying of goods and services. The ideals of economics can be pretty easy when you teach understandably and use practical examples in a way that makes sense to kids in everyday life.

After high school, kids are exposed to the world of check-writing, credit card limits, paying bills, and budgeting. Yet it isn’t enough for adulthood and leaves youth making lots of mistakes. Some of those mistakes are lasting or even irreversible when it comes to credit scores.

As homeschoolers, we can revamp the whole way our children learn. We can build our math lessons around real-life applications from starting lemonade stands to earning allowances.

Amazing lifelong lessons can be learned from an early age and through different grade levels in your homeschool. This thoroughly prepares our children for life.

How do you teach young kids about economics?

Allow kids to earn money through extra chores.

Notice I said extra chores. Children need to do chores to help out and to be a part of the “team.”  I am not a fan of paying kids to do daily, regular chores; this is part of working together as a family. They can, however, be paid for extra chores to earn their money. The rest of their lives will require them to earn their money. 

Take your kids to the local Farmer’s Market.

Your kids can observe the happenings. They will be observing the different ways that buyers and sellers interact, and the different prices of goods and services.

There is just something exciting about watching a physical transaction take place with money and products exchanging hands. It really helps your kids to see it in action.

Play Monopoly.

My family loves playing board games. Monopoly teaches kids all types of money concepts of real estate, investment, improvement, taxation, rent and money management. These financial literacy concepts are invaluable.

Teach Your Children about Economics

Understanding Economics is the perfect way to help your 3rd-8th graders grasp important economic topics.

Kids will learn all about money, capitalism, supply and demand, banking, stocks, the economy, and more in ways they can understand, using examples from their own lives.

Understanding Economics - A Notebook Companion™ to History Is Rich by Honest History

Use online resources to help you teach economics.

If economics isn’t your strong suit, know that there are resources to help guide you through concepts. These articles and economics worksheets will give you real-world examples right from home. 

How the Market Works – This is a free stock market simulation game so your kids can see how the stock market works and how it effects the different parts of the world. 

How to Define and Explain the Economy to Kids – Great overview on how to explain economic to your children in a way that won’t go over their heads. 

The Easy Way To Raise A Money Genius – Wonderful tips and encouragement on how to raise money savvy kids in a materialistic society.

No More Boring Economics Lessons – This is an amazing lesson that starts by teaching about goods and services. There are lots of interactive worksheets, vocabulary word printables and more included.

Use Printables and Worksheets

Homeschoolers love finding supplemental worksheets and printables to accompany different themes and subjects in their homeschool. This is a great way to challenge students who may need more than a textbook offers.

Printables are nice for students who need some independent practice of working alone without your help.

Goods and Services Worksheets

Learning about goods and services is a great way to introduce a fundamental economic concept to your little ones. Talking about wants vs. needs is also a great preparation to learning about saving and spending money wisely.

Goods and Services Mini-Unit – Teach your kids about goods and services with this no prep unit that includes picture cards for examples of goods and services.

Needs Vs. Wants

Wants vs. Needs Learning Pack – This learning pack is a great way to get your kids thinking about wants vs. needs. They will create their own list of wants and compare it with a list of needs

Needs and Wants Sort: Sort it Out – Fun hands-on activity to get your kids thinking about a need vs. a want as they sort them out.

Supply and Demand

Supply & Demand Sort – Practice the concept of supply and demand with these free printable cards. They give different examples and scenarios to work through to give your kids a better understanding of goods and services, supply and demand.

Economics Activity – This activity will teach your children about supply and demand, the import and export of public goods and capital goods through creating their own business.

Economics Worksheets for Middle High School text with an image of money and calculations on paper in the background

Economics Printables and Lesson Plans

Basic Economics Text Structure – Teach your kids about basic economics with this reading comprehension text structure. After reading the paragraphs they will fill in the pdf worksheet graphic organizer to help solidify what they have learned.

Banking Terms Word Search – Learn about the different banking terminology and vocabulary words with this printable word search.

Economics Causation Cards – These economics causation cards will help your child master the tough terminology and ideas through fun actions.

Printable Coin Puzzles – Learn about the value of money and coins with these cute puzzles for early elementary ages.

Interactive Activities, Graphic Organizers, Projects, and More – 20 fun economics activities for teaching grades 3rd- 4th grade.

Economy 101: Kid-Friendly Supplemental Resources – Bring economics to life in a fun way with these easy resources to supplement any economics study. 

Economics Lessons

Economics for Kids – These lesson plans and unit studies will help you prepare an economics unit specifically for children of elementary school age.

Homeschool Economics Curriculum – This is a great list of free curriculum and lesson plans to teach economics in your homeschool.

Economics Lesson for Kids – Instant download unit study on economics and key money concepts for ages 8-10.

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