A LESSON IN ECONOMICS

Objective: Acting as producers & consumers, students will pretend that they are living in Colonial Virginia and they will choose from 1 of 5 typical trades in Colonial Williamsburg. Students will play the role of the trade (producer) they choose. Included will be a brief description of each trade and a short list of weekly needs and possible wants. Students will differentiate between needs and wants and make choices and to barter for goods and services.

SOL covered

Economics
• 2.8 The student will distinguish between the use of barter and money in the exchange for goods and services.
• 2.9 The student will explain that scarcity (limited resources) requires people to make choices about producing and consuming goods and services.

Briefly review the following terms with students:
• Barter
• Needs v. Wants
• Choices
• Trades
• Goods/Services

Students will choose from 1 of 5 typical trades in Colonial Williamsburg: farmer, shoemaker, blacksmith, tailor or carpenter.

Activity:
• Divide students into five groups (for the five different trades).
• Give each group a description of their trade.
• Students will discuss their scenarios and make choices.
• Students share their scenario and tell the class what choices they made and why.

References:
http://www.colonialwilliamsburg.org/Almanack/life/trades/tradehdr.cfm
Graphics taken from Microsoft clip art

Other useful and relevant links:http://www.colonialwilliamsburg.org/kids/index.cfm