Introduce your students to the basics of economics in a fun and age-appropriate way with this 1st Grade Economics Unit: Needs vs Wants, Goods and Services, and Opportunity Cost! Perfect for social studies, financial literacy, or life skills lessons, these hands-on worksheets help young learners understand how people make choices and use money in their everyday lives.

Your students will love identifying what they need, what they want, and how to make smart choices — while building real-world economic understanding!

What’s Included

5 Goods and Services Worksheets

Identify and sort into goods and services
Match occupations to the services they provide
Write a thank you letter to a community helper

3 Opportunity Cost Worksheets

Recognise trade-offs and justify simple choices
Explore real life examples of opportunity cost
Practice decision making with fun prompts

4 Pricing Worksheets

Learn how prices work in everyday situations
Identify prices of familiar items
Create and design a menu using pricing knowledge

2 Economics Word Searches

Reinforce key terms: needs, wants, goods, services
Great for early finishers or morning work

Answer Keys for All Worksheets

Skills Covered

Identifying needs and wants
Distinguishing goods and services
Understanding opportunity cost
Recognising pricing and value
Early decision making and financial literacy

Perfect For

1st Grade Economics or Social Studies units
Financial Literacy Lessons
Classroom centers or small group work
Homework, morning work or sub plans
Homeschool enrichment

Why Teachers Love This Resource

Easy to print and use, no prep required
Builds early financial literacy skills
Encourages critical thinking through real-world examples
Engaging mix of writing, sorting, and creative tasks

Give your students a fun and meaningful introduction to economics — they’ll learn how to make smart choices and understand the value of goods, services, and money!

Download the 1st Grade Economics Unit today and make financial literacy come alive in your classroom!