Economic Systems

Economics

What is an economy?

An economy is a system for allocating resources to meet people's needs and wants. It determines how goods and services are made and exchanged. The study of the economy is called economics and a person who studies economics is called an economist.

The Economy

You've probably heard people talk about "the economy." When people say this they are usually referring to the economy of the country where they live. A good economy is generally one where there are lots of good-paying jobs, businesses are making money, and the overall economy of the country is growing. A bad economy is one where people are losing their jobs, businesses are shutting down, and the overall economy isn't growing.

Wants and Needs

worksheet pack

Day 1

Define economics and the economy.

Consumer: person or thing that eats or uses something.

  • complete 1st worksheet and share

Day 2

What are wants and needs?

Day 3

Do you NEED it or WANT it?

  • worksheet 3 - word sort

  • worksheet 4 - picture sort (cut / paste)

Day 4

"I Want, I Need" by the Disclosures: YouTube 2:30

  • worksheet 5 - Needs and Wants : Identify the situation

Day 5

Goods and Services

  • Economics for Kids - YouTube 3:00

  • worksheet 6 - list favorite goods & draw people providing services

Day 6

Goods and Services

  • worksheet 7 - circle and underline

  • On the back divide the paper in half, label each side either "Good" or "Service" - take turns thinking of examples - then everyone records it in the correct column.

Day 7

Producers / Consumers

  • Economics for Kids - YouTube 2:30

  • worksheet 8 - What product would you make to sell and make money?

Day 8

Income

  • How to Make Money - YouTube 2:45

  • worksheet 9 - What job will you have when you grow up?

2.8 Communities face different challenges in meeting their needs and wants.
2.8a The availability of resources to meet basic needs varies across urban, suburban, and rural communities.
Students will investigate what resources are available in their community and what resources are obtained from neighboring communities.Students will examine how available resources differ in communities (e.g., home-grown food available in rural farm areas vs. shopping in supermarkets).
2.8b People make decisions to buy, sell, and use money based on their needs, wants, and the availability of resources.
Students will explore economic decision making and the use of money.
2.8c Scarcity, the price of goods and services, and choice all influence economic decisions made by individuals and communities.
Students will examine how consumers react to changes in the prices of goods.
2.8d Taxes are collected to provide communities with goods and services.
Students will explore the purpose of taxes and how they are collected in their communities.
2.9 A community requires the interdependence of many people performing a variety of jobs and services to provide basic needs and wants.
2.9a Goods are the products a person or group of people makes. Services are actions performed by a person or group of people with a certain skill.
Students will distinguish between goods and services and identify goods produced in their community.
2.9b Members of a community specialize in different types of jobs that provide goods and/or services to the community. Community workers such as teachers, firefighters, sanitation workers, and police officers provide services.
Students will identify different types of jobs performed in their community.Students will explain the services provided by community workers.
2.9c At times, neighboring communities share resources and workers to support multiple communities.
Students will explore how communities share resources and services with other communities.