Basics of Economics


World Cultures Government and Economics Basics of Economics
Students are introduced to the basics of economic sectors, economic development indicators, and types of economic systems. They compare and contrast three countries with different types of economies, noting various economic indicators. Finally, they analyze the results of their findings.

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Overview

In this experience, students are introduced to the basics of economic sectors, economic development indicators, and types of economic systems. They compare and contrast three countries with different types of economies, noting various economic indicators. Finally, they analyze the results of their findings.

Objectives:

  • Define basic economic terminology and identify examples
  • Evaluate and describe economic development using economic indicators


You may have a pet, such as a cat, dog, gerbil, or goldfish. Even if you do not, you can imagine one. How do you know whether a pet is healthy and doing well? You might look at several things. Is it eating and drinking? Is it active? Does it seem comfortable? Looking at more than one sign can help you understand how the pet is doing.

Countries also have many things happening at once. People work, businesses produce goods and services, and people buy and sell things. Together, these activities are part of a country’s economy. In this experience, you will learn about some of the parts of an economy and ways to understand how well it is doing.

Objectives:

  • Define basic economic terminology and identify examples
  • Evaluate and describe economic development using economic indicators


several people, seated, watching large screens

Stock Market in Brazil


What comes to mind when you think about the word economics? In a word or short phrase, share an idea with your classmates. To list more than one, separate your words with a comma, like this: car, truck.

Post your answer

Discuss student responses. Students may use words or phrases such as money, stock market, income, poverty, industry, etc.


You may have listed many different words because economics connects to many parts of everyday life. In this experience, you’ll learn what economics means and explore some of its basic ideas.


Post a question you have about economics.



As you move through the experience, be sure to note when one of the students’ questions is being answered. You may want to return to the questions at the end of the experience to see how many were answered. For those questions that were not answered, encourage students to do their own research to find definitions for terms.


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The Complete List of Learning Experiences in Government and Economic Systems Unit.
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