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—a cat, dog, gerbil, or goldfish. Even if you don’t, you can imagine it. How do you know if your cat, dog, gerbil, or goldfish is healthy and doing well? You can’t just ask it. You probably look at a number of things—is the pet eating, drinking, and sleeping? Does it move around in a way that seems comfortable? Does it stay pretty clean? These are various ways you might evaluate the health of a pet.

To evaluate the health of a country’s economy, you have to follow a similar process. You can’t just ask the country! In this experience, you will learn about some of the elements of a country’s economy and how to see how well it is doing.

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




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 felt a little confused trying to list words you associate with economics. It’s not an easy concept! But you’re going to learn more about it in this experience.


Post a question you have about economics, particularly how different countries measure their economic health.



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 Economics Unit.
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