How Our Economy Works
Learning Object — Video
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Video: How Our Economy Works
In this engaging video students learn that people work to earn money so that they can satisfy their basic needs and wants, and that everything we spend money on is either for goods or services. They learn what a job is and the difference between production workers and service workers. They are introduced to the concepts of saving and banks.
Student Application
Learn why we work and why we spend.
Learning Objectives
- Students will know how people earn money. People earn money by working at jobs.
- Students will understand the difference between producers and consumers.
- Producers are those people who make or grow goods to sell, or those people who sell services. Goods include computers, automobiles, food...
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- Producers are those people who make or grow goods to sell, or those people who sell services. Goods include computers, automobiles, food...
Supporting Activities
- To spend or not to spend: Prepare three pictures of items the students may wish to purchase: one should cost $150 (a 13" television); one should cost $2500 (a trip to Hawaii); and one should represent an unplanned expense (a $90 automobile tire). The unplanned expense should remain hidden from the class. Tell the students that they each have...
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