Eagerly Exploring Economics

What is economics? 

A body of knowledge developed by people in order to extend their scarce natural, human, and capital resources so that they can fulfill their basic needs and wants! 

With that being said... how is economics influential?

 Economics impacts the lives of all people, communities, and nations!

                     

                              How does economics impact people?

• It influences the way people spend money.
• Do we have enough money to buy the things we want? To support our families? To make a living? 
• People want more than they can afford, but there is an imbalance of wants and resources. The  term for this is scarcity, and it requires people to make choices. 
• What do I need more: The new I-phone or a new car? 
• Decisions.... decisions... 
• People are encouraged by economists to make decisions that  consider economic long and short-term consequences- it reduces snap decisions and impulse purchases!
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• People's personal economic decisions affect the economy through sales of goods, services, and the use of productive resources
• Votes influence the ways in which government spend and acquire money

                How do we help members of our community make good economic        decisions?

                                                   

Economic groups of professionals help everyone make important decisions when it comes to the economy, but they all share different perspectives!

                                         

•   One group  is composed of academics and they look at economics as a study of concepts, their relationships, and the decision-making process 
• One group is composed of members of business and labor communities who see economics as related to the importance of jobs, work, production 
• One group is composed of consumer advocates who help individuals get accurate  information to make personal decisions 
• One group is conservationists who want to save natural and human resources 

This is a great book for the elementary grade students (k-6) to read, because they will understand how economics and money influences people's lives! It gives children advice on why it is important to save and invest money, and helps children understand the responsibility of money. In addition,  it allows younger children to color in the pages and it can be used for all elementary school students. Teaching students about financial and economic matters at a young age will prove to be beneficial when they are older, and even at the age they are at now. It is never too soon to start learning about how the economy impacts our lives!  

                                           National Economic Concepts  

• Nations trade with one another because they want products and resources that other nations have
• Some nations provide a a good or service in better, faster, or larger amounts. 
• Nations seek a balance of payments between nations 
• Economic conditions within a nation can prompt the movement of both goods and people
• Many people migrate to countries such as the United States for economic opportunity, such as jobs 

                                         Check out the video!

  This video explains in a simple and easy  way what trade is, why nations trade with one another, and how it is beneficial for the economy.  The interviewer even asks students why they think nations trade, so we get different perspectives and a better understanding. 

Great Interactive cites for children to learn more about economics!