How the Economy Works
Life Skills · Money & Finance · conceptual
What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work
What mastery looks like
- Explain what 'supply and demand' means using a simple example (ice cream on a hot day)
- Describe the difference between a producer and a consumer
- Give a reason why the price of something might go up or down
Check your understanding
Could How the Economy Works explain why ice cream might cost more at the beach in summer than at a supermarket in winter?
Prerequisites
Required first
Helpful