Summary
Daniel covers core economics concepts for elementary students: goods vs. services, producers and consumers, supply and demand, and scarcity. Uses everyday examples students recognize — a bakery, a school, a grocery store. A thorough 18-minute economics overview.
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All ages
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Teaching resources
Discussion questions
Discussion
Economics explains how people produce, trade, and consume goods and services.
- What is the difference between a good and a service? Give an example of each.
- What is scarcity and why does it force choices?
- When demand for something goes up but supply stays the same, what usually happens to the price?
Quick work-a-long
Vocabulary: goods, services, producer, consumer, supply, demand, scarcity, economy, trade.
Try it: List 3 things you've consumed this week. For each, identify whether it's a good or service and who produced it.