Basics of 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.

This learning experience is designed for device-enabled classrooms. The teacher guides the lesson, and students use embedded resources, social media skills, and critical thinking skills to actively participate. To get access to a free version of the complete lesson, sign up for an exploros account.

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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! For one thing, its leaders, and even its people, may overstate how well they’re doing. 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.


several people, seated, watching large screens

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.


If you had difficulty trying to list economics words, don’t worry. You’re going to learn them, and what they mean, 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 Economic Systems Unit.
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