Life skills // Money & Finance

How the Economy Works

What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work

Quick check

Could the learner explain why ice cream might cost more at the beach in summer than at a supermarket in winter?

Ask this to see whether the topic is secure.

Topic // Mastery

What a learner can do once this topic is secure.

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

Topic // Map

What to learn first and what this topic opens up, with the reason for each link. Required links come first.

3 topics

Buying ThingsRequired
Money & Finance // Ages 5 to 7
Must understand buying/selling before grasping supply and demand
Jobs People DoRequired
Money & Finance // Ages 5 to 7
Must know about jobs/work before understanding producers and consumers in an economy
Advertising & SpendingHelpful
Money & Finance // Ages 7 to 9
Advertising knowledge helps understand how markets influence behaviour

You are here

How the Economy Works

Ages 9 to 11 // Concept

2 topics

Global TradeRequired
Money & Finance // Ages 9 to 11
Must understand basic economics (supply/demand, producers/consumers) before exploring international trade
Taxes & Public ServicesHelpful
Money & Finance // Ages 9 to 11
Understanding the economy provides context for how taxes fit into public finance

Life skills // Money & Finance