Economics for Kids
The Economy
For Kids:
People are always saying "you can't have everything". That is true I suppose. But, in a strong economy, more people can have more. So, what is an economy and what do we have to do to make it strong?
An economy is a complex system of production, consumption, and distribution of goods and services to fulfill the needs of those living and operating within that economy. That might sound complicated, but simply, whether an economy is strong, or weak, or growing is based on how many people in that economy can afford basic goods and services, and as a bonus, how many goods and services can they buy that they want.
Looking at the United States, the money Americans spend as they live their lives largely determines how well the economy is performing. That is why some economists believe Americans should spend, spend, spend, because the more money they spend, the more our economy can grow and be healthy, which can provide wealth and basic needs for all. Other economists think Americans should spend but should also save. There are clearly two ways of looking of what the American people should do to help our economy stay strong and grow.
One thing is for sure - today's US economy is historically strong. That matters. It means the goods and services that we all need can be produced, and that their quality and quantity has increased so that more people have access to better basic needs. And, more people will buy products they do not need, but simply want. Add it all up, and that is the state of the economy.
For Kids - Free, Online, Interactive
What is an economy? (cartoon video and quiz, BBC Bite Size)
What is an economy? (cartoon video)
See Also: Economic Systems for Kids
For Teachers - Free Use Lesson Plans and Classroom Activities
What is the Economy for anyway? lesson plans
Making Statements about the State of the Economy & Ripple Effect
See Also:
Economics for Kids - Lesson Plans and Classroom Activities
Free to Use Original Clipart for Economics for Kids and Teachers
Economics for Kids: PowerPoint Jeopardy and Millionaire Presentations