Technology and Economics

Welcome back everyone! Today let's delve into the concept of Economics...

What is Economics?

Economics is "the study of production, distribution, and consumption of goods and services in a society." If we said this to a student in elementary school, they would probably stare back at us with a blank face. So how to we teach the concept of economics to young students? We can start off by teaching students about wants and needs. Wants are thigs that we desire, but can live without. Needs are things that are essential to survive. By teaching them about wants and needs, we can then delve into how to be financially responsible. To add some creativity into the lesson, a fun way to teach economics could be to give the students fake money and cut out images of food, clothing, games, and toys. Each cut out will have a price, and the students will need to think about what wants and needs they can afford with their money!

After watching the video that uses Skype in the classroom, I found it amazing how through the use of a computer we can see all around the world. This is an amazing tool to discuss topics, such as Economics, with people from places across the world to see how economies differ in places far away from us.

This image depicts some vocabulary words that can be introduced to children to jumpstart their learning of the topic of Economics.