An Introduction to Economics

An Introduction to Economics

By: Mrs. White Grade 6

Multiple Choice

Before we starts, what do you think economics is?

• Economics is the study of the economy, or the part of a society that creates wealth. Wealth is not just money. Wealth comes from the production of goods and services, which people buy with money.

• Economics is the study of how people think. It deals with understanding how our brains connect ideas.

• Economics is the study of the earth. It helps people understand natural resources and how we need to use them carefully.

• Economics is the study of human behavior. It helps us understand how people react to certain situations.

Open Ended

You have to make a decision.

Your favorite singer, rapper, or band is having a concert in Yonkers and you really want to go! The tickets are expensive, though, and there are so many things you could do with that money. You could:

 Buy the concert ticket

 Use the money to see five movies

 Use the money to buy a new outfit

 Save the money for your dream vacation

What will you do? Choose one of the above explain why you made your choice.

Multiple Choice

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

1. Personal Perspective: your own feelings of what is needed or wanted.

–“I’m starving!”

–“I’m broke!”

There are 3 reasons of scarcity

2. Poor Distribution of Resources: not using your resources to their potential.

•

–“I never have any time- yet I watch 6 hours of television a day!!”

–

–“I don’t have enough money for school supplies, but I have to have a pair of $200 sneakers!”

3. Rapid Increase in Demand: A sudden rush to use resources can cause a shortage.

•

–Yeezy or Jordan Sneakers

-Hand sanitizer during the COVID outbreak

Open Ended

What is the difference between something you need and something you want? Explain.

Then write a list of 3 things that are needs and 3 things that are wants.