Length: 15 min.
1, 2, 3, 4
Econ and Me
This series extends high-quality economic education to seven- to ten-year-olds. Even teachers who have never studied economics can introduce basic economic concepts in a way that will correct children’s misunderstandings and help them learn to make thoughtful choices. The student programs revolve around four children and their invisible friend, Econ, and apply economic principles to individuals, families, and communities.
The two thirty minute programs for teachers demonstrate teaching strategies and effective ways to use the student programs. The comprehensive teacher’s guide includes activities and student handouts to reinforce basic skills. A matrix correlates the activities with specific language arts and mathematics skills.
1. Scarcity — To satisfy their wants, people use resources including human resources, natural resources, and capital goods. Scarcity occurs when people cannot have everything they want.
2. Opportunity Cost — Opportunity costs is the single most valuable opportunity given up when a choice is made. People make choices that incur opportunity costs because resources are scarce.
3. Consumption — We are all consumers. We decide what goods and services satisfy our wants.
4. Production — Producers combine resources to make goods and services. and must make choices when they decide what goods or services to produce or what resources to use and in what combination.
5. Interdependence — We are members of many interdependent communities: family, school, city, world . Interdependence means that people’s welfare is partly dependent on the behavior of others.
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