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This video explains the concept of an economy in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about economies, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
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. People who study economics, called economists, look at how people create wealth, how they use it, and how different people get different amounts of it.
Mar 24, 2022 · How To Define and Explain the Economy to Kids. It is all about making and spending money. The economy is a complicated thing, but kids can grasp it with some guidance from parents and teachers. Use these tips to explain the economy to the kids in your life.
What is an economy? An economy is a system for allocating resources to meet people's needs and wants. It determines how goods and services are made and exchanged. The study of the economy is called economics and a person who studies economics is called an economist. The Economy You've probably heard people talk about "the economy."
The word economy describes how a country or place is doing in making goods, and how much money it has. The amount a country sells and makes is called economic activity.
Mar 22, 2024 · The economy is a vast and interconnected system that affects everything from the price tag on your favorite toy to why your parents go to work every day. In this discussion, we’ll start unraveling the mysteries of the economy in a way that’s easy for you to understand.
May 30, 2023 · Easy Peasy Finance. 33.1K subscribers. Subscribed. 72. 9.6K views 1 year ago Finance 101. This video answers the question "What is an Economy" in a simple, kid-friendly way. The term...
definition 1: the careful use of money, resources, and means of production. She praised his economy in running the business. similar words: conservation, management, prudence, thrift. definition 2: the system of how money is made and used within a particular country or region.
As a social science that studies how a society’s resources are shared, economics (a) describes and analyzes choices about the way goods and services are produced, distributed, and consumed, and (b) assesses the consequences of those choices.
Mar 4, 2024 · Understanding Basic Economic Concepts. Let’s explore basic economic concepts, starting with the pillars that keep it sturdy: supply and demand. These two forces drive the whole economy and are pretty easy to understand. When there’s a lot of something (like apples), that’s high supply. If few people want apples, that’s low demand.
