Episode 17 of 60 · Financial Literacy: Cash Course
What Is an Economy?
Grades 6th+
Economics · Geography — Economics & Financial Literacy · Economics — Economics & Financial Literacy · Financial Literacy · Financial Literacy — Economics & Financial Literacy · Economics — American Government · Government · Captions
About This Video
From eating at your favorite restaurant to starting your own business, we’re all entangled in the complex web of an economy. This episode of Cash Course teaches young people about different types of economies, how consumers and producers depend on one another for goods and services, and what they can do to participate in the economy to help our communities and country thrive.
Standards Met in Ohio
- 6.E.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (entrepreneurship, human resources, natural resources and capital) used.
- 9-12.EFL.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- AMG.9-12.20.lp.gGrades 9th, 10th, 11th, 12thUnderstand economy as a system that organizes exchange of money, goods and services, and producers and consumers.
- EFL.9-12.22.lp.fGrades 9th, 10th, 11th, 12thIdentify individuals as consumers.
- EFL.9-12.3.cGrades 9th, 10th, 11th, 12thDistinguish between goods and services.
- EFL.9-12.4.lp.dGrades 9th, 10th, 11th, 12thUnderstand that a market economic system uses individual choices of buyers and sellers to distribute resources through supply and demand.
- EFL.9-12.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- EFL.9-12.9.lp.dGrades 9th, 10th, 11th, 12thSort goods and services.
- SS.6.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (e.g., entrepreneurship, human resources, natural resources, capital) used.