How the Economy Works

Life SkillsMoney & FinanceAges 9–11

What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work

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Could your child explain why ice cream might cost more at the beach in summer than at a supermarket in winter?

What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work

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How the Economy WorksConceptual concept

Explain what 'supply and demand' means using a simple example (ice cream on a hot day)
Describe the difference between a producer and a consumer
Give a reason why the price of something might go up or down

“Could your child explain why ice cream might cost more at the beach in summer than at a supermarket in winter?”