How the Economy Works
What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work
Teaching approaches
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1 approach
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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Learning resources
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This concept
Check understanding
- 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?”
Curriculum record
- Type
- Conceptual
- Subject
- Life Skills
- Domain
- Money & Finance
- Age range
- Ages 9–11