Economy

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/economy

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the key components?Includes financial markets, labor markets, international trade, and public finance
2. Why do we need money?Money started as shells, livestock, or metal, and later as paper. It helps people trade by giving a common way to measure value, store value, and buy things.
3. How do prices help in a market economy?In a market economy, prices show how much people want something and how much it costs to make. They guide producers on what to make and help buyers decide what to buy.

Scarcity: The fundamental economic problem of having limited resources to meet unlimited wants and needs.
Globalization: The increasing interconnectedness of the world's economies through trade, investment, and technology.