WebQuest

What is Economics and why is it important to me?

Conclusion

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Conclusion

 

Hopefully, you have gained a basic understanding of economics and realize how it is important to our society.

 

After reading If You Give a Mouse a Cookie and working with your group you should have a clear understanding of the difference between a good and service.

 

In the lemonade stand activity, you should have noticed that the price of your product, the taste of the lemonade, and the demand for lemonade based on the weather conditions all affected how well you were able to sell your product.

 

The supply of goods and services is greatly affected by the demand for each. In addition, the demand for goods and services helps figure out the correct supply.

 

How would you relate economics to your own life at home and in school?

 

Perhaps, you have wanted a new game and you have checked all the stores in your neighborhood and they are sold out. Now, you know that the supply did not meet the demand for the game.

 

For homework, talk with your parents and list at least three examples of how economics have affected your life in some way.

 

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