What is meant by the term market economy why is a

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What is meant by the term market economy? Why is a budget important? What affect does supply and demand have upon our economy? What are the positives and negatives about paying taxes? How do natural resources, human resources, and capital influence our economy? Suggested Resources Have students in groups. Have them separate pictures of different items into needs and wants Market Economy Supply and Demand Scarcity Competition Goods and Services Natural resources, Human resources, and Capital) Wants vs needs Income Budgeting Saving Credit Spending Paying taxes Debt Checking / Debit Deposit / Withdrawal
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terms supply and demand. I can explain the positives and the negatives about paying taxes. I can define and explain the terms and importance of natural resources, human resources, and capital upon the economy. categories. Budgeting – great math interrogation Your parents have told you that you can have a fabulous birthday party – however, you must be able to invite, feed, and entertain your guests for $200.00 dollars. Develop your plan for having your party and staying within budget. Have students create a board based upon saving and spending - the game should have a bank. Students can bring their game into class (4 pieces, 25 colored squares, 20 activity cards, set of rules, and title of game on board). Create a T-Chart on the positives and negatives of paying taxes. Class banking system Have students bring in pictures of natural resources, human resources, and capital and place them into a chart. Start with a circle map with Economy in the center. Students will list terms and phrases associated with this word. Have students watch these commercials.
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