Brainstorming
What terms associate with economics?
- Businesses
- Money and Income
- Stocks / Shares
- Inflation
- Supply and demand
- GDP
Questions / Intro
“The economic and business environment is always changing.”
- Explain, how do you interact with the economy?
We interact with the economy via our daily purchases, indirectly supporting industries locally and abroad. People can also voluntarily choose to invest in specific industries, supporting different economies.
- How has the economic and business environment changed over time?
The economy has changed over time, following the Industrial Revolution and leading into the technological age. Following this, there have also been lots of rises and falls to accompany these events. A recent example of this is the COVID-19 outbreak which affected economies worldwide, due to quarantines and lockdowns.
Cloze Passage
Economics is a term that is generally used to refer to how a nation tries to satisfy people’s needs and wants. There are three main players in our nation’s economy - consumers, businesses/employers and governments - and they all work together, trying to solve the economic problem of choosing which needs and wants to satisfy with their limited resources.
A nation’s economy is also affected by other nation’s economies through the trade of exports and imports.
Definition Lookup
Economy: The state of a country or region in terms of the production and consumption of goods and services and the supply of money.
Business Cycle: Cycle or series of cycles of economic expansion and contraction.
Consumption: The using up of a resource.
Corporate Social Responsibility: A business model that helps a company be socially accountable to itself, its stakeholders, and the public.
Depression: A long and severe recession in an economy or market.
Inflation: A general increase in prices and fall in the purchasing value of money.
Interest: Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Market: An area or arena in which commercial dealings are conducted.
Production: The action of making or manufacturing from components or raw materials, or the process of being so manufactured.
Recession: A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.