Life Skills
Money & Finance
Conceptual
9–11 yrs
How the Economy Works
经济如何运转
Description
What an economy is; producers and consumers; supply and demand; why prices change; the basics of how markets work
Mastery Evidence
- 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
Assessment Prompt
Could your child explain why ice cream might cost more at the beach in summer than at a supermarket in winter?
