Economy

The economy of a community depends on the production, distribution, and consumption of goods and services.

ESSENTIAL UNDERSTANDINGS

People are important to a community’s economy.

Businesses are important to a community’s economy because they provide jobs, products, and services.

Communities trade with one another all over the world, creating a global marketplace.

FOCUS QUESTIONS

People are producers and consumers.
A community has a strong economy when people produce and consume all kinds of goods and services.
2.How do people choose the products and services they want?
People choose the products and services they will buy based on both need and want.

3. How are businesses important to a community’s economy?
Businesses provide jobs to people.
Businesses provide either products or services to people.
Businesses help their community by paying taxes.

4. How are products made?

5. What products and services do businesses in my community provide?

6. Why do communities trade with each other?
Communities around the world share resources, skills, and products through trade.
Communities trade to get resources and products they need or to sell surplus resources and products they have.

7. How do communities trade with each other?
Communities use different modes of transportation to trade with one another.
Transportation connects the world’s communities.

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