About This Chapter
Elementary Social Studies: Economics - Chapter Summary
This chapter provides a high-level overview of economics topics for elementary social studies education. The chapter covers economic and government concepts that are taught at the elementary level, and as you work through these simple and expertly taught lessons, you'll review effective economics instruction strategies and classroom activities. By the end of the chapter, you should be able to:
- Use a variety of strategies and activities to teach kids about government and economics
- Assess the government's role in a market economy
- Determine how different U.S. regions are impacted by the country's market economy
- Describe the circular flow of economic activity
- Understand how market equilibrium is affected by changes in supply and demand
- Evaluate examples of economic trade-offs
- Define the global marketplace
- Summarize the timeline of America's industrialization era
Each video lesson comes with a printable transcript, as well as a short quiz to help you retain key concepts. The chapter is entirely self-paced, and you can access it at any time using your computer or mobile device. We've also included an Ask the Expert feature that you can use if you have any questions about these instructional techniques and approaches.
1. Teaching Kids Government & Economics: Strategies & Activities
The ideas and concepts behind government and economics can be made accessible even to young learners. This lesson will detail some strategies and activities you can use to introduce these concepts to your students.
2. The Role of Government in a Market Economy
In this lesson, you'll examine the role of government in a market economy. You'll learn what kinds of activities may require government interaction, such as those related to consumer and property rights.
3. The United States' Market Economy Impact on Its Regions
After watching this video, you will be able to explain what a market economy is, how the US economy works, and describe some of the regional economies of the US. A short quiz will follow.
4. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
5. How Changes in Supply and Demand Affect Market Equilibrium
Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.
6. Trade-Offs in Economics: Definition & Examples
Learn about trade-offs in economics and why they are important to understand when making good decisions about your time, money and energy. Read about some trade-offs that you make every day, whether you realize it or not.
7. The Global Marketplace: Definition & Overview
We have been on the fast track to a global market, but are we there yet? In this lesson, we will define global market and discuss some of its key concepts. A short quiz follows the lesson.
8. American Industrialization Timeline
In this lesson, we'll look a look at the industrialization process in the United States. We'll start by examining the major inventions, then put it all together on a timeline.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Praxis Elementary Education - Curriculum, Instruction & Assessment (5017): Study Guide & Practice course
- Elementary ELA: Curriculum Concepts
- Elementary ELA: Reading Foundational Skills
- Elementary ELA: Reading Comprehension
- Elementary ELA: Text Analysis
- Elementary ELA: Resource Selection & Classroom Management
- Elementary ELA: Writing Skills
- Elementary ELA: Language Structure, Meaning & Figurative Interpretation
- Elementary ELA: Speaking & Listening Skills
- Elementary Math: Curriculum Concepts
- Elementary Math: Number Concepts & Operations
- Elementary Math: Rounding & Estimation
- Elementary Math: Decimals, Fractions & Percents
- Elementary Math: Proportional Relationships & Number Theory
- Elementary Math: Algebraic Concepts
- Elementary Math: Geometry Concepts
- Elementary Math: Measurement Concepts
- Elementary Math: Statistics, Data & Probability
- Elementary Science: Curriculum Concepts
- Elementary Science: Inquiry & Processes
- Elementary Science: Life Science & Ecology
- Elementary Science: Earth & Space Science
- Elementary Science: Physical Science
- Elementary Science: Health
- Elementary Social Studies: Curriculum Concepts
- Elementary Social Studies: Information Processing Skills
- Elementary Social Studies: Geography
- Elementary Social Studies: History
- Elementary Social Studies: US Government
- Elementary Social Studies: Anthropology & Sociology
- Elementary Music Instruction
- Elementary Art Instruction
- Elementary Physical Education Instruction
- Elementary Education Assessments