Economics Explained So You Can Understand It

Economics Explained So You Can Understand It In “Economics Explained So You Can Understand It” episode #117, Meredith Curtis explains what economics is in very simple terms so even the most economic-phobic teen or adult can understand. GDP/GNP, Macroeconomics, and microeconomics will make sense to you now. Get rid of intimidation! You can understand economics! Meredith believes that understanding economics is a blessing, especially when we understand biblical principles and apply them to our lives.       Powerline Productions, Inc. Bringing Homeschool Joy to Families Everywhere!       Show Notes So many people I meet feel intimidated by economics. Why is that? What Economics Is Economics is the study of the production, distribution, and consumption of goods and services according to Webster's dictionary. Goods. Services. The dollar bill in your purse. Economics * What people make and do and how those things are sold * Studying how, why, and where money goes * Who ends up with what and how it gets there Macroeconomics The big picture Economic Systems * Command (Government controlled like socialism, communism, fascism) * Free Market (People controlled, capitalism) * Mixed What is happening in the world that makes people buy more stuff? Flow & Distribution of Wealth Supply & Demand (Big Picture) Microeconomics Consumer Behavior Business Behavior Production Cost/Customer Willing to Pay/Sweet Spot GNP/GDP Economics looks at how people get what they want, who gives it to them, how they get it, and how much they get. GNP (Gross National Product) or the GDP (Gross Domestic Product) Total amount of all the good and services that are sold. Economic Cycle The economy goes in cycles of growing and recessing. This cycle, if not tampered with, is natural and normal. People go through seasons of spending and saving. A healthy economy has seasons of expanding and decreasing flowing gently from one to another. We will talk more about this cycle next time. Teaching Economics In High School Say good-bye to dry boring textbooks! * Biblical economic principles for real life! * Read Living books and conversational textbook to learn economics * Apartment Project and other hands-on experiences * Purchase Stock * Budget * Plan for College * Choose a Career * Make a Business Plan * Start a Business Sign up for our Newsletter Sign up for our newsletter and get your copy of 100 Homeschool Hacks. You can sign up here.               Resources for Economics & Homeschooling High School Our one-credit high school courses use conversational text, living books, hands-on learning, and projects that prepare teens for real life! Enjoy!