In a few words, name three economic roles people play?
Identify three economic roles each person performs.
Explain how consumers affect the supply and demand for goods and services.
Understand the impact of worker productivity on our standard of living.
Work together in pairs: Describe the role of citizens in regulating economic activity.
Consumers: Dollar votes, demand determines supply, price, competition. Workers: Efficient workers, cheaper labor, Standard of living. Citizens: Taxes, voting, government funding.
Work together in pairs: What is the relationship between the number of workers and the standard of living in a country?
How do different economic roles, such as Workers, consumers, and Citizens, interact and affect each other in a market economy?
Brain break: Draw a hippo brushing its teeth with an enormous toothbrush
Which of the following is an example of a consumer in an economy?
- A government building infrastructure
- A person buying groceries
- A factory producing goods
What is the primary role of Workers in an economy?
Which economic role refers to the work done by people for which they are paid?