Economics review & presentation

You have spent a whole unit learning the BIG IDEAS of economics. Today is the REVIEW and the PRESENTATION. First we will round up every important term you met — needs, wants, goods, services, supply, demand, scarcity, trade-off, budget, saving, entrepreneur, import, export. Then you will plan a short presentation that walks a younger learner through what economics is and why it matters every single day.

The big terms — quick reminder

Economics is the study of how people use LIMITED resources to meet UNLIMITED wants. Every term in this unit fits into that one sentence somewhere. NEEDS are the things you must have to live. WANTS are nice extras. GOODS are objects you can hold. SERVICES are jobs people do for you. SUPPLY is how much is available. DEMAND is how much people want. SCARCITY is the gap between the two. A TRADE-OFF is the next-best thing you give up. A BUDGET is a money plan. SAVING is keeping money for later. An ENTREPRENEUR starts a business. IMPORTING brings goods in from another country, EXPORTING sends them out.

• NEED — something you must have to live (food, water, shelter).
• WANT — something nice but not required (toys, candy, games).
• GOOD — a physical thing you can hold (apple, book, shoe).
• SERVICE — a job someone does for you (haircut, lesson, ride).
• SUPPLY — the amount of a thing that is available right now.
• DEMAND — how many people want that thing right now.
• SCARCITY — when there is not enough for everyone who wants it.
• TRADE-OFF — the next-best option you give up when you choose.
• BUDGET — a plan for what comes IN and what goes OUT.
• SAVING — money you keep aside instead of spending today.
• ENTREPRENEUR — a person who starts a new business.
• IMPORT / EXPORT — bringing goods IN / sending goods OUT of a country.

Plan a clear presentation

A good presentation has the same shape every time: an INTRODUCTION, a MIDDLE with the key points, and a CONCLUSION. The intro tells the audience what you will cover. The middle goes through the key terms one by one with a simple example for each. The conclusion sums up the BIG IDEA: scarcity forces choices, and economics is the study of those choices. Keep your sentences short. Use a real example for every term — a $5 bill, a haircut, a lemonade stand.

1. INTRODUCTION — "Today I will explain four economics words you use every day."
2. KEY TERM 1 — define NEED, give an example (water, food).
3. KEY TERM 2 — define WANT, give an example (a new game).
4. KEY TERM 3 — define SCARCITY, give an example (front-row tickets).
5. KEY TERM 4 — define TRADE-OFF, give an example (soccer vs hike).
6. CONCLUSION — "Economics is the study of how people choose when they cannot have everything."

Speak clearly, show one example

When you present, look up at the audience. Speak slowly. Hold up a real object if you can — a $5 bill, a snack, a toy. Real things make the words stick. After each term, pause for a breath. If your audience is younger, swap the hard words for everyday ones: instead of "limited resources" say "not enough stuff to go around". End strong: repeat the BIG IDEA so the last thing they hear is the most important one.