Family and Community Support
Economics
Parent
Websites:

Economics Social Studies Topics

Generally summarize why economists view the economy as a “system”

Identify the three modes of production
Explain “scarcity” and its impact on choices

Describe the meaning of opportunity cost and why it is important to economists

Distinguish between negative and positive incentives

Identify the role an entrepreneur plays in an open economy

Explain what the incentive is for an entrepreneur to invest

Describe how households, firms (businesses) and government contribute to an economy

Read a production possibilities curve and explain its purpose

Describe the difference between human and physical capital

Understand the three critical questions all economies must answer

Describe the different types of economies found throughout the world

Explain how supply and demand interact to create an equilibrium price in a market

Describe “elasticity” and “inelasticity” in the prices of various products

Identify the four market structures in market economies and describe their effect on price and quantity through competition

Identify the main functions of money

Describe the main role of the Federal Reserve System

Define “fractional reserve banking”

Distinguish between the M1 and M2 categories in the money supply
Economics for Beginners – About.com http://economics.about.com/od/whatiseconomics/u/economic_basics.htm
Family Education.com – Money and Personal Finance http://life.familyeducation.com/money-and-kids/personal-finance/34481.html
Entrepreneurship and the U.S. Economy http://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm
Useful Economic Tools and Concepts – Tufts University – More in-depth examples of economics ideas with diagrams and applications http://www.ase.tufts.edu/gdae/education_materials/modules/Useful_Macroeconomic_Tools_and_C oncepts.pdf
D Hippocampus.org – Economics -- Khan Academy/Dallas Learning Solutions http://www.digitalhistory.uh.edu/
Federal Reserve Education site http://www.federalreserveeducation.org/
The Social Studies Help Center (See “Economics”)
Indianapolis Public Schools Curriculum and Instruction

Student
Websites:
Family and Community Support
Economics http://www.socialstudieshelp.com/sitemap2.html
Teenagers and Reading – Reading is Fundamental.org http://www.rif.org/us/literacy-resources/articles/teenagers-and-reading.htm
51 Key Economic Concepts http://www.econlib.org/library/Topics/HighSchool/KeyConcepts.html
 BizKids – Teachers economics concepts through dramatized skits http://bizkids.com/teachers
 The Banking Kids Page http://www.bankingkids.com/
 U.S. Mint – Cool website about money and how it is made http://www.usmint.gov/kids/
 Economics for Kids – List of student-friendly economic sites http://www.kathimitchell.com/econ.htm
 4 2 Explore – Economics Basic http://www.42explore2.com/econ.htm
 Social Studies for Kids – Economics Basics http://www.socialstudiesforkids.com/subjects/economicsbasic.htm
Indianapolis Public Schools Curriculum and Instruction