Understanding Economics

The laws of supply and demand make up a crucial piece of our economic system. They may even sound like something that most people don't have any need for. But consumers encounter them every day, whether they know it or not. Readers will learn that whenever we buy something, see a commercial for the season's hottest new product, or decide that we can't afford that new smartphone, the laws of supply and demand are at work. Understanding the concept of supply and demand will help readers understand why we spend money, and even help them make better decisions with their spending.

As students grow into young adults, they enter the world with the hopes and dreams of a successful future. Part of financial success is the ability to make good economic decisions. The state of the economy affects the job market, educational loans, and how much money people decide to spend or save. Readers will learn the difference between command and market economies, how different types of business ownership affect the United States and global economies, and how workers can protect their status in a productive economy. Understanding these key elements is essential in helping people make good economic decisions in their own lives.

At the crux of the complex study of economics lies an entity that all students are readily familiar with; money. Understanding how currency and its corollaries, banking and finance, function within an economy is at the heart of this book. The interconnected nature of these three sectors is highlighted throughout the separate chapters devoted to each individual topic. Interesting supplemental material found in sidebars and a glossary chock-full of key terms round out student learning. Coverage complements the social studies curriculum dealing with national and global economics.

The Economy can be an intimidating subject for some readers. They might feel that it's too complicated to understand, or that it's just for adults. This illuminating volume explains facets of the economy and how they are measured in plain language. It offers age-appropriate, real-life illustrations of the concepts to help middle school readers relate on a personal level. Historical and current examples are cited throughout the text, which support curricular standards outlined in the C3 Framework for Social Studies State Standards.

Thousands of years ago, the Mesopotamia tribes began an early form of trade and exchange called bartering. Today, people trade cryptocurrencies in exchange for clothing and food. In some ways, the riveting world of exchange has evolved; but in others, this world remains the same. Readers will encounter incentives for voluntary exchange (Standard 5), commonly traded goods and services, payment methods, barriers to trade, and international trade agreements. Compelling sidebars highlight exchange-related concepts, like Bitcoins, Silk Road, and the Consumer Boycott from the Anti-Apartheid Movement.

Everyone encounters facts about the economy daily. Families wonder how to stretch their dollars until the next paycheck, or hear about gas prices going up. Through this thoughtful book, readers gain insight into how a market economy functions, and the role that small businesses and entrepreneurs play in the system. They will experience the excitement of innovators and entrepreneurs of the past and present, developing products and bringing them to market. Readers will engage with text that supports the C3 Framework for Social Studies and depicts the role of innovation and entrepreneurship in a market economy.

Every day, people make choices about what to buy and sell, from food to electronics. This accessible resource introduces, explores, and explains who the buyers and sellers are as well as how people decide what they need and want and how the marketplace is changing with technological advances. Readers are provided with an overview of the marketplace and its participants. This book explores key economic concepts, like scarcity, resources, incentives, supply, demand, and market structures while providing readers with strategies for making smart buying and selling decisions.