For the past few weeks, we have been working on Economics in Social Studies. We have read line graphs to show changes over time, and discussed how positive and negative incentives are used to influence people's choices. We also reviewed what goods and services are as well as the roles that consumers and producers play in our economy. Finally, we discussed how supply and demand can affect prices and how to weigh the benefits (good reasons) and the costs (bad reasons) when making an economic choice. To finish up our unit, we were given a price list of items that we could buy for our 'party.' However, we had to keep in budget as well.
We found that, although it is extremely important to follow a budget, it isn't necessarily an easy task to do.
