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Economics Academy 101

Economics Academy 101

We are the common man! We are the consumer! We are “every citizen!” But WHY should we study economics? Economics helps us to understand the use of our resources — natural resources, human resources and capital resources — to help people acquire the things they need and want.

Economics helps us understand how goods and services are provided and acquired (supply and demand). Economics helps us to understand the important concept of scarcity. Scarcity is not having sufficient resources to produce enough to fulfill unlimited things and services that we want.

Economics is both “the science that deals with the production, distribution and consumption of goods and services, or the material welfare of humankind” ( and financial considerations that we make individually and collectively. The focus of this project is to look at both aspects of economics in general (scarcity, production, consumption, distribution and the market economy) and to view economics with a historical perspective.

ECONOMICS ACADEMY 101 follows a day in the life of Kyle Cashaway (K.C.) as he discovers how his life is impacted by economics. The goal of ECONOMICS ACADEMY 101 is to provide videos and lesson plans that help students, through hands-on activities, to understand both the role of economics in our society and the role it plays in the “economic” world. Students need an awareness of how they are affected by the economy and how they, in turn, affect the economy. ECONOMICS ACADEMY 101 is keyed to state social studies standards for Grades 4 through 8.

Educational Resources

Produced: 2007

Subject Area: Social Studies; Various other standards

Grade Level: 4-8

Resources: Economics Academy 101 Teacher Guide

Economics Academy 101: Video 1

Video 1: Competition, Supply and Demand and Interdependence — K.C. is your average teenager who wakes up one morning to discover that everybody wants the same video game. There aren't enough of them, so the price goes up and this causes K.C. some problems.

Economics Academy 101: Video 4

Video 4: Government Regulations and Tariffs — K.C. learns that his company operates like major companies around the world. The productive resources, the resources available and other factors affect his ability to produce his product.

Economics Academy 101: Video 2

Video 2: Scarcity and Factors of Production — In his effort to make enough money to buy his video game, K.C. becomes part of the Junior Commerce Company and creates a product to sell.

Economics Academy 101: Video 5

Video 5: Mercantilism and Early Economic History — In class, K.C. finds out that economics must be placed in a historical context, so the early beginnings of our nation and its economic history are discussed.

Economics Academy 101: Video 3

Video 3: Import, Export, Trade and the Circular Motion of the Economy — K.C. learns about some rules that govern the making and selling of the product made by the Junior Commerce Company and that there are laws and guidelines that govern all industries.