Economics & Markets
📋 What it is
Economics is the study of how people use limited resources to meet unlimited wants; a market is where buyers and sellers meet.
🗣️ Coach says
Everything starts with scarcity: there’s never enough of everything for everyone, so we choose. Economics is the study of those choices. A market is simply the place — a shop, a stall, a website — where buyers and sellers meet to trade.
🧠 Memory hook
Scarcity → we choose. A market is where buyers meet sellers.
😂 Giggle
Why did the supply curve go to the gym?
To get a little more flexible with its elasticity!
😲 Whoa!
The word "economy" comes from an ancient Greek word for "managing a household" — running a country is like running a very big home.
✅ Quick check: Why does scarcity force every person and country to make choices?
Say your answer out loud first — then reveal.
Resources (time, money, materials) are limited but wants are unlimited, so you can’t have everything — you must choose, giving up one thing to get another.
Scarcity → choice is the single idea the whole subject is built on.
🧪 Try it! (2 minutes)
List 3 things you wanted this week but couldn’t all have — which did you choose, and why?