What is economics? Economics studies how things are made, sold, and bought. Economics is about money AND business. Economics is part of your life every day.
A Good Economy Economy is very similar to economics. A good economy: when people can get (buy) the things they need easily because they have good jobs.
Important Parts of a Good Economy 1) People can find jobs. 2) People are paid well at their jobs. 3) People can buy things they need. 4) Cost of living is good.
What is cost of living? Cost of living is how much it costs for the basic things you need to live: 1) Food 2) Clothing 3) Shelter
Cost of Living and the Economy When the cost of living is too high, people cannot pay for their house, food, clothing or anything else they need. When the economy is good, the cost of living is good. People can buy what they need and it’s not too expensive.
Slavery and the U.S. Economy Slaves worked very hard for no money. This helped the economy in the South because slave-owners could sell cotton, tobacco and sugar and not pay their slaves.
However, slavery was very terrible for the slaves and was wrong. Although it helped the economy, if slaves were free and able to have jobs that would help the economy also. Why else would it be good? (*happy workers)
What is social class? Social class is how people are put into different groups in society. Usually, social classes involve: Money Job Education
Money and Social Class People can be put into social class groups because of how much money they have. Usually, these social class groups are: 1) Upper class 2) Middle class 3) Lower class
Job and Social Class People can be grouped into social classes because of their job. Some people may think a job is better and more important than others. Also, certain jobs make more money. Can you think of any examples?
Education and Social Class People can be put into social classes because of how much education they have. Some people believe the more education you have, the smarter and better you are. What do you think?
Social Class and Huck Finn How do you think slaves fit into social classes in America in “Huck Finn?” Why? Do you think this was good or bad?