Meet the Economy

• This video describes four sectors of the economy that take into account all of the contributions (paid and unpaid) of people within a society: the market, household, state, and commons.
• While the market sector promotes a self-interested mindset, the other sectors are based on community, supporting family, and giving. 

Positives

• Students will be introduced to the concept of valuing the work of parents, people caring for elderly or disabled family members, volunteers, and others who do not have income associated with their contributions to society.
  
• The video uses graphs and diagrams to illustrate the concepts.

Additional Prerequisites

• Students should be familiar with economics terms, such as supply, demand, externalities, socialism, consumer, producer, and free market.
  

Differentiation

• Economics and social studies classes could discuss the role that households play in the economy. Students could make a list of the daily and weekly household tasks that prepare people for the workforce and think about who is in charge of those tasks in their homes. 
• Economics classes could discuss the connection between the environment, the need for natural resources to supply the economy, and the economic system currently in place. In small groups, students could discuss how climate change affects the economy today and how it might in the future.
• Other resources on this topic include this Khan Academy video and assessment on the tragedy of the commons, this TED video on designing a thriving economy, and this lesson on doughnut economics.

This resource addresses the listed standards. To fully meet standards, search for more related resources.