Economics

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)

Social Classes

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?