Decide how and where each student will compile a glossary of terms which they will learn as they progress through the unit. Explain how you would go about earning the money to buy it. Once services or goods are traded, the students are part of the economic system because they create a demand for the item. The manufacturing of that item creates employment for others. Once people earn money, they spend it on goods and services that they need, creating other demands and more employment.
Money is a convenient way of measuring the value of goods and services .
Instruct students that, during the course of this unit, they will be compiling a glossary of terms to be added to in subsequent classes. Their understanding of the terms will be evaluated two times. Review student explanations.