Welcome! Today we will explore how economics works and set a clear purpose for our reading.
Before you read, it helps to set a purpose. Asking why you are reading helps you focus and understand the key ideas better.
Economics is about how people choose to use their money and resources. A need is something you must have to live, like food or shelter.
A want is something you would like to have, but do not need to survive. Fables and children's stories often use animal characters to teach us lessons about wants and needs.
✏️ Worked example
Read this short fable idea: 'A thrifty Ant saves grain for winter, while a Grasshopper buys shiny toys.' Identify the purpose for reading and distinguish the economic choices.
1. Establish a purpose: I will read to learn how characters make economic choices.
2. Look at the Ant: The grain is food, which is a basic need for survival.
3. Look at the Grasshopper: Shiny toys are extra fun items, which are wants.
4. Compare: The fable uses animal traits to show saving for needs versus spending on wants.
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