Is Economics Important to Me?
Let’s pause for a moment and look at the definition of Economics. According to Dictionary.com it is “ the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.” We are all a part of the economics of our extended community.
Once your home school children are comfortable with their knowledge of how personal economics work then it is time to expand out their views. The next step is looking at your community. What is the economic climate of your community? What is produced there? What type of items must be brought in from other areas? Do you produce an item and how is it distributed? How do your buying habits impact the local community? What transportation conduits are available to move needed goods? All of these questions combine to establish the stability and costs of living in your area.
If you live in a rural area then your local economy is probably centered on agriculture concerns. Farming, Ranching,and tree farms. It could include mining and tourism. Do you buy directly from these resources or do you go to a store that features the items you need? When you go to the store are the items produced locally or brought in from other locations? While it is impossible to buy everything from a local market, it does help the immediate financial well being of your neighbors if you buy as much as possible from the things they produce. When I go into a supermarket I can buy bread from another country or from the local bakery. How does this impact your community? How do your neighbors make a living?
If you live in a city, where are your neighbors employed? Do they work in factories producing goods to be exported to other communities or do they work in the retail or tourist trade? How do the lines of transportation impact your area? You can have the most awesome product and not be able to sell it if you can not get it to the market place. Is your community thriving or stagnating and why? I live in a rural area that the main economic resource for my neighbors was the timber industry. Because of regulations impacting that industry and the opening of imported products my area is now suffering very high unemployment. This has compounded the economic condition of the whole community. Stores are closing because people can no longer afford their products and homes are being foreclosed on. Will new industries be developed to take the place of those which are closing? Will wages be high enough to support families? All of these aspects need to be looked at.
Once you have explored your local economy look outward to your country. What products and services are produced in your country and what ones need to be imported? If you have an iPad or iMac computer then tapping into the iTunes U is an awesome FREE Resource! I found two free courses, “Economics in One Lesson” and “Economics 101 a collection of 10 speeches”. Both of these are entertaining and instructive. It is this type of learning programs that help your students out distance public school students on their home school statistics! So get on board and learn how to empower your home school student with the information to improve their lives!
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