- Definition
An economy is how a community or country makes, shares, and uses its goods and services.
An artist selling their paintings at a local fair is part of the art economy.
How to teach this in 30 seconds
Try this analogy: The economy is like a giant marketplace where people make, buy, sell, and trade things, from video games to haircuts.
Ask your child: If you made and sold friendship bracelets, what part of the economy would you be?
Common mix-up: Kids often think the economy is just about money or the stock market. It's really the whole system of how things are made, bought, sold, and used by everyone, including art and music.
Examples
- A musician getting paid for a concert is participating in the economy.
- Buying a ticket to see a play supports the theater's place in the economy.
economy is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
Where this shows up
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
