What is an Economic System? Economics for Kids

Every society has an economy or economic system that helps it provide for the people.  The economy or economic system is a way of providing for the wants and needs of their people. Every economy has to deal with the concept of scarcity and must answer the questions, “What to produce?”, “How to produce?” and “For whom to produce?”

These concepts are second nature to adults, but passing that knowledge along to elementary-level students isn’t easy. We’ve been busy putting together resources to help you take these difficult concepts and define the economy in kid-friendly terms.

Economics – The Basics Behind an Economic System Poster

Display this poster when teaching your students about the factors influencing a society’s economic system.

Alternatively, download the letter-size version and give it to students to use as a reference in their workbooks.