Economics in Communities
Grade 3 Social Studies · Newfoundland and Labrador, Canada
Understand how people in communities produce, trade, and consume goods and services.
Lessons
Needs vs. Wants
Needs are things you must have to survive, like food, water, and shelter. Wants are things you would like but can live without.
Goods and Services
Goods are things you can touch and buy, like food and clothing. Services are jobs people do for others, like teaching or fixing cars.
Producers and Consumers
Producers make or grow goods. Consumers buy and use goods and services.
Trade and Exchange
Trade is when people or countries exchange goods and services with each other.
Making Economic Choices
Because we cannot have everything, we have to make choices about how to spend our money and time.
People Also Ask
What topics are in Economics in Communities for Grade 3 Social Studies?+
The Economics in Communities chapter covers multiple lessons aligned to the Newfoundland and Labrador curriculum. Browse all lessons below to see the full topic list.
Is Economics in Communities part of the Newfoundland and Labrador curriculum?+
Yes, Economics in Communities is part of the official Grade 3 Social Studies curriculum in Newfoundland and Labrador, Canada.