Lesson 15:
What’s Happening in the E CONOMY?
Have you ever wonderedwhat you are going to dowhen you graduate from school? In our coun-
try, weareexpected toget jobsandearna living topay for the things in lifeweneed.Someof youmay
already have small jobs.Others will get jobs when you are 16 or 17. Still, others will go on to college
or technical schools toget further training ina special fieldof work.Somepeopleworkpart-time in col-
lege to pay their bills.The point is, when you get older, youwill need toWORK for a living!
We need to talk about some terms that are connected to our economy so that we understand
these terms in future lessons.Someof the terms arehard tounderstand. Let's break thepieces of the
economy into puzzle pieces, or different stages.
Stage 1:
The careful andwise use of our resources, money, materials, andwork is known as the 1)
econ-
omy
. Every country has an economy— be it one that is in good shape or in poor shape. 2)
Industry
is a term closely connected to any country’s economy.This termmeans themaking, selling, andmov-
ingof goods, products, and services. Industry involvesgettingnatural resourcesor rawmaterials, such
as cotton, to make products. 3)
Goods
are items that are raised, harvested, mined, or made.
4)
Services
areworkdonebyother people. All of these itemsmakeupa country’seconomyand jobs.
ACTIVITY 1:
FromStage 1, use the numbers towrite down the
boldfaced
terms in the boxes.
Stage 2:
Let’s explore industry a little more. Where there is industry, there are industrial jobs. These
5)
jobs
are organized around good and services.They involve using 6)
natural resources
, such as
the 7)
soil
and
water
. Remember, from our natural resources, we get useful materials that are found
in or on the earth. Thesematerials are called 8)
rawmaterials
. From these rawmaterials, wemake
products. For example, cotton is grown in the soil. 9)
Cotton
is a rawmaterial.We use cotton tomake
many products of clothing, such as 10)
towels and sheets
. We call this manufacturing.
11)
Manufacture
means tomake or process a rawmaterial or natural resource into a finished prod-
uct. Making the product is a good! 12)
Moving and selling the product
is a service! Natural
resources, rawmaterials, and jobs help to make a country’s economy healthy. 13)
Producers
make
products (or goods) or provide services. 14)
Consumers
pay for products and services.
1.
2.
3.
4.
COPYRIGHT
21
PENNSVALLEY
Geography Skills
