How can communities improve the local economy?
I can explain what businesses make up my local economy and how small businesses contribute to the local economy.
- Year 11
How can communities improve the local economy?
I can explain what businesses make up my local economy and how small businesses contribute to the local economy.
Lesson details
Key learning points
- Local economies include businesses like shops, financial institutions and social enterprises that support growth.
- Markets and credit unions help local people by providing goods, services and financial support.
- Small businesses create jobs, drive innovation and keep money circulating locally.
- Taxes from businesses fund public services like schools, healthcare and transport.
- Small businesses also support communities through charity, events and local investment.
Keywords
Local economy - all business activity and wealth creation in a specific area, town or community
Small business - independently owned companies that contribute to local employment and the local economy; they contain 0-49 employees
Common misconception
Only large businesses contribute to the local economy.
Small businesses also play a crucial role in job creation, local investment and community development. They generate employment, keep money circulating within the community and contribute significantly through taxation.
Equipment
Content guidance
- Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1. services such as healthcare, education and transport are essential for a strong local economy.
Q2.Which of the following is NOT a reason the local economy changes?
Q3.What can weaken a local economy?
Q4.The local government can support economic growth by investing in buildings and other .
Q5.What is the best definition of the local economy?
Q6.Match the factors to their impact on the local economy.
Assessment exit quiz
6 Questions
Q1.Match the word with its definition.
Q2.Small businesses help sustain the local economy by creating jobs and keeping money circulating locally, while also contributing to public services through ...
Q3.Which of the following is NOT a way that small businesses contribute to the local economy?
Q4.Match the start of the sentence with its ending.
