How does the local economy affect our lives?
I can explain what the local economy is, how it changes and what impacts it.
- Year 11
How does the local economy affect our lives?
I can explain what the local economy is, how it changes and what impacts it.
Lesson details
Key learning points
- The local economy involves money, businesses and jobs within a community.
- The local economy changes due to business growth, industry shifts, and consumer habits.
- Employment, government policies, transport and public services impact the success of the local economy.
- Investment in infrastructure and business support promotes economic growth.
- A strong local economy creates jobs, supports businesses and funds public services.
Keywords
Local economy - all business activity and wealth creation in a specific area, town or community
Public services - essential needs provided by the Government or local authorities to meet the needs of the public, such as healthcare, education, transportation and safety
Local government - a system of government that operates at a local level providing services to its community
Common misconception
The local economy only depends on businesses and jobs.
While businesses and jobs are important, the local economy is also influenced by government policies, public services, infrastructure and consumer behaviour. Global events like recessions or technological changes can impact local economies.
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.What does the economy refer to?
Q2.Local governments get their budget from ...
Q3.Match the position with the person who holds it.
Q4. Tax is paid by every household each month, unless you are exempt.
Q5.Put this government department in order.
Q6.The tax that is taken from people's wages every month is called __________ Tax.
Assessment exit quiz
6 Questions
Q1.Match the word with its definition.
