Understanding Basic Economic Terms
Grades: 3 - 8

Video Description: Learn about the circular flow of the economy and the meaning of important economic terms such as profit, goods, services, wages, and income.

Type of Video: Segment*
Unique Video ID: Economics-29**

Quick Ideas for Using the Video:

  • Using a KWL chart give students the terms profit, goods, services, wages, and income. Have the students fill out the “Know” and “Want to Know” sections of the chart before viewing the video. After watching the video have students fill out the “Learned” section of the chart and have a brief discussion about the terms.


*Segment videos are short excerpts edited from interviews or interactive programs that offer flexible and differentiated ways to use the rich content included in the full-length conversation.

**The unique Video ID can be used to quickly locate a single video in the ET collection. This search function is designed to let teachers assign students to watch a specific video and have only that video appear as a search result. Just click on Search and choose “By Video ID.” Then type in the Video ID as it appears above. Be sure to include the dash.