Economics: Today and Tomorrow
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What’s inside...
Economics: Today and Tomorrow by McGraw-Hill is an educational text that provides a comprehensive introduction to the principles of economics. The book is designed to help students understand the basic concepts of economic theory and how they apply to contemporary economic issues and policies. It covers a wide range of topics including microeconomics and macroeconomics, supply and demand, market structures, fiscal and monetary policy, international trade, and personal finance. The book also incorporates real-world examples, case studies, and practical applications to help students connect economic principles to everyday life. It aims to equip readers with the knowledge to make informed decisions as consumers, business owners, and citizens, and to understand the economic forces that shape their world. In addition, the Reading Essentials, Student Edition provides concise content of the Student Edition written at a lower grade level, making it perfect for struggling readers and ELL students.
Age
14-18
Length
585 pages
Text complexity
Discussion points
What did you learn about how people use resources to make things we use every day?
Can you think of a time when you had to make a decision about using something now or saving it for later? What did you decide?
How do you think businesses decide what products to make and how many?
If you were in charge of a country, what rules would you make about money?
What are some ways you believe our family could use resources more wisely?
Tip: Role play these questions
Encourage your child to connect the concepts in the book with their everyday experiences, such as budgeting their allowance or choosing what to buy.
Use examples from the book to discuss the importance of resource management and planning for future needs at a level they can understand.
Ask your child to explain economic concepts in their own words, and discuss how these concepts can be seen in your community.
Engage in role-playing scenarios where your child makes economic choices, such as running a lemonade stand or managing a grocery budget.
Create a family ‘economy’ game where decisions about chores and allowances can teach about supply, demand, and money management.
Key lessons
Example Lesson: Understanding Basic Economics
Explanation: The book introduces fundamental economic concepts like supply and demand, trade, and resources, making them accessible for young readers.
Real-World Application: Children can apply these concepts to understand transactions in daily life such as buying groceries, saving their allowance, or trading toys with friends.
Example Lesson: Value of Money Management
Explanation: Through various examples, the book emphasizes the importance of budgeting, saving, and spending wisely.
Real-World Application: Kids learn to manage their pocket money, plan for big purchases, and appreciate the value of saving for the future.
Example Lesson: Critical Thinking and Decision Making
Explanation: The book presents scenarios that require analysis and decision-making, highlighting economic consequences.
Real-World Application: Children can use critical thinking to make informed decisions about their own money and resources, understanding outcomes of different choices.
Example Lesson: Understanding Global Economy
Explanation: Explains how global economies are interconnected and the impact of international trade.
Real-World Application: This helps children grasp the concept of global interdependence, and appreciate diverse economic scenarios beyond their immediate environment.