U.S. Geography Unit 7: Intro to Economics

Unit 7 in Miacademy’s online US Geography course is Intro to Economics. In this unit, students will learn about essential ideas in economics, including goods, services, and prices.

The unit includes four lessons:

Three Kinds of Resources
Producers, Consumers, Goods, & Services
How Prices Are Set
What Is Economics?

This is the final unit in this online homeschool U.S. Geography course. It allows students to apply all the knowledge they’ve gained about the United States to a foundational study of economics.

Unit Overview: Intro to Economics

Unit 7 concludes Miacademy’s U.S. Geography course with an introduction to economics. In this unit, students will learn about essential factors in economics, such as consumers, prices, and resources.

This unit encourages students to apply their learning from previous units. For example, their understanding of the natural resources and economic centers of each of the 50 U.S. states helps students understand economics on a practical level.

Lesson 1: Three Kinds of Resources

In the first lesson, students learn about the three types of resources: natural, human, and capital. These resources are used to produce goods and services, which are consumed by individuals and businesses.

Lesson 2: Producers, Consumers, Goods, & Services

The second lesson focuses on the roles of producers and consumers in the economy. Producers create goods and services while consumers purchase them. This lesson also covers the concepts of goods and services.

Lesson 3: How Prices Are Set

This lesson explains how prices are set in the economy. The price of a good or service is determined by the supply and demand for that item. When the demand for a good or service is high and the supply is low, the price will increase. Conversely, when the demand is low and the supply is high, the price will decrease.

Lesson 4: What Is Economics?

This final lesson defines economics, and helps students consider some of its numerous practical applications. This unit builds on previous units by introducing the economic concepts of resources, production, consumption, and pricing, and how they are related to the geography of a country.

Miacademy’s Social Studies Curriculum

U.S. Geography is just one of the lessons offered in Miacademy’s comprehensive homeschool social studies curriculum. If you have any questions about our curriculum, please reach out to one of our amazing customer service agents any time!