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SOCIAL STUDIES | HIGH SCHOOL

The Invention of the Economy

Great Depression Economics Planet Money

Household management involves using resources wisely and being thrifty to stay within a budget. The word “economy” comes from the Greek word for household management, oikonomia. This management is difficult when people have too little money to buy what they need, which was the case for many after the stock market crashed in 1929. In an effort to make sense of what was going on, members of the U.S. government began to talk about what they called “the economy,” and they developed methods to quantify the situation and account for economic fluctuations. Listen to the story to learn more about the invention of what we call the economy and some of the means by which we measure its strength.

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Story Length: 4:30

Listen to the Story:

Listening Comprehension Questions

  • In what ways did Andrew Carnegie’s libraries serve their communities?
  • How did Carnegie benefit from a library when he was growing up?
  • Which personality traits helped propel Carnegie from poverty to riches? Bring specific details from the story to support your ideas.
  • According to Carnegie, what should rich people do with their money and why? Why was Carnegie known as both generous and “brutal”?

Discussion Themes

  • In your opinion, what should really rich people do with their fortunes?
  • What does it take for a person to rise from “rags to riches”?

Socrative users can import these questions using the following code: SOC-1234

Listening Organizers

  • Fact, Question, Response

  • Language Identification Organizer

  • Deeper Meaning Chart

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