Economics Educator | Sorbonne Graduate | Bridging Theory & Practice through Global Experience

The Student and Tutor reviewed bank account types, various payment methods, and their pros and cons. They then introduced and discussed the core economic concepts of price, demand, and supply, analyzing how these factors influence market prices through real-world examples. The Student was assigned homework to observe and identify different payment methods used by their family during their upcoming vacation.

Student and Tutor reviewed homework on bank account functions and personal saving goals, discussing the difference between current and saving accounts and the utility of various payment methods. They also clarified that minors can open savings accounts and practiced banking terminology through a role-play. For homework, the Student will interview an adult about their bank account and payment methods, and design their own debit card.

The session commenced with the Tutor and Student reviewing the Student's homework on core economic concepts, including needs, wants, value, budget, choice, barter, and the three functions of money. Subsequently, the Tutor introduced the topic of banks, explaining their purpose, key terminology like deposit, withdrawal, and interest, and distinguishing between savings and current accounts based on interest and liquidity. For homework, the Student is tasked with interviewing an adult about their bank account, defining a personal saving goal, and explaining new economic terms to a younger sibling.

The Student and Tutor reviewed previous homework, covering economic concepts such as needs, wants, scarcity, goods, services, and different types of products. The session then introduced the historical context of money, delving into the barter system, its inherent challenges, and the three core functions of money: medium of exchange, store of value, and unit of account. The Tutor assigned a comprehensive homework packet, designed to reinforce learning from all three 'adventures' for the upcoming week.

The Tutor and Student began by reviewing homework, reinforcing the concept of value being dependent on a situation. They proceeded to discuss new economic principles, including consumption versus investment, the distinction between needs and wants, and the core concept of scarcity. The Student participated in a 'shopping challenge' to apply budget management and decision-making based on preferences. For homework, the Student is tasked with asking someone about their purchasing choices, identifying needs and wants, drawing a shopping basket with a budget, and writing sentences using today's vocabulary, including 'scarcity'.

The Student and Tutor explored fundamental economic principles, emphasizing that the value of an item is subjective and changes with the situation. The Student practiced applying these concepts through scenario-based challenges and vocabulary exercises. Homework included surveying three people about their purchasing choices with limited funds, identifying personal needs and wants, drawing and explaining a valuable desert object, and verbally summarizing the lesson's core theme to a parent.