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Second Grade Economics Resources - SOL 2.7 Bartering - SOL 2.8 Scarcity - SOL 2.9 By: Barbara Peters
People help the economy by purchasing goods and services. Goods and Services
Goods are things that we buy that we can use or touch.
Services are jobs that workers do for other people.
Some people provide goods and services, while others use goods and services. Producers and Consumers
ProducersProducers Producers are people who make goods or provide services.
Consumers Consumers Consumers are people who use goods and services.
MoneyMoney Money is coins, paper bills, and checks used in the exchange for goods and services.
Kinds of Money coins Paper bills checks
BarteringBartering Bartering is the exchange of goods or services without using money.
ResourcesResources A resource is something that is used in order to meet a need or a want.
Kinds of Resources Kinds of Resources Natural Human Capital
Natural Resources Materials that come from nature are called natural resources.
Human Resources People who work to produce goods and services are called human resources.
Capital Resources Goods made by people and used to produce other goods and services are called capital resources.
Limited Resources When all wants cannot be met at the same time, there is a scarcity.
ScarcityScarcity If there is a forest fire, a toy factory will not be able to get the wood it needs to make wooden trains. There is a scarcity of wood from which the trains are made.
Therefore... there will be a scarcity of wooden toy trains at the toy store.
Making an Economic Choice When people dont have enough money, they have to make an economic choice and decide what to buy.
If you only had $10.00, which toy would you choose? $ 8.95 $ 9.49 What will be your economic choice? The other item you cannot afford to buy is your opportunity cost.
Would you save your money...
for something bigger?
ECONOMICS The Study of Money Sol 2.7, 2.8, 2.9 Mrs. Long April 3, 2008 Sol 2.7, 2.8, 2.9 Mrs. Long April 3, 2008.
Click here to begin! Click here to begin!. Definition: things in nature that people find useful economics Natural resources economy Click here to go to.
Unit 4 4 th Grade Social Studies Vocabulary Click here to go to begin Click here to go to begin.
What fundamental qualities make up Economics? Wants Versus Needs.
Economics Unit. Money How do you think money is made? How do you think money is made? Where do you think it is made? Where do you think it is made? Lets.
Chapter 1 Economic Decisions. Goals Distinguish between WANTS & NEEDS Explain the difference between goods and services Describe the economic resources.
4th Grade Social Studies Ch. 1: Lesson rd Grade Economics Vocabulary Natural ResourcesScarcity Opportunity CostRegion Renewable ResourcesEconomy.
Chapter 1 What is Economics?. Economics is about how people choose to use scarce resources to satisfy their needs and wants i.e. achieve goals.
WHAT IS AN ECONOMY?. Economy or Economic System The way a nation makes choices. These choices involve how the nation will use its resources to produce.
VOCABULARY Economics Natural resources Goods/products Barter Trade Supply Demand Scarcity surplus.
Standards covered: 3 - E1.0.1:Explain how scarcity, opportunity costs, and choices affect what is produced and consumed in Michigan. 3 - E1.0.2:Identify.
1 Foundations of Business In order to appreciate and make informed decisions in the world around them, students will need to establish a basic business/economic.
Factors of production Sept Business Activity involves using Factors of Production FACTORS OF PRODUCTION are….. LAND = somewhere to work from. LABOUR.
Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……
Of. and a to the in is you that it at be.
The. of and a to in is you that it he was.
Chapter 1 Review 1.__________________ is the study of how people seek to satisfy their needs and wants by making choices. 2.A physical object such as a.
APK: WHO IS MORE IMPORTANT? Who is more important producers or consumers? Answer the question with details to support your answer.
Economics Chapter 1 Section 1. The Fundamental Economic Problem Most people seem to want more stuff Most people seem to want more stuff Scarcity - the.
Welcome! Happy New Year!!! This is a time of new beginnings with so many exciting things to do and learn. So Welcome to Economics class! I am looking.
Chapter 1: What Is Economics?. Chapter 1: What Is Economics? Scarcity Factors of Production Decision Making Opportunity Cost –Production Possibilities.
High Frequency Words List A Group 1. the of and.
Chapter 1 A Look at WANTS and NEEDS. Wants and Needs Drive the Economy Everyday you make decisions about how to spend money. Suppose you have $10. You.
“The Basics of Economics”. The Basic Terms of Economics.
Chapter 2 Economic Resources and Systems. 2.1 Economic Resources Societies have to deal with shortages of resources just as individuals do. Lack of resources.
The Harnessed Atom Lesson Nine Energy And You. What you need to know about Energy Decision-making: Standard of living Economics – Supply and demand Informed.
The Green Light for Mental Health Project. My name is Gwen Ncube. I have been working on a piece of work named the Green Light Project. The Partnership.
Theme 1 v1.0 The economic problem The 10 principles of economics.
The. of and a to in is you that it he for.
Economic choices We are faced with choices because we do not have enough productive resources to satisfy all of our wants and needs.
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