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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?
The Use of Barter and Money Barter and Money - SOL 2.8.
Second Grade Economics. Resources The United States is a very wealthy nation. One reason for its wealth is its many resources.
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.
Economics SOL 3.7 SOL 3.8 SOL 3.9 SOL 3.10 Exchange To trade one thing for another. Example: I want to trade in my green disk for a blue one. Barter.
Jeopardy Resources 1 Goods & Services Type of economy Misc. Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Resources.
Human Resources Natural Resources.
Acquiring Goods and Services Using Barter and Money SOL 2.8 Review.
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Hi! My name is Stan and today I am going to teach you economic wants and consequences of the opportunity cost.
3 rd Grade Economics Picture Vocabulary. What do we call the study of how people produce, sell, and buy products and services? _______________________________.
Economics 101. Economics Is a Science that examines how goods and services are produced, sold, and used. It involves how people, governments and businesses.
Personal Economics. Money vs. Currency Money: something that people will accept in exchange for goods or services. Currency: the part of the money supply.
10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt Goods.
N Economics is the study of the making, buying, and selling of goods or services.
Economics is the study of why people make one choice rather than another when buying and selling, spending and saving.
Mini Society Review Test on May 7, What is the name for the thing you give up when you choose something over it?
Make a list of the first five things you think of when you hear the word “economics.”
Dr. Subhash Technical Campus - Junagadh Guided By: Prof. Ashutosh Abhangi Prepared By: Hiren Thumber ( ) Priyani Sunny ( )
ECONOMICS REVIEW. Needs & Wants Examples: Food Shelter Clothing Examples Videogames Ice cream Toys What is a need?What is a want?
Understand responsible earning and spending Understand responsible earning and spending.
Economics Standard SS2E1 The student will explain that because of scarcity, people must make choices and incur opportunity costs. Standard SS2E2 The student.
Section Outline 1 of 8 Money and Banking Section 1: Money I.The Functions of Money II.The Characteristics of Our Money III.The Value of Our Currency Color.
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.
A consumer is anyone who buys a good or a service. A producer is anyone who sells or makes a good or a service.
N Hi! My name is Stan and today I am going to teach you about economics. Economics is the study of the making, buying, and selling of goods or services.
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.
ECONOMIC CHOICES. BASIC ECONOMIC PROBLEMS Unlimited wants and needs vs. limited resources Budget cutbacks Operating costs do not always keep up with financial.
3 rd Grade Economics Picture Vocabulary. 3 rd Grade Economics Vocabulary ProductServicePrice EconomicsConsumerSupply AdvertisementTrade-OffDemand Opportunity.
SCARCITY & DECISION MAKING Notes. THE BASIC ECONOMIC PROBLEM Scarcity Not having enough resources to satisfy every need Requires Economic Decision-Making.
Unit 4 4 th Grade Social Studies Vocabulary Click here to go to begin Click here to go to begin.
SCARCITY. SCARCITY- The condition that results from society not having enough resources to produce all the things people would like to have. What comes.
Economics. Economics is the study of how people make their money and a study of choices. Which pair of shoes to buy – the ones on sale or the ones you.
Introduction to Economics. What is Economics? Economics is the study of people producing and exchanging to get the goods and services they want. Simply.
LCJSMS WE THE STUDENTS 8 TH GRADE 2013 Economics.
Economics – Ch.1, Sec. 1 ⇨ Study of choices that people make to satisfy their needs and wants ⇨ MICRO – Study of single economic actor (individuals, households,
US Economy Free Enterprise System. What is an economy? An economy is the resources of a country, state, region, or community and how the resources are.
Write down 5 things you think are scarce in Louisiana.
What is Economics? n Economics is the study of how people choose to use resources n Everyone has basic needs and wants: a need is something necessary like.
Fundamental Economics Vocabulary. Scarcity O The fact that resources are limited. O Examples of Scarcity: water, oil, fertile soil.
Social Studies Unit Economic Understandings By Ms. Cuthrell.
Lesson Objectives: By the end of this lesson you will be able to: *Explain why scarcity and choice are the basis of economics.
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Economics 6 th Grade. producer People and/or companies which make and supply goods and services.
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