Economics VA SOL Grade 1 Created by: Jody Sommerfeldt SPS ITRT

Choices Life is full of choices. Adults and children make choices every day. Choices are also called decisions. What is one choice you made today?

Ex. Choices Will I buy an ice cream or a cookie at lunch?

Resources Resources are stuff used to make things and do things for others. Resources are limited. People put resources together to make goods and services. Can you think of some resources you need to build a house?

Resources We use a natural resource, wood, to make lumber. We use a saw to cut the lumber. We use a carpenter to cut and hammer the lumber, and build the house. We need things and people to build a house.

Goods and Services People work to make things that people need or want. These things are called goods. People work to do things to help others. These things are called services.

Goods and Services Apples are goods – things people grow, or make, or buy. Farming is a service – growing things to help others, something you do.

Goods We Need Goods are things you can touch. Goods can give us what we need. We need food. We need clothing. We need shelter.

Goods We Want Goods are things you can touch. Goods can give us what we want. We want lots of different things. We want toys or dolls. We want a new bike or skateboard. We want a video game or computer.

Services Services are activities that give us what we need or want. A service is doing something for someone. What service are these people providing?

Good or Service? How do I know? Ask yourself: What did I get? Was it something to touch and hold? It’s probably a GOOD. Was it something someone did for me? It’s a probably a SERVICE.

Good or Service? How do I know? Can I return it to the store if I don’t like it? If I can return it, it is usually a GOOD! Can I return a lawn mower? YES - it is a good. Can I return a mowed lawn? NO – it is a service.

Buyers People are buyers when they use money to purchase a good or service. When you go to the store, have you ever bought anything? If you have, that makes you a buyer!

Sellers People are sellers when they take money from a buyer to sell their good or service. Have you ever sold anything? That makes you a seller.

Spending and Saving Money People work to earn money. They spend money to buy goods or services. People can also save their money because they plan to use it later.

Let’s Review Which picture shows a service? ABAB CDCD

Let’s Review Which picture shows a service? ABAB CDCD

Let’s Review Are people buyers or sellers? A Buyers B Sellers C They can be both. D They can not be either one.

Let’s Review Are people buyers or sellers? ABAB C They can be both. D

Let’s Review Which picture shows a good? ABAB CDCD

Let’s Review Which picture shows a good? ABAB CDCD

Let’s Review Saving my money or spending my money is an example of a ____________. A buyer B service C choice D good

Let’s Review Saving my money or spending my money is an example of a ____________. ABAB C choice D

Let’s Review Which picture shows resources I need to build a house? ABAB CDCD

Let’s Review Which picture shows resources I need to build a house? ABAB CDCD

Let’s Review Which picture shows resources I need to mow the lawn? ABAB CDCD

Let’s Review Which picture shows resources I need to mow the lawn? ABAB CDCD

Let’s Review I sewed a new dress, and now I want to give it to someone for money. What does that make me? A buyer B savings C seller D choice

Let’s Review I sewed a new dress, and now I want to give it to someone for money. What does that make me? ABAB C seller D

Let’s Review I made a new pot to sell. What is the pot? A money B buyer C service D good

Let’s Review Your mom asked me to make a vase for her. I am a providing a ___________? ABAB C D good

Let’s Review - Challenge To make the dress, I need all of the following resources EXCEPT: ABAB CDCD

Let’s Review - Challenge To make the dress, I need all of the following resources EXCEPT: ABAB CDCD

Let’s Review - Challenge All of the following are services EXCEPT: ABAB CDCD

Let’s Review - Challenge All of the following are services EXCEPT: ABAB CDCD

Great Job! You are now Economic Experts!