Spending and Saving Workshop. Income: The money a person earns from a job or other places. Spending: The amount of income a person uses to buy goods or.

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Presentation transcript:

Spending and Saving Workshop

Income: The money a person earns from a job or other places. Spending: The amount of income a person uses to buy goods or services. Saving: The amount of income that is not used to buy good or services.

How do people in McKinney earn money? Give some examples of how your parents and others in McKinney earn money.

Why save our money? On your paper…I want you to write 3 reasons why you would save your allowance or any money that you receive.

In the real world… People save their money in order to… –to feel secure about having money in the bank in case you need it Ex: having to buy something you were not planning on –to be able to buy the things you need Ex: groceries, gas for car –to be able to buy the things you want Ex: movies, video games

Economics Economics is the process of making, buying and selling goods.

When you make a purchase, you are buying goods and services. See if you can identify which ones of these are goods and which are services. Are you ready?

Getting your hair cut Buying a new toy Purchasing a book Having your teeth cleaned Paying your cell phone bill

Remember, goods are things people make or grow and then sell. Services are jobs people do for others.