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Economics 6th Grade.

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Presentation on theme: "Economics 6th Grade."— Presentation transcript:

1 Economics 6th Grade

2 Economics The study of how people meet their wants and needs: what to produce; how to produce; and for whom to produce

3 Currency Generally accepted form of money issued by a government – used as a medium of exchange for goods and services -Ex: merchandise, commodities, workers, paper money

4 Barter Exchange goods or services for other goods or services without using money -Ex: bread exchanged for butter

5 Ex: Cars, books, cheerios, cell phone
goods Something that you can touch or hold that consumers want that are supplied by producers.  Ex: Cars, books, cheerios, cell phone

6 services Services are things you cannot hold
but that consumers want or need that are produced in the economy.  Examples: lawn care workers, dentists, barbers, waiters, etc 

7 The amount of a product that is available for the consumer to purchase
supply The amount of a product that is available for the consumer to purchase `````````````````````````````` Ex: I have a bushel of apples to sell

8 demand How much consumers are able and willing to pay for the product
Ex: Air Jordan's go from $100 to $75 more people will buy them

9 Not enough good/services to satisfy consumers
scarcity Not enough good/services to satisfy consumers Ex: Ms. Reed doesn’t have enough pencils for all the students in the classroom.

10 producer People and/or companies which make and supply goods and services. Ex – Farmers, Ford Motor Company

11 A person/group/company who buys a service or product.
Consumer A person/group/company who buys a service or product. Ex – a family that buys a car

12 Natural Resources Raw materials that come from earth (not man made)
Examples – petroleum, gold, bananas, water, etc

13 Human Resources The workers needed to make and sell goods and services
Ex - machine operator (human), cook, teacher, fire fighter

14 Capital Resources Items such as land, buildings, equipment & machines that help workers make goods & provide services Ex: hammer, mail truck, pen

15 specialization Producing only goods/services that an individual or country is good at to increase efficiency. Ex: Floridian Oranges

16 Competition More than one person/company is selling a good or service. This often lowers prices. Ex: Fast food restaurants – McDonalds, Wendy’s, Burger King

17 Trade The exchange of goods or services for
other goods and services or money.

18 Import To receive goods/services from another country Ex: America buys and receives coffee beans from South America

19 Export To send goods/services to another country -Ex: US sends cars to other countries

20 Tariff Tax on imports

21 Market A place where people buy and sell goods or services Ex: Shopping mall, flea market, black market


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