Economics Topic 1 | ||||
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Topic 1: What is money? 1. What does money represent? 2. What is barter? 3. Why do we use money instead of trading for what we want? 4. What are wants and needs? 5. What are goods and services? Money represents value. Barter is trading objects for other objects. Needs include water, food, shelter, clothing, and medicine. Needs are things that people cannot live without. Wants include things that a person would like to have, but does not need in order to survive, like toys, treats, or sports equipment. Goods are items that are sold that you can touch or see, like houses, lemonade, cars, toys, or pets. Services are things that someone does for someone else in exchange for money, like a haircut, a car wash, a hotel room, or service at a restaurant. |
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Links and Activities Budget Buzz Social Studies for Kids Scholastic Economics Vermilion Economics Mrs. Mitchell's Economics Rutgers Economics CoolMath - Lemonade Stand ClassBrain - Lemonade Stand OMSI - Lemonade Stand |
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Videos BrainPop - Banking BrainPop - Budgets BrainPop - Comparing Prices BrainPop - Credit Cards BrainPop - Debt BrainPop - Money BrainPop Jr. - Goods and Services BrainPop Jr. - Need and Wants BrainPop Jr. - Saving and Spending School House Rock - Dollars and Sense School House Rock - The Check's in the Mail School House Rock - $7.50 Once a Week School House Rock - Where the Money Goes School House Rock - This for That |