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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 The exchange of goods or service without money. Example: I’ll give you my cake for your ice cream.

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Economics
Economics

  • SOL 3.7

  • SOL 3.8

  • SOL 3.9

  • SOL 3.10


Economics

Exchange

To trade one thing for another.

Example:I want to trade in my green disk for a blue one.

Barter

The exchange of goods or service without money.

Example: I’ll give you my cake for your ice cream.


Needs vs wants

Needs – what people must have to live.

Food

Clothing

Shelter

Wants – the things we would like to have, but can live without.

Needs vs. Wants


Economic choice
Economic Choice

You make an economic choice when you only have money for certain items, not all.

Example:

I do not have enough money for both popcorn and a pretzel. I must choose, so I buy the popcorn. That is my economic choice.

YUM!


Opportunity cost
Opportunity Cost

Opportunity cost what you must give up when you make an economic choice.

Example:

I chose the popcorn, so I have to give up the pretzel. That is my opportunity cost.


Supply and demand

Supply is the amount of a good or service available.

Demand is what people are willing and able to buy.

Supply and Demand

I would like to buy one candy cane, please.


Scarcity sometimes there is not enough of something to go around that item is scarce
Scarcity - Sometimes there is not enough of something to go around. That item is scarce.

The Ice Cream Singers

Oh no! Ice cream is scarce!

“I scream, you scream, we all scream for ice cream! La, la, la, la, la!”


What can i do with my money
What can I do with my money? around. That item is

  • Spend it

  • Save it

  • Invest itGive people money to use to make more moneys, like in stocks and bonds.


Goods and services
Goods and Services around. That item is

  • Goods

  • Services



Natural resources are things we get from nature
Natural around. That item is Resources are things we get from nature.

Oil CoalTrees Water


Human resources are jobs done by humans at work
Human around. That item is resources are jobs done by humans at work.



Producers
Producers needed to do a job.

Producers make goods or provide services.


Consumers
Consumers needed to do a job.

Consumers use or buy goods and services.


Economic specialization
Economic Specialization needed to do a job.

Individuals or groups who concentrate on one type of good or service.

Apple farmerCarpenter


Interdependence
Interdependence needed to do a job.

People need each other for goods and services.

The Ancient Greeks traded their goods across the Mediterranean Sea.


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