Economics
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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

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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?

  • 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

  • Goods

  • Services


Three types of resources work together in our economy

Three types of resources work together in our economy


Natural resources are things we get from nature

Natural Resources are things we get from nature.

Oil CoalTrees Water


Human resources are jobs done by humans at work

Human resources are jobs done by humans at work.


Capital resources are the machines tools and buildings needed to do a job

Capital resources are the machines, tools and buildings needed to do a job.


Producers

Producers

Producers make goods or provide services.


Consumers

Consumers

Consumers use or buy goods and services.


Economic specialization

Economic Specialization

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

Apple farmerCarpenter


Interdependence

Interdependence

People need each other for goods and services.

The Ancient Greeks traded their goods across the Mediterranean Sea.


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