Social Studies

Social Studies

Economics​

By Lindsey Bourgeois

Economics

Economics is the study of MONEY. It is the study of how money is created and shared.

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Economy is the same as WEALTH. It deals with the amount of money and resources our country has.

What makes a good economy?

To have a good economy, we need money to be flowing largely. It needs to be made. It needs to be spent.

Many people should have jobs and should be making money. If people are making money, they are spending money. When we spend money, such as going to the grocery store, we pay taxes. Taxes pay for us to have new roads, our fire departments, our police departments, schools, and more.

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What would make a bad economy?​

How did economics start?

Before paper bills and metal coins were invented, people had to trade to get items they needed or wanted. The trading system was called the Barter System.

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FUN FACT: China is the first country to create paper bills around year 618 AD.

Look how far we have come!

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●      A WANT is something you would like to have but don’t necessarily have to have in order to survive. These things include junk food, cars, toys, and electronics.

WANT

●      A NEED is something you need in order to survive. These things include food, water, shelter, and clothing.

NEED

Let's think about how we spend our money!

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• Healthy food

• A place to sleep​

• A winter coat

  School shoes​​

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Can you think of one?

NEEDS

• Hot Cheetos

• ​ a new video game

• Air Jordan 3

• Designer clothing​

Can you think of one?

WANTS

Multiple Choice

What is an example of a need?

• School Uniform

• Fancy Car

• Junk food

• Fancy New Shoes

Multiple Choice

What an example of a want?

• A house to live in.

• An education

• Water

• A Football.

Multiple Choice

What is an example of a want?

• A new toy.

• Electricity

• Healthy food.

• Winter boots to keep your feet warm.

Multiple Choice

What is an example of a need?

• Cookies

• Medicine

• A new cellphone

• A netflix account

How are we spending our money?

There are TWO ways to spend money. We buy goods, and we buy services.

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Goods are things people make or grow to sell.

Goods can be touched.

Examples:

• Chocolate

• Clothes

• Cars

• Apples​

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Can you think of one?

Goods

Services are something you pay for that other people do for you.

• Getting a haircut

• Going to the doctor.

• Getting your nails done.

• Getting a tire fixed.​

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Services

Multiple Choice

Pick the GOOD.

• A Pizza.

• Getting a haircut.

• Having surgery.

• Paying someone to walk your dog.

Multiple Choice

Pick the GOOD.

• Taking a Taxi.

• A pair of shoes.

• Going to the doctor.

• Getting a tire fixed.

Multiple Choice

Pick the Service.

• Chocolate

• Snow Boots

• Soap

• Having someone paint your nails.

Multiple Choice

Pick the Service.

• Cheese Pizza.

• Taking music lessons.

• A trashcan.

• A chair.

Scarcity and Abundance

SCARCITY/ SHORTAGE

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Scarcity is when there is a very small amount of something available. When something is scarce, we can also say there is a shortage.

Abundance is when there is a large supply (amount) of something available. Another word for abundance is surplus.

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Abundance/Surplus

A classroom is having a party. There are 30 students.

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There is 47 slices of pizza and 11 juices.

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Name the SURPLUS and the SCARCITY.

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EXAMPLE

A store has 4 apples left and 96 oranges left.

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NAME THE SCARCITY AND SURPLUS

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EXAMPLE

Multiple Choice

A classroom is having a party. There is 25 students. There is 57 cookies and 13 cartons of milk. Name the SCARCITY.

• Cookies

• MILK

Multiple Choice

A classroom is having a party. There is 25 students. There is 57 cookies and 13 cartons of milk. Name the SURPLUS.

• Cookies

• Milk

Multiple Choice

Rob wants to give his friends each a bag of chips and a soft drink. He has 5 friends. He has 10 bags of chips and 2 soft drinks. What is the SCARCITY?

• soft drinks

• chips

Multiple Choice

Rob wants to give his friends each a bag of chips and a soft drink. He has 5 friends. He has 10 bags of chips and 2 soft drinks. What is the SURPLUS?

• Chips

• Soft drinks