Getting involved in the World! Mr. Zylak November 25, 2105 St. Josaphat School Getting involved in the World!

What you need ready Take out your Social Studies section Take out a Pen or Pencil Title it “The Economy”

Economy video clip This student is very educated on the economy. Lets get educated too! Why is the economy important? Write down answer while watching this video

Economy the wealth and resources of a country, in terms of the production and consumption of goods and services. Or the careful management of available resources.

Barter Barter- an exchange for other goods or services without using money. (students might recognize barter as trading hockey cards or Pokémon cards, or trading food with a friend or parent at dinner)

Trade Trade- involves the transfer of the ownership of goods or services from one person or entity to another in exchange for other goods or services or for money Example- students may trade in video games to a store, Ex: a student trades another student one new video game for 2 old ones, or one new game for an old game and $20.00

Sharing Sharing- having a portion of something with another or others. Or to give a portion of something to another or others. Example: lend someone a video game but it is still your game. Sharing a video game console with a sibling, sharing a popcorn at the theater

Needs and wants Need: requiring something because it is essential or very important. Things individuals must have satisfied to sustain life. Want: have a desire to possess or do something. Wants are not necessary to sustain life

Barter Bags! Read the definition of what a “BARTER” is and get ready to start interacting in the world! You will be given a bag and are not to open it yet!

Barter Bag Contents In your Barter Bag there is: Items that you need to survive And items you do not need to survive For this activity the items are just classroom materials

bartering Students will learn to interact in the world like professional adults Students will each have a specific Goal in their bag, that they are NOT supposed to tell anyone about until they try and barter to get their NEED item

Bartering When people are bartering they address each other in a polite, sophisticated, respectful manner They do not run or yell When barters are taking place people are formal, and introduce and welcome the other bartering person. Introduce yourself and shake hands and talk in a formal, clear and concise voice Attempt to get your NEEDED goods by bartering with other students

Reflection questions 1) What conclusions can you draw about the barter/trade form of economy? List the strengths and weaknesses of bartering. 2) How does the barter system meet the needs of the people? 3) Why do people engage in sharing and bartering goods and products with one another?

Reflection questions 4) Is an economy necessary to a culture? Why? 5) How did you measure success in the bartering system? 6) To what extent does fairness enter into the bartering system?

Treaties and the economy