1. Economics
SOL 3.7
SOL 3.8
SOL 3.9
SOL 3.10

2. Exchange Barter 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.

4. 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.

5. 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!

6. 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.

7. I would like to buy one candy cane, please.
Supply and Demand
Supply is the amount of a good or service available.
Demand is what people are willing and able to buy.
I would like to buy one candy cane, please.

8. Oh no! Ice cream 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!”

9. What can I do with my money?
Spend it
Save it
Invest it Give people money to use to make more moneys, like in stocks and bonds.

10. Goods and Services
Goods
Services

11. Three types of resources work together in our economy

12. Natural Resources are things we get from nature.
Oil Coal Trees Water

13. Human resources are jobs done by humans at work.

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

15. Producers
Producers make goods or provide services.

16. Consumers
Consumers use or buy goods and services.

17. Economic Specialization
Individuals or groups who concentrate on one type of good or service.
Apple farmer Carpenter

18. Interdependence People need each other for goods and services.
The Ancient Greeks traded their goods across the Mediterranean Sea.