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Second Grade Economics
By: Barbara Peters Resources - SOL 2.7 Bartering - SOL 2.8 Scarcity - SOL 2.9
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People help the economy by purchasing “goods” and “services.”
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Goods are things that we buy that we can use or touch.
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Services are jobs that workers do for other people.
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Producers and Consumers
Some people provide goods and services, while others use goods and services.
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Producers are people who make goods or provide services.
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Consumers are people who use goods and services.
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Money Money is coins, paper bills, and checks used in the exchange for goods and services.
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Kinds of Money Paper bills coins checks
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Bartering is the exchange of goods or services without using money.
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Resources A resource is something that is used in order to meet a need or a want.
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Kinds of Resources Natural
Human Capital
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Materials that come from nature are called natural resources.
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Natural Resources
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Human Resources People who work to produce goods and services are called human resources.
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Human Resources
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Capital Resources Goods made by people and used to produce other goods and services are called capital resources.
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Capital Resources
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When all wants cannot be met at the same time, there is a scarcity.
Limited Resources When all wants cannot be met at the same time, there is a scarcity.
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Scarcity If there is a forest fire, a toy factory will not be able to get the wood it needs to make wooden trains. There is a scarcity of wood from which the trains are made.
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there will be a scarcity of wooden toy trains at the toy store.
Therefore . . . there will be a scarcity of wooden toy trains at the toy store.
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Making an Economic Choice
When people don’t have enough money, they have to make an “economic choice” and decide what to buy.
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If you only had $10.00, which toy would you choose?
$ 9.49 $ 8.95 What will be your “economic choice?” The other item you cannot afford to buy is your “opportunity cost.”
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or . . .
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Would you save your money . . .
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for something bigger?
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