1. Social Studies Unit Economic Understandings By Ms. Cuthrell

2. Predict what our unit will be about. Look at the pictures.

3. What is currency and how does it relate to goods and services? After brainpop video Essential Question

4. Currency Currency is the form of money that people in a country use. –Synonyms: money, coins, and cash –In the United States, people use dollars and cents as currency

5. Examples of Currency United States China

6. Goods Goods- are things people buy or sell –Goods are always things or objects, NEVER actions or activities –It is good for the economy when people buy and sell goods

7. Services Services- are forms of work people do for other people –Service contains the word serve, which means “to work for”

8. GoodsServices

9. “Should I buy a yo-yo now or save for a new bike?” If you have ever had thoughts like these, you already know something about making economic choices.

10. Essential Question What do we want to know by the end of our unit? How do consumers and producers benefit from interdependence?

11. Costs Costs- negative results (-) –noun, that can refer to a price that is paid –The price of a choice might be paid with the money or an opportunity that is lost

12. Benefits Benefits- are positive results (+) –noun, synonyms for the word benefit are advantage, profit, and gain

13. “Oh no! We don’t have enough!” Scarcity- a lack of goods or services –Synonyms for scarcity: shortage and lack –Scarcity takes place when people who make goods or provide services cannot provide enough for everyone who wants them.

14. Making Choices

16. Producer –Producer- someone who makes and sells goods –Produce is the base word in the word producer. –Synonyms: “make” or “create” 1.) A farmer grows crops and sells them to people. A farmer is a ___________.

17. Consumer –Consumer- someone who buys the goods or services sold by a producer –Synonym for consumer is buyer. 2.) If a farmer grows crops and then sells them, the person who buys the goods from the farmer is called the ______________.

18. Interdependence o Farmers in Georgia sell their crops to consumers in other states. o The farmers depend on consumers to make a living. Consumers depend on farmers for food. Farmers and consumers are interdependent.