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$2 $5 $10 $20 $1 $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 Bartering Wants and Needs Interdependence Supply And Demand Scarcity
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Another word for bartering
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Trade
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Give an example of a time in U.S. history when people bartered.
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Possible Answers: Explorers traded weapons for the Native American’s food.
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At recess today, John traded his soda for Martin’s candy bar. This is an example of
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Barter
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If you had an overabundance of tomatoes you would have a _________.
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Surplus
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How do people use bartering today?
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Some examples are: Online bartering Trading services for goods
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All of the following are wants except for:
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Toothbrush
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What is the difference between a want and a need?
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A need is something that you must have in order to live, and a want is something you can live without.
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Give 2 reasons why you may want something, even though you don’t need it.
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Some answers: A friend has one. You see it on TV. Looks fun. Cool colors.
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Sort these into needs and wants. Clothes, high heels, teddy bear, medicine, house, necklace
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Needs: Clothes House Medicine Wants: High heels Teddy Bear Necklace
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How do commercials influence a buyers decision?
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They make their product look really cool and very fun. They make you feel like you need their product.
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Define Interdependence.
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Interdependence means dependent on others for some needs.
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How does world trade benefit you?
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We receive most of our products from other countries. If products were only made in the U.S., they would cost much more.
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What are some reasons why countries wouldn’t want to trade with others?
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Answers will vary. Countries could be at war Specialization Natural Disasters
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Columbia is known for the coffee that it produces. This is an example of _______________.
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Specialization
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Why can’t all countries be self- sufficient?
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All countries can’t be self-sufficient because not every country has the resources needed to be self- sufficient.
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Define supply.
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Supply is how much of an object there is. For example, if there are 4 teddy bears. The supply of teddy bears is 4.
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If the demand is high and the supply is low, then the price will ___________.
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If the demand is high and the supply is low, then the price will go up.
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You go to a store to buy a 6 oranges. The store has 2 oranges left. Decide whether the supply is high or low?
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The supply is low.
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There are 7 dolls, 5 cars, and 11 basketballs in the toy store. There are 5 consumers that want dolls, 6 consumers that want cars, and 8 consumers that want basketballs. What is the demand for the dolls?
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Prove whether the price would be high or low. Hank wants a new video game. The store has 4. There are 12 people who want the game. Would the price be high or low? Why?
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The price would be high, because when the demand is high and the supply is low the price goes up.
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Define scarcity.
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Scarcity means you can never have every thing you want. Resources are limited.
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Scarcity means we have to make choices. Sometimes when we make a choice, we leave another choice behind. What is this choice called that is left behind?
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Opportunity Cost
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Give me an example of a choice and an opportunity cost that you made today.
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Answers may vary. Ms. Johnson decided to wake up this morning. Her opportunity cost was to sleep in.
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How do individuals, communities and countries attempt to address the problem of scarcity?
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People limit their use of the resource. They share the resource and determine the best use for the resource. For example: There are only a limited number of resources such as workers, machines, factories, raw materials etc. Yet there are a number of different ways in which they could be used.
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Which item is the most scarce?
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Diamond
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Ms. Lauren Johnson 5 th Grade Resources: –Brain Pop Junior. (2003). Wants and Needs. Retrieved March 21, 2009, from BrainPopJunior: www.brainpopjunior.com/socialstudies/needsandwants –Buggey, D. J. (2005). Exploring Where and Why. Chicago: NYSTORM. –EconEdLinks. (2001). Retrieved April 1, 2009, from Econedlinks: www.econedlink.org Economics Jeopardy Game
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