1. vocabulary
1.1. supply
1.1.1. the amount of a specific object/product available to sell
1.1.2. example: We have a low supply of tape.
1.2. demand
1.2.1. the amount of people who want to buy the product or service
1.3. save
1.3.1. to keep for a period of time to use later
1.3.2. example: I will save my money to buy a scooter.
1.4. loan
1.4.1. money that a bank or company will allow a person to borrow and spend, but the person MUST repay the amount that they spend
1.5. bank
1.5.1. a company that keeps money safe in bank accounts and can give loans to people
1.6. bank account
1.6.1. where your money is saved for you to use when you need it
1.6.2. this is where your paycheck goes if your employer uses direct deposit
1.6.3. you can have multiple bank accounts at one bank or more than one bank
1.6.4. most people have a checking account and a savings account
1.7. interest
1.7.1. the small amount of money that you pay a company/bank for being able to borrow their money for a loan or credit card
1.8. debit card
1.8.1. takes money directly out of your bank account to pay for purchases
1.8.2. You will get it from the bank when you open the account.
1.9. credit card
1.9.1. money that you borrow from a bank or company
1.9.2. not all banks do credit cards and not all companies offer credit cards
1.10. producer
1.10.1. a person who makes goods and/or offers services
1.11. consumer
1.11.1. a person who BUYS goods or pays for services
1.12. allowance
1.12.1. money paid to a person, often a kid, on a regular basis (once a week, once a month)
1.13. need
1.13.1. something that a living thing must have to survive/continue living
1.14. want
1.14.1. something that you would like to have but do not need to survive/live
1.15. good
1.15.1. a product that a person creates to sell other people
1.16. service
1.16.1. an action that one person sells to another person that helps the consumer get what they want or need
1.17. economy
1.17.1. how money moves through a country (buying and selling goods and services, paying taxes)
1.18. taxes
1.18.1. a small amount of money that you pay with each purchase that you make; this money goes back into the state that you are buying the product in
1.18.2. the small amount of money that you pay out of your paycheck to the government; it will go to the country and the state
2. production
2.1. Many different resources are needed to make one product.
2.2. You need to produce items that people LIKE so they buy it.
2.3. If you do not have enough money, you can produce products to sell and get money that way.
3. Ways that kids can earn money/rewards
3.1. making good choices at school
3.1.1. being respectful, responsible, ready
3.2. making good choices at home
3.3. doing things for your parents
3.3.1. chores
3.3.1.1. things that you can do around the house
3.3.1.1.1. cleaning
3.3.1.1.2. folding and putting away laundry
3.3.1.1.3. setting the table
3.3.1.1.4. load/unload the dishwasher
3.3.1.1.5. load/unload the washer/dryer
3.3.1.1.6. clean the dishes in the sink
3.3.1.1.7. clean up living room/bedroom/bathroom
3.3.1.1.8. dusting
3.3.1.1.9. completing homework
3.3.1.1.10. feed pets
3.3.1.1.11. clean litterboxes, food dishes, water dishes
3.3.1.2. often are things that you don't want to do but are very helpful to the household
3.3.2. massages
4. Ways that adults earn money
4.1. doing their job
4.1.1. they get paid a paycheck
4.2. doing taxes and get our federal and state tax returns
4.2.1. every paycheck, there is a amount of money taken out.
4.2.1.1. that money goes into federal (USA) and state (VA) taxes
4.2.1.1.1. it pays for roads, schools, and state employees (teachers, government)
4.2.2. When adults do taxes, they are getting the money that has NOT been used by the state or country in the past year.
4.3. owning a business and providing a service
5. needs vs wants
5.1. need - something you BUY that you CANNOT live without it
5.1.1. examples of needs
5.1.1.1. water
5.1.1.2. air
5.1.1.2.1. oxygen, carbon dioxide
5.1.1.3. food
5.1.1.3.1. fruit, ingredients
5.1.1.4. shelter
5.1.1.4.1. space to live and grow
5.1.1.5. care
5.1.1.5.1. medical care (doctor, dentist, etc.)
5.1.2. not all cultures need "teachers" like how Ms. Stiffler and Mrs. G are teachers; you can learn from your adults and siblings
5.1.2.1. not all children are in school around the world
5.1.2.2. not all adults have gone to school like our class has
5.2. want - something you BUY that you CAN live without
5.2.1. examples of wants
5.2.1.1. swim lessons
5.2.1.2. candy
5.2.1.3. video games
5.2.1.4. electronics
5.2.1.4.1. phone
5.2.1.4.2. watch
5.2.1.4.3. computer
5.2.1.5. arts and crafts materials
5.2.1.6. diary/paper/journals
5.2.1.7. books
5.2.1.8. magnet
5.2.1.9. clothing
6. resources
6.1. human
6.1.1. humans that do work for money
6.1.1.1. builder
6.1.1.2. farmer
6.1.1.3. doctor
6.1.1.4. artist
6.1.1.5. dentist
6.1.1.6. nurse
6.1.1.7. veternarian
6.1.1.8. scientist
6.1.1.8.1. astronaut
6.1.1.8.2. engineer
6.1.1.9. teacher
6.1.1.10. clerk
6.1.1.10.1. works at the register at a store
6.2. natural
6.2.1. something that comes from nature
6.2.1.1. rock
6.2.1.2. tree
6.2.1.3. dirt/soil
6.2.1.4. silver
6.2.1.4.1. gold
6.2.1.5. diamond/gemstones
6.2.1.5.1. ruby
6.2.1.6. coal and oil
6.2.1.7. animals
6.2.1.8. leaves
6.2.2. can NOT be man-made (made by humans)
6.3. capital
6.3.1. something that a human made that HELPS them to do their job (man-made)
6.3.1.1. shovel
6.3.1.2. truck
6.3.1.3. car