ECONOMICS
Economics is the study of money and how it's used in our society.
GOODS
Goods are things you can make or grow to sell. examples: corn, cars, paper airplanes, houses, clothes, video games PRODUCERS
Producers are those who make or perform the goods or services. examples: farmers, taxi drivers, artists, cooks BARTERING
Bartering is similar to trading. Each person determines what they agree to trade for the good or service. Someone may be willing to trade more for something they really want. |
SERVICES
Services are work done by someone else examples: teachers, baby-sitting, dog walking, washing the car CONSUMERS
Consumers are those who buy the goods or services. examples: shoppers, train passengers COST/BENEFIT ANALYSIS
A cost is what you give up when you decide to do something. A benefit is what you gain when you decide to do something. Cost/benefit analysis is when you decide whether the benefit is worth the cost. |
TAXES
April 15 is tax day. Citizens pay taxes in many ways. The government use the taxes to pay for things in neighborhoods, cities, states, and federal. Taxes pay for things like schools, parks, and hospitals. They also pay for police, firefighters, and teachers. People pay taxes on the money they earn from their paycheck. People also pay taxes when they buy things. Look at your receipt next time you are at the store!