Circular Economy
What is a circular economy?
A circular economy is a way of using resources where we reduce waste by reusing, recycling, and repurposing things instead of throwing them away.
What is a linear economy?
A linear economy is when we make, use, and throw away things without thinking about reusing or recycling them.
What is money used for?
Money is used to buy things we need and want, like food, toys, and clothes.
What are the things we need to make things we use every day, like toys or clothes?
We need different things to make stuff. These things are called factors of production.
What happens when a lot of people want to buy something, but there isn't much of it available?
This is called high demand.
How can we help in a circular economy at home?
We can help by sorting our trash for recycling, using both sides of paper, and donating toys or clothes we no longer need instead of throwing them away.
Why is it important to think about what we do with things after we use them?
It's important because when we throw things away, they can create pollution and harm the environment. Thinking about reusing or recycling helps to protect our planet.
Why is it important to save money?
It's important to save money so we can have it for later when we want to buy something special or in case we need it for emergencies.
Can you name one factor of production that helps us make things?
labor
What happens when there are plenty of toys in the store, but not many people want to buy them?
This is called low demand.
Why is it important to recycle?
Recycling helps to save energy and resources. It also reduces pollution and keeps our planet cleaner and healthier for plants, animals, and people.
Can you give an example of something we might use once and throw away in a linear economy?
a plastic water bottle that we use only one time and then throw away.
How can we earn money?
We can earn money by doing chores at home, like cleaning our room or helping with dishes, or by selling things like lemonade or homemade crafts.
What is another factor of production besides labor?
Another factor of production is "natural resources," which are things we get from nature like water, wood, or sunlight or capital which includes money, buildings, trucks, etc.
Why do prices sometimes change in stores?
Prices change in stores because when many people want something, the store might increase the price. But if not many people want something, the store might lower the price to sell more.
What are some examples of things we can recycle?
We can recycle paper, plastic bottles, glass jars, and aluminum cans. These items can be turned into new things instead of being thrown away.
How does a linear economy affect the Earth?
it creates a lot of garbage that can harm animals and plants. It also uses up a lot of energy.
What is a budget?
A budget is a plan for how we will spend and save our money. It helps us make sure we have enough for the things we need and want.
Can you think of something we use every day that needs both labor and natural resources to make?
a toy needs labor from people to design and make it, and it might need natural resources like plastic or metal to be made.
Can you think of a time when you wanted to buy something, but it was sold out everywhere?
if a popular toy is sold out in all the stores, it means many people want to buy it, so the stores might raise the price when they get more in stock.
How does reusing help in a circular economy?
Reusing means using something again instead of throwing it away. For example, we can reuse water bottles by refilling them, or we can reuse old containers for storing toys or art supplies. Reusing helps to reduce waste and save resources.
What can we do to make our economy more like a circular one?
We can reuse things
What is the difference between wants and needs?
Needs are things we must have to live, like food, water, and shelter. Wants are things we would like to have but can live without, like toys or video games. It's important to prioritize needs over wants when managing money.
Why is it important to understand factors of production?
Understanding factors of production helps us know where things come from and how they are made. It also helps us appreciate the work and resources that go into making the things we use every day.
How does supply and demand help stores decide how much to charge for things?
What is Supply and Demand
Stores look at how much people want to buy something (demand) and how much of it they have (supply). If many people want to buy something and there isn't much of it available, they might charge more. But if not many people want to buy something and there's plenty of it available, they might charge less.