Vocabulary
Goods and Services
Financial Goals/Budgeting
Opportunity Cost
100
What is a good?
things that people give other people to satisfy a want.
100
Does a grocery store provide a good or a service? Give an example.
Mostly goods (food, paper goods, etc)
100
Giving a portion of your money to help other people is an important skill. This is called giving money to ______.
Charity
100
At the grocery story, Jane wanted a Hershey bar and a pack of gum. She chose the Hershey bar. What is her opportunity cost?
gum
200
What is a service?
Things people do for others to satisfy a want.
200
Does a video game store provide goods or services? Give an example.
Goods (video games, video game accessories)
200
This the the kind of goal that save for for a long time. This kind of goal might help you save for a new Xbox or phone.
Long term goal
200
At Target, Sue begged her mom for a new coloring book and a pack of smelly markers. Her mom said she could only choose one. Sue picked the smelly markers, what was her opportunity cost?
coloring book
300
What are the 4 needs?
shelter, food, water, clothing
300
Does a beauty salon provide goods or services. Give an example.
Goods (shampoo, hair spray) Services (haircuts)
300
This is the kind of money that you set aside for things you want to buy right now. It might help you buy the candy bar at Target today.
Spend Now
300
At the Broncos game, Jake wanted a foam finger and an autographed football. His dad said he had to make a choice. Jake chose the autographed football. What was his opportunity cost?
foam finger
400
What is scarcity?
Not having enough of something to satisfy your wants and needs.
400
Does a school provide goods or services? Give an example.
Service (teaching)
400
This is the kind of goal that you save for for a short amount of time. It might help you buy a new Skylander.
Short term goal
400
In Disney World, Mrs. Dalesio wanted a funnel cake and a Mickey ice cream cone. She chose the funnel cake. What was her opportunity cost?
Mickey Ice Cream Cone
500
Name two of the three different kinds of resources we talked about. Think back to the "chair video."
Capital resources- good that have been made to produce other things (hammer, buildings, etc) Human resources- using people's hands and minds Natural resources- things from nature
500
Does a pet store provide goods or services? Give an example.
Goods (pet food, pet toys) Services (pet grooming)
500
If you are given an allowance, and you want to set aside money for four different kinds of spending, what would those categories be called?
Spend Now Short Term Goals Long Term Goals Charity
500
The boy got $50 for his birthday. He really wanted a new Xbox game and a new bike. He chose the bike. What was his opportunity cost?
Xbox game
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