Vocabulary
A place that looks after people's money for them and keeps it safe.
Bank
What does money do?
buy things from other people.
Things that can be bought and sold.
Goods
Things you would like to have but are not necessary for survival.
Wants
When you repay money you borrowed, you pay more money.
Interest
A machine outside a bank where you can take money out of your bank account.
ATM
Job done for money
Services
Something like air, food, or shelter that is necessary for survival.
Needs
Not having enough of something.
Scarcity
The amount of money in a bank account.
Balance
How much an item costs.
Price
What should you do if you win the lottery?
Keep it a secret
How much people want something.
Demand
To put money in a bank account.
Deposit
A person who buys goods or services.
Consumer
Who is on the penny?
Abraham Lincoln (16th President)
How much of a certain product, good, or service is available.
Supply
T/F
Money can be infinitely printed and keep its value
False
A person who creates goods or services.
Producer
Who was the 2nd president of the United States?
John Adams