Vocab
What is a resource? (Give an example)
A resource is something that we can use like water as a need or money to buy a need or a want.
Food
Need! We need to provide food to be healthy
T/F: If you are a nurse/doctor, you specialize in helping people with their health
True! To specialize means to do one kind of thing verry well
Scramble! Find something in the house that would be considered a want
Excellent!
What does it mean when you can take care of important things?
Responsible
What is a benefit?
Benefit is a good result from a choice you make
New boardgame
Want! A good idea to play with friends and family, but we don't need it in order to live day to day.
T/F: A person who makes or grows goods is a consumer
False! This is a producer that is being described
If you do not want to use the money you earned right away, you are saving that money. What is something you might save money in order to get (it can be a need or a want)?
Great answers!
We discussed laws in Chapter 1. What is one law to keep us safe?
Great!
What is income?
Income is money that people earn.
Sounds like fun, but it is a want!
T/F: If there is not enough supply, then the demand is likely low.
False! If the supply is low, it is likely because the demand for that supply is high.
Search time! Find something that would be considered a need.
Way to go!
Consequences is something that happens as a result of an action. What is a possible consequence of breaking a law?
Awesome!
What is a skill?
A skill is knowing how to do something well.
House
Need! It is getting colder out so we need proper shelter.
T/F: If something is scarce, then there is a lot of that resource
False! If it is scarce then there is not enough of something
A box of markers costs $8. A new t-shirt costs $17. Which item would you choose and a benefit of your choice.
Awesome Job!
What is the title for the person who is the leader of our country?
The President of the United States
This vocab word means the price of something. (example: How much does this _____?)
Cost
No homework
Nice try but that is a want! We need to learn and practice our skills to prepare to earn for our wants and needs
T/F: To barter is to trade goods or service without using money
True! Bartering is an exchange without money like a trade.
Talk it out: Why do people try to save money?
Fantastic!
What is a freedom that the Bill of Rights provides?
Speaking and writing freely
Free to meet at public places
Choice of religion
are just a few examples