Vocabulary
What is money?
A method of paying for goods and services.
What kind of good is a need?
Water, food, shelter
What does the word need mean?
Something we need in order to survive.
What does it mean to barter?
To trade resources with someone for something you need or want.
What is a producer?
Someone who makes or grows a good to sell.
What is a good?
Things we buy with money.
What kind of good is a want?
Toys, technology
What does the word want mean?
Something that we can have but don't need in order to live.
Is trading a pencil for an ipad a fair barter?
No- the ipad is more expensive.
What is a consumer?
Someone who uses money to buy a good.
What is a service?
A task or job that someone does for you.
Who can provide a service?
Law enforcement, community helpers, grocery store workers, people who help.
You want to buy a new toy that costs $20. However, you only have $15. Should you save or spend your money?
Save
Is trading a plate of fruit for a plate of vegetables a fair trade?
Yes- they are both food items and cost around the same amount.
You go to a farm stand to buy some fresh fruit. You see the farmer out working- is he a producer or consumer?
Producer
What does saving mean?
To put money aside to spend at a later time.
If you go to the store and someone helps you- are they providing a good or a service?
Service
Is food and water a need or want?
Need
Your friend is in need of a new bike. You have an old bike that you do not use anymore. Do you want to barter with him?
What will you ask for?
*Every team gets a chance to respond
*Teacher preference
You go to the grocery story and have a cart full of food. Are you a producer or consumer?
Consumer
What is the difference between a producer and a consumer?
A producer makes or grows goods. A consumer uses money to buy goods.
If you go to the store and you are buying ice cream- is that a good or service?
Good
Technology and toys are a need or want?
Want
What is something you would be willing to barter for a new ipad?
*Every team gets a chance to respond
*Teacher preference
You go to school to learn how to design clothes. Will you become a producer or consumer?
Producer- I will learn how to make clothes to sell.