Basics of Economics for grade 5 Learn about import, export, public, and private goods

1. Basics of economics

2. What is economics?
Economics is the careful management of
available resources (like money, material,
gold or any other asset)
A country’s economy includes the chain of
• Production
• Distribution
• And consumption
of goods and services.

4. Public goods: The property owned by the government/state.
For Example: The roads, Law, Parks
Private goods: The private property refers to a business/ property owned
by a person.
For example: Health, trade, amusements
What is trade?
Trade is selling and buying of things. If this process is carried at
international level then it becomes international trade.
It empowers a country politically and financially.

5. Export:
An item sold to a global customer in the international market is
called as export.
For Example: Pakistan has a lot of mangoes. It exports mangoes to
Japan, UAE and France.
Import:
Buying a product from the global market is called import.
For Example:
Edible oil, sugar, machinery etc.

6. Use of money (what is money)
Money is what people use to buy different goods and services.
Since the start of time human beings have been using different forms
of money (gold, silver, money, paper money and now credit card)

7. BANKS
Banks are like reservoir
People save their asset in banks.
(Money)