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Elementary Economics (3)


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Elementary Economics (3)

  1. 1. ECONOMICS<br />For Kids<br />
  2. 2. #1 Want vs. Need<br />A needis something you have to have, something you can't do without. <br />A wantis something you would like to have. It is not absolutely necessary, but it would be a good thing to have. <br />
  3. 3. Needs…<br /><ul><li>Healthy Food
  4. 4. Water
  5. 5. Shelter</li></ul>Wants…<br /><ul><li>iPod Touch
  6. 6. Ice Cream
  7. 7. New Toy</li></li></ul><li>A house is a need.<br />People need shelter.<br />
  8. 8. You might think you really need a new toy – but it is only a want.<br />
  9. 9. Medicine is usually a need.<br />
  10. 10. #2Supply and Demand<br />Supply is how much of something is available. <br />For example, if you have 6 apples, then your supplyof apples is 6.<br />
  11. 11. What is Demand?<br />Demand is how much of something people want. <br />If 6 people want apples, then we can say that the demand for apples is 6. <br />
  12. 12. Demand<br />><br />6 people want an apple<br />there are only 2 apples<br /> the demand is greater then the supply<br />
  13. 13. Scarcity<br />Think of a thing that you <br />like to have. <br />What would your life be like<br />if you suddenly couldn't <br />get any more of it?<br />
  14. 14. #3Scarcity…<br />People deal with this kind of problem every day. It's called scarcity.<br />It comes from the word scarce, which means there isn't a lot of it or it isn't always available. <br />
  15. 15. Scarcity is a measure of supply.<br />When strawberries are ‘out of season’ or scarce, then the supply of strawberries is low. <br />And if many people want to buy strawberries when none are available, then demand is high because of a low supplycaused by scarcity. <br />
  16. 16. When things are scarce, we have to make choices. <br />A choice you might have to make is how much you are willing to pay for something. <br />If strawberries are normally a low price, then they might have a higher price when they are scarce. <br />
  17. 17. #4 Interdependence<br />What do you use in your daily life? Do you listen to a radio?<br />Do you watch TV?<br />Someone made that radio and TV and your family bought them.<br />If you want to listen to the radio, watch TV, or read a book, you are dependenton someone else to make those things. <br />
  18. 18. Interdependence means that you as a person depend on other people for certain things. <br />The same is true of families, towns, and even countries. People like you, get different things from different people. In other words, you can't produce everything you need. <br />
  19. 19. #5Goods and Services<br />A good is something that you can use or consume, like food, CDs, books, a car or clothes. The idea is that you will use it, either just once or over and over again. <br />A service is something that someone does for you, like give you a haircut, fix you dinner, or even teach you Social Studies. You don't really get something solid, like a book or a CD, but you do get something that you need. <br />
  20. 20. The one thing that sets goods and services apart is the ability to touch them. <br />You can touch a good, but you can't touch a service. You can touch the result of a service but not the service itself.<br />
  21. 21. Sources<br />Ask Dr. Econ<br />Economic Education Web<br />Education World: PowerPoint, Creating Classroom Presentations<br />Kids Bank<br />Public Domain Clip Art<br />Social Studies for Kids<br />