3rd Grade ABC's of Economics

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Information about 3rd Grade ABC's of Economics

Published on March 20, 2014

Author: nlcates

Source: slideshare.net


3rd Grade ABC's of economics. Goes over basic vocabulary.

A is for Advertisements. A way to show off a good or service to make people want to buy for specific reasons. B is for Banks. Banks store our money until we need it. C is for Cost. How much does this cost? A price you pay for something.

D is for Demand. Demand is how much you want something. The higher the demand the high the price. E is for Entrepreneur. An Entrepreneur is a person with an idea who takes Risks to organize and start a business. F is for Finances. Finances is another word for managing a lot of money.

G is for Goods. Goods are produced by a business. People buy them. You can see and touch them. H is for hard work. Entrepreneurs work hard to organize and start a business. I is for Income. Income is money you receive on a regular basis for doing a job.

J is for Job. A job is work that can be done to earn money or for a reward like an A on a test. K is for Key. The Key to a successful business is hard work. L is for Loss. A loss is when you spend more than you make.

M is for money. We all know what that is. N is for Needs. Needs are things we have to have. Food Water Shelter O is for Option. Option is the choice you have. You have the option to eat burgers or chicken.

P is for Profit and Product. Profit is the extra money an entrepreneur makes after all his bills are paid. Product is what the entrepreneur sells. Q is for Quality. Quality describes the condition of something. The quality of your work (good or bad) depends on what you put into it. R is for Risk and Resources. Risk is the chance a person takes and could lose everything. Resources are what you have available to make something.

S is for Services. Services are something you get done and pay for. Haircut- car wash. T is for taxes. This is money paid to the government to help pay for schools and roads. U is for Up. When the economy is up businesses are doing good.

W is for Wants. Wants are things we don’t need. Toys and electronics are examples of wants. I want a new I phone. X is for the missing value. Entrepreneurs try to figure how much money they will make. X is the unknown number. X+$500= $700 Y is for You. You can be an entrepreneur one day if you work hard. Z is for Zero. There is zero/nothing left in this presentation!

The End Credits Images Google Images (n.d.) www.google images.com Hall, A. (2008) Show Me The Money. New York, New York. DK Publishing

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