Economics is the study of money and how it's used in our society.
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GOODS
Goods are things you can make or grow to sell. examples: corn, cars, paper airplanes, houses, clothes, video games
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SERVICES
Services are work done by someone else examples: teachers, baby-sitting, dog walking, washing the car
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PRODUCERS
Producers are those who make or perform the goods or services. examples: farmers, taxi drivers, artists, cooks
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CONSUMERS
Consumers are those who buy the goods or services. examples: shoppers, train passengers
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BARTERING
Bartering is similar to trading. Each person determines what they agree to trade for the good or service. Someone may be willing to trade more for something they really want. |
COST/BENEFIT ANALYSIS
A cost is what you give up when you decide to do something. A benefit is what you gain when you decide to do something. Cost/benefit analysis is when you decide whether the benefit is worth the cost. |
orange: goods/services green: producers/consumers red: bartering blue: cost/benefit analysis
Taxes
April 15 is tax day. Citizens pay taxes in many ways. The government use the taxes to pay for things in neighborhoods, cities, states, and federal. Taxes pay for things like schools, parks, and hospitals. They also pay for police, firefighters, and teachers. People pay taxes on the money they earn from their paycheck. People also pay taxes when they buy things. Look at your receipt next time you are at the store!
Tax Video
Tax Article
If You Were President Game
File your taxes here
Tax Video
Tax Article
If You Were President Game
File your taxes here
