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Year 7 Economics

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Emma Kerbey

on 18 November 2014

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Transcript of Year 7 Economics

Year 7 Economics

design by Dóri Sirály for Prezi
What is Economics?

How people manage resources
to be able to satisfy the needs
and wants of the world.
Needs and Wants
Everyone is a consumer (someone who buys things and uses services). Everyone has needs and wants...... and we spend a lot of money trying to satisfy them!!
The Four Functions of Money
Spending and Payments
What do your parents typically spend money on for you and your family?
Goal
What will I learn?
You will learn:
* Needs and wants.
* Functions of money.
* Earning an income.
* Spending & payments
* Budgeting
KEYWORDS

Economy Income Profit
Import Export Producers
Goods Consumers Trade
Services Savings
Using your ipad write down the following words and find their definition:
WHAT IS THE DIFFERENCE BETWEEN THINGS WE
NEED AND THINGS WE WANT?
How might this change depending where
in the world we live?
ACTIVITIES
1. Define the term 'Need and 'Want'.

2. List five goods/services that you 'NEED'. Explain your answer.

3. List five goods/services that you 'WANT'. Explain your answer.
Look at page 2 'Different Worlds' Read about James and Salia.
Answer question 4 on page two in full sentences.
Money is anything that people accept in return for goods and services.

HISTORY OF MONEY:
* Bartering
* Food and Livestock swapping
* Coins were first used in China in 600BC !!

WHAT IS MONEY?
THE FOUR FUNCTIONS OF MONEY
1. Money provides a standard unit of exchange.
2. Money makes exchange possible and quick.
3. Money allows people to pay later (credit).
4. Money allows us to store wealth (savings).
THE FLOW OF MONEY
Money is constantly flowing - work, labour, income, pay bills/goods/services - Businesses use the money to pay suppliers and make profit and then grow and employ more people who...... work, labour, income.......
CREATIVE TASK
Create a poster with factual information and two pictures showing:
* What money is?
* The history of money?
* The Four Functions of money?
* The Flow of money?
You can use pages 7-9 of your Economics Booklet to support your work.
CHALLENGE: Research whether any countries today use bartering, and then research early forms of money (who used it and what was it like?
INCOME?
KEY TERMS
Add the following terms to your economics glossary:

Income Wages Salary
Commission Superannuation Welfare payment
Pocket Money
ENRICHMENT
Income : Monetary payment received for goods/services.
Wages: Money that is paid or received for work/services.
Salary: A fixed wage paid to a person for regular work.
Pocket Money: Money for small expenses.
Commission: Paid entirely or partially from a sale which has been made or work done.
Superannuation: A pension or allowance payment
Welfare Payment: A minimal payment made to support citizens in time of need.
What is the difference between earned income and unearned income? pg11

EARNED INCOME: Wages, Salary, Commission, Fees and Rent.
ACTIVITIES PAGE 11-15
UNEARNED INCOME: Payments made to people in time of need:
Sickness
Unemployment See page 21
Child care Challenge: 25/26
Disability
Clothes
Health and personal
care
Food
Household equipment
& operation
Transport
Housing
Recreation
Education
SPENDING
CATEGORIES
7SEAE (alternative lessons)
Money comes in and out: pg 28
Questions 1 & 2
Challenge: On your own look at
question 4 and respond in full sentences.
HOW DO WE PAY FOR THINGS?
HOW DO WE PAY
FOR THINGS?
HOW DO WE PAY FOR THINGS?
CASH
CHEQUE
EFTPOS
BPAY
CREDIT
ATM
Use 29-31 to add to your fun puppet pals story
Alternative class activity:
Using pages 29-31 complete the charts on page 32-34. You will begin by using the booklet , but then you will need to do your own research too.
CHALLENGE:


WHICH PAYMENT METHOD WOULD YOU
RECOMMEND AND WHY?

WHICH PAYMENT METHOD WOULD YOU
AVOID AND WHY?
ADVANTAGES AND DISADVANTAGES OF CREDIT CARDS
Credit Research: www.fido.gov.uk
Credit, credit debt, credit stories, fact sheets
and scams.
Check knowledge of ATM, EFTPOS
BPAY, Cheque, Cash, lay-by, direct debit.
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