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Economics-Grade 3

Hannah Wright

on 21 April 2010

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Transcript of 4/13/10

Using Money income The amount of money recieved in exchange for work or goods. budget A plan for how to use money. interest Money that banks pay you for leaving your money there. What would you do if you had fifty dollars? What is money? Money can be anything that is widely accepted in exchange for good and services. For example, if I wanted to give my mom flowers for Mother's Day, I would need to use money to pay a florist in exchange for a bouquet of flowers. Money or Barter? Most people around the world use money to pay for goods and services, but many people barter as well. Barter is the direct trading of goods and services. It allows people to get what they want when they do not have money to spend. For example, if you trade carrot sticks for cookies, you are bartering. Earning and Spending To earn money, people work. Your parents go to work every day so they can provide a house, clothing, food, and many other things for you. When people work, they earn different incomes for different jobs. People who go to college usually earn a higher income than those who do not. Being Smart About Money People make budgets to decide the best way to use their money. A budget can help you see how much money you have to spend. Saving Money Many people save the money they make so they can buy things such as cars, homes, and school tuition. Saving money is a good way to prepare for the future. To save money, people may put it in the bank. Banks help you save or borrow money. When you save money in a bank, your money earns interest. Income is the money people earn for work. A budget is a plan for using money. Interest is the money the bank pays you for keeping your money there. Discuss with your neighbor:
The meanings of income, budget, and interest.
In what ways are bartering and money alike AND different?
Name two ways people can earn money.
Make a sample budget for one week. Plan how you would use ten dollars. Include the things you would buy and the amounts that you would spend and save.
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