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Social Studies UnitEconomic Understandings
By Ms. Cuthrell
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Predict what our unit will be about. Look at the pictures.
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What is currency and how does it relate to goods and services?
•After brainpop video
Essential Question
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Currency
• Currency is the form of money that people in a country use.
– Synonyms: money, coins, and cash
– In the United States, people use dollars and cents as currency
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Examples of Currency United States China
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Goods • Goods- are things people buy or sell
– Goods are always things or objects, NEVER actions or activities
– It is good for the economy when people buy and sell goods
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Services• Services- are forms of work people do for
other people– Service contains the word serve, which means
“to work for”
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Goods Goods ServicesServices
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“Should I buy a yo-yo now or save for a new bike?”
If you have ever had thoughts like these, you already know something about making economic choices.
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Essential QuestionWhat do we want to know by the end of our unit?
How do consumers and producers benefit from interdependence?
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Costs
• Costs- negative results (-)– noun, that can refer to a price that is paid– The price of a choice might be paid with the
money or an opportunity that is lost
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Benefits
• Benefits- are positive results (+)– noun, synonyms for the word benefit are
advantage, profit, and gain
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“Oh no! We don’t have enough!”
• Scarcity- a lack of goods or services– Synonyms for scarcity: shortage and lack– Scarcity takes place when people who make
goods or provide services cannot provide enough for everyone who wants them.
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Making Choices
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Producer– Producer- someone who makes and sells goods – Produce is the base word in the word producer.– Synonyms: “make” or “create”
1.) A farmer grows crops and sells them to
people. A farmer is a ___________.
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Consumer– Consumer- someone who buys the goods or services
sold by a producer– Synonym for consumer is buyer.
2.) If a farmer grows crops and then sells them, the person who buys the goods from the farmer is called the ______________.
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Interdependence
o Farmers in Georgia sell their crops to consumers in other states.
o The farmers depend on consumers to make a living. Consumers depend on farmers for food.
Farmers and consumers are Farmers and consumers are interdependentinterdependent..