Transcript Document 7881428

Exploring
Economic
Choice
Economic SOL 2.7
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What is
economic
choice?
Do you make economic choices?
You make an
economic
choice when
you select
something
while giving up
something
else.
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Can you think of a time when
your economic choice was a
difficult one?
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Sometimes we
must save our
money in order
to buy
something we
really want.
Save or Spend?
People must
make
economic
choices to
buy goods
and
services.
There are
different
ways to
buy goods
or
services.
Can you think of a time when
you didn’t use paper money or
coins to buy a good or service?
Barter is the exchange of
goods and services
without the use of money.
Have you ever used the barter system to
get something you want?
Barter is trading.
If you have traded toys or video games
with a friend, you have used the barter
system.
Barter is a great way to
get something you want
by giving up something
you don’t want anymore.
If people don’t have
anything to barter or the
money for what they
need, they could use
credit.
Credit is trusting people
to buy goods or services
and paying for it later.
Have you loaned a friend milk money and
they promised to pay it back later?
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People today
use credit
cards to make
paying by
credit easier.
The credit card is a
substitute for paper money at
the store. They must pay
later when they use the
credit card.
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Another way to buy goods
and services without paper
money is with checks.
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Checks are written promises
that the consumer has the
money stored in the bank to
pay for the goods and
services.
Banks hold the money
and keep it safe.
When a person writes a
check, the bank sends
their money to pay for the
good or service.
Instead of carrying a
large amount of paper
money, people prefer to
use checks because they
are safe.
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People use
paper money
and coins to
pay for goods
and services.
Coins and
paper bills are
called cash.
Cash comes in many
different amounts.
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When you make
an economic
choice do you
like to pay with
cash, checks,
or credit?
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