Exploring Economic Choice

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Exploring Economic Choice
Economic SOL 2.7
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What is economic choice?
Do you make economic choices?
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You make an economic choice when you select
something while giving up something else.
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?
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People must make economic choices to buy goods
and services.
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There are different ways to buy goods or services.
Can you think of a time when you didnt use paper
money or coins to buy a good or service?
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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?
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Barter is trading.
If you have traded toys or video games with a
friend, you have used the barter system.
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Barter is a great way to get something you want
by giving up something you dont want anymore.
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If people dont have anything to barter or the
money for what they need, they could use credit.
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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.
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Banks hold the money and keep it safe.
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When a person writes a check, the bank sends
their money to pay for the good or service.
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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.
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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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