ABC of Economics

By: Nora Cates

A is for Advertisements. A way to show off a good or service to make people want to buy for specific reasons.

B is for Banks.

Banks store our money until we need it.

C is for Cost.

How much does this cost? A price you pay for something.

D is for Demand. Demand is how much you want something. The higher the demand the high the price.

E is for Entrepreneur.

An Entrepreneur is a person with an idea who takes Risks to organize and start a business.

F is for Finances.

Finances is another word for managing a lot of money.

G is for Goods. Goods are produced by a business. People buy them. You can see and touch them.

H is for hard work.

Entrepreneurs work hard to organize and start a business.

I is for Income.

Income is money you receive on a regular basis for doing a job.

J is for Job. A job is work that can be done to earn money or for a reward like an A on a test.

K is for Key.

The Key to a successful business is hard work.

L is for Loss.

A loss is when you spend more than you make.

M is for money. We all know what that is.

N is for Needs.

Needs are things we have to have. Food Water Shelter

O is for Option.

Option is the choice you have. You have the option to eat burgers or chicken.

P is for Profit and Product. Profit is the extra money an entrepreneur makes after all his bills are paid.Product is what the entrepreneur sells.

Q is for Quality.

Quality describes the condition of something. The quality of your work (good or bad) depends on what you put into it.

R is for Risk and Resources.

Risk is the chance a person takes and could lose everything.

Resources are what you have available to make something.

S is for Services. Services are something you get done and pay for. Haircut- car wash.

T is for taxes.

This is money paid to the government to help pay for schools and roads.

U is for Up.

When the economy is up businesses are doing good.

W is for Wants. Wants are things we don’t need. Toys and electronics are examples of wants. I want a new I phone.

X is for the missing value.

Entrepreneurs try to figure how much money they will make. X is the unknown number. X+$500= $700

Y is for You.

You can be an entrepreneur one day if you work hard.

Z is for Zero. There is zero/nothing left in this presentation!

The End

Credits

Images

Google Images (n.d.) www.google images.com

Hall, A. (2008) Show Me The Money. New York, New York. DK Publishing