USING MONEY!

What would you do if you had $50.00?

*Thinking about your choices can help you use your money wisely.

Some background knowledge for your brain…

Whale teeth were used as a source of money.

At about 1200 B.C. in China, cowry shells became the first medium of exchange, or money. The cowry has served as money throughout history even to the middle of this century. 

What is Money?

Money is anything that is widely accepted in exchange for goods and services.

MONEY or BARTER?

I read that using money is easier than bartering. But why?

It says that money is easier to carry and money has a SET worth. If I barter, I would have to come to an agreement about the goods or services to be traded.

*Bartering is a way for people to pay for goods and services if they do not use money.

Earning and Spending

Income: the money people earn for workMAIN IDEA: People use the income they

earn to pay for goods and services

Budget: a plan for using money.

Think: If a person trained to become an EXPERT in a special field, what could we INFER about his or her income?

SAVING MONEY!

To save money, people may put it in a bank. The longer you keep your money in the bank, the better INTEREST it earns.

INTEREST: the money the pays you for keeping your money there.