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Economic Reasoning

Economic Reasoning

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Author: Maria Hernandez
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History: 3.5 Students demonstrate basic economic reasoning skills and an understanding of the economy of the local region.

3. Understand that individual economic choices involve trade-offs and the evaluation of benefits and costs.


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Tutorial

Money

What is money?

Different types of money.


Why do we need it? 

Need Want Needs vs. Wants 
food 
water
clothes
shelter

*comfort: car, nice clothes, own a home, etc..

*luxuries:
new car, brand/expensive clothes, mansion
Wants and needs anchor chart by bw9952


Counting Money

Picture

Different money carries different value.

Trade Offs

Local vs. Foreign Made Products

Local made (United States of America, because that is where we live)

Some of the major crops grown in America:

  1. Corn 
  2.  Soybeans 
  3. Cotton 
  4. Wheat

Foreign made (somewhere outside of local place, in our case outside of U.S.A) products

  1. Coffe, tea, and spices (Mexico, Brazil, Italy, Columbia, etc..)
  2. Fish and shellfish (Canada, Chile, China, Thailand, etc..) 
  3. Dairy products (New Zealand, France, Spain, Mexico, etc..)