Economics!

We have been learning about economics for a few weeks.  Now is your chance to tell us everything you know about economics!  Tell each other what you know about goods, services, opportunity cost, supply and demand, etc.  Talk about how your classroom checkbook and finance lessons have helped you gain more perspective to economic issues. Will you be a saver or spender when you grow up?  Why is it important to save for a “rainy day?”

Well, let’s start off with what I know about goods and services! Goods are things such as food, clothes, water, and other things. Services aren’t exactly something you use, but rather help you get. Like haircuts, taking your trash, and even school! There are some goods and services you don’t need, like toys, makeup, going to a spa, and more. These are wants, things you don’t need. But, that doesn’t always mean you can’t get them! Needs are things that are vital to live, and wants are things that you not need, but make you happy and comfortable.

Supply and demand are two different things that effect each other. Supply is how much of a good or service there is. Demand is kind of how much people want those things. When there is a high demand, there’s a low supply. This makes something scarce, and most stores raise the prices so less people buy the things, and can get a higher supply. When there is a low demand, the supply goes up. That’s when they get to much of an item, and stores lower the price so more people buy the item. So pretty much the opposite.

Having a checkbook in class has helped me learn a lot about how to pay for things and how it’s going to be like in the future. It’s also helped me realize how to handle my money and not spend it on useless things. I even learned what it would be like to live with a friend.

When I’m older I will definitely be a saver. I will only really get wants when I get a little extra money for it. I need to save up for college, because I either want to be an animator, comic artist, or art seller (sell my own art). I want to go to art college simply because I want to improve. So, I will be a saver for college and anything urgent.

I don’t really know why you should save for a rainy day, so I’ll just leave it at that.

Anyway, that’s the end of this post. Have an amazing day, bye! (and happy February)

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