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For a couple of weeks now we have been talking about economics. Economics is, “the branch of knowledge concerned with the production, consumption, and transfer of wealth.” In economics there is things like goods, services, opportunity cost, supply and demand. Goods are anything that anybody wants or needs like groceries or a toy. Services show the performance of any duties or work for another. Next up is opportunity cost, opportunity cost is the money that is lost when pursuing a particular course of action instead of a mutually-exclusive alternative. Last but definitely not least is supply and demand. Supply means how many of something there is for somebody to purchase. Demand means how many people wish to buy that good or service.
In class we are doing checkbooks. You know how when your parents pay bills they usually use a checkbook. Well, we are doing something very similar. Every two weeks we get paid 879.16. After a couple days of getting paid we pay bills. We have to pay bills like electric, rent, gas, plumbing, sewer, and car insurance. Also last week we had to pay for groceries so that cost money as well. Every once in a while we get money for homework, one-hundred percent on vocabulary, bonus work, and many other things. These checkbooks have made me realize how much money things actually cost. It’s crazy how much things cost these days. I think when I grow up I will be a saver because you never know when a “rainy day” will come and you need some money. It’s important to save for a “rainy day” because you do not want to go into dept.
– Gwen Varley