Spending documentary

The Grade 4 students watched a documentary yesterday about spending and investing money and wrote down notes.
As they left the room for lunch they all shared something they had learned - without repeating a previously shared fact.

Here are some of their reflections

• In Ancient times people used to trade or barter for what they needed. Ie swap milk for bread.
• Aztecs used cocoa beans as currency.
• Some cultures used shells as currency.
• 300 years ago the Chinese made pieces of metal for currency but they were very heavy to carry around so then they started printing on paper. This was the first paper money.
• Goods are things we make or grow.
• Services are jobs people do to help others.
• Money does not grow on trees (thanks Tommy).
• Paper money is printed and coins are minted.
• Checks, money orders, debit cards and credit cards can also be used to buy things.
• If you buy or sell anything you are part of the economy.
• Saving is putting some money away.
• Investing is using money to make more money.
• Needs are things you cannot live without. Shelter, food, clothing.
• Wants are things you would like to have or do.
• Scarcity is when there is not enough of something.
• Opportunity cost is what we do not have so we can have something else. Example - girl in video chose to go to the movies with her friends. The video game she was thinking of buying was the opportunity cost.
• Income can also be called salary or wage. This is the amount we get paid for doing a job.
• Budget is the record of money you have and how you plan to spend and save.
• Smart consumers make up their own minds about what they need and want. They shop around.
• The economy is INTERDEPENDENT. Each part is affected by all the other parts.