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6th Grade Information
Unit 1.1 Words:
Economics:
Understanding the cycle of money.
Financial Literacy:
Understanding the cycle of your money
Goods:
A physical item that satisfies a want
Services:
An action that satisfies a want
Scarcity:
Not enough to meet demand
Human Capital:
An individual's talents, skill and abilities.
Consumer:
An individual who uses a good or service
Unit 1.2 Words:
Withdrawal
To take money out of the bank
Deposit
Putting money in a bank account
Ledger
A money management tool to track deposits and withdrawals
Sales Tax:
Money added to the purchase of goods and services for the purposes of the local government.
Income Tax:
Money paid directly from your income for the purpose of the Federal government
Net Pay:
Money earned after taxes, also know as Spendable Money
Gross Pay:
Money earned before taxes
Unemployed:
Don't have a job
Actively looking for a job
Job:
Money earned by completing tasks
Career:
Lifelong jobs based on specialized Human Capital
Income:
Money Earned by providing a good or service from your Human Capital
Wage:
Money earned per hour by providing goods and services from your human capital
Salary:
Money earned per job by providing goods or services for your Human Capital
Unit 2.1 Words
Budget- A spending and savings plan based on income and expense, over a specific period of time, Tell EVERY dollar where to go
Unplanned- A payment for goods or services that you did not expect.
The three different kinds are Emergencies, Impulse Purchases, and Urgent Need
Planned- A payment for goods or services that you expect
Expense- A payment for goods or services
Variable- Payment for goods or services that changes from month to month
Occasional- Payment for goods or services that occurs once or twice a year
Fixed- Payment for goods or services that stays the same from month to month
Unit 2.2 Words
Emergency Fund
A savings for emergencies and urgent needs that has 3 to 6 months of of income
Inflation
Increase in costs of g/s due to the supply of money
Investment
Purchase of an item with the purpose of resale and profit
Mortgage
Home loan
Principal
The original amount
Interest rate
A percentage of the debt paid for borrowing money
Interest
Money paid for borrowing money
Credit Card
A plastic card that allows for the exchange of money from your future via a signature
Debit Card
A plastic card that allows for the exchange of money from your bank via a pin number
Credit
Money lent
Debt
Money owed
7th Grade Information
Revenue:
Money received for the sale of goods and services.
Cost of Production:
The cost to produce one good or service.
Capital Resource:
Goods that assist in producing other goods and services
Natural Resource:
Items that occur in nature without human intervention.
Intermediate Good:
Goods that are used up in producing other goods and services
Business Plan:
A living document that identifies you business strategies and goals.
Entrepreneur:
One who accepts the risk of organizing a business.
Mentor:
Someone/individual with human capital that guides a mentee based on the mentee's desired skill set.
Mentee:
Someone/individual who accepts the teachings of a mentor.
Advertisments:
A public notice promote a good or service.
Target Market:
A specific set of consumers for which a product is intended.