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6th Grade Economy
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What ages do the active population include?
ages 16 to 67
What is the unemployed population actively looking for?
They are looking for work
Who are all the people who are unable to work called?
Inactive population
People who are older and no longer work are called what?
retired
Who are the people that carry out very important activities in society and don't receive any pay?
unpaid workers
What is an example of unpaid workers?
Parents that stay at home to take care of the house and raise their children
What are volunteers?
People that help society in their free time
Are volunteers part of the group of unpaid workers?
Yes!
100 years ago in Spain most people in Spain lived in _________
villages
At first, people in Spain worked in the _________ sector
primary
What activities did Spanish people do in the primary sector?
livestock, and crop farming
What percentage does tourism account for Spain's total income?
11%
Why is tourism good for the economy?
people spend money on different services, and it creates jobs
What is the third source of income in Spain's economy?
Tourism
Before there was money, there was....
bartering/exchanging of goods
What did many cultures use to exchange ?
cattle/grain
What was one issue with exchanging goods?
goods could lose value/ animals could get old or die/cereals could spoil
What was the first form of money?
animals skins/salt/shells
What place/modern day counry did the first coins appear in?
The Kingdom of Lydia (modern day Turkey)
What were the first coins made of?
Gold and silver
What does the word "flourish" mean?
develop quickly
Why was the systems of coins not perfect?
They were very heavy to carry and people often stole them
Where did people put their coins?
Into a bank
What does "deposit" mean?
put something somewhere for safe keeping, (deposit money into a bank)
In exchange for coins, what did banks give people?
receipts in the form of a piece of paper
In what age did the bank notes first appear?
Modern Age
What money do we use in present day?
Flat money
Who determines how much coins and banknotes are worth?
Governments
What is an example of money in the future?
plastic money(credit cards)/online shopping
What is it called when you deposit money and use it later?
saving
What are the three types of consumer expenses?
fixed, variable and unexpected
True/False: Fixed expenses are different every month.
False/ They are the SAME every month
What is 1 example of fixed expenses?
food/petrol/household bills
True/False: Unexpected expenses are irregular expenses that you cannot predict
True
What are variable expenses?
They are not always the same every month and we can only estimate their total cost
What are the two means of payment?
Cash and Credit
True/False: You use cash to make large purchases.
False
What does "borrow" mean?
It means to use or take for a period of time but will return eventually
What does a bank charge you if you use a credit card?
interest
What is a "loan"?
a thing that is borrowed, like a sum of money


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