Junior Achievement 3 1 Bank On It

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Junior Achievement 3. 1 “Bank On It”

Vocabulary Review Time! Income: The payment for the use of resources n Scarcity: A situation where wants are greater than the resources available to satisfy those wants n

New Vocabulary n Bank: A place of business that receives money, lends it to borrowers, and provides other services, such as checking accounts and safety deposit boxes n Credit Union: A financial institution owned by its members that provides savings and checking accounts, loans and other services

…More Vocabulary n Circular Flow: The movements of goods, services, resources, and money between households and businesses n Households: Families or individuals who pay money to businesses for goods and services

Savings is an important step on the way to financial well being, both in the short term and the long term. ~www. investorguide. com Do you agree with this statement? Why or why not? If you received $10. 00 from someone for your birthday, how much of it would you save?

Customers deposit their money into banks or credit unions for safe keeping. Usually people put their money in checking accounts so they can pay bills and buy goods and services…. Then people write checks to access their money.

Banks As A Business! Online Banking Credit Cards Safety Deposit Boxes Automatic Teller Machines (ATM) Savings Accounts Banks provide services such as: Checking Accounts Personal Loans Debit Cards

$$$ All Around JA Biz. Town Bank LO A P DE Stu t en d T SI S NS Business O BUY MERCHANDISE SALARY

Economic Flow in a Free Enterprise System… In a free enterprise system money flows in a circular direction, sometimes in both directions. The people put money into banks and banks use their money to help businesses. Then people buy goods or services from those businesses.

Households pay money to businesses for goods and services. This makes the flow of money go back and forth between households and businesses.

Remember…businesses are companies that make or sell products or provide services to customers.

Businesses also pay money to households (people) in exchange for resources such as work.

Remember that banks, credit unions and other financial institutions play an important day-to-day role in the operation of the economy and the circular flow! Now it is time to see how much you remember… Turn to PG. 27 in your workbook.

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