Money and our economy

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The economy

Back

using the resources we have in the best possible way

Front

The four resources necessary for a healthy economy:

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Natural resources, labor, management capacity, and capital.

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financial literacy

Back

develop the five important areas in money management

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5 areas of financial literacy

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spend, save, earn, borrow, and protect

Front

earn

Back

earn money through work (labor), interest/profits through investments or business ventures

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spend

Back

using your money to buy items you need or want, including investing

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save

Back

putting money in a safe place for future goals, needs/wants, and emergencies

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borrow

Back

Get a loan for money you don't have.

The loan generally includes fees and interest to be paid on the loan. Credit cards are a type of loan.

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Protect

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Put your money in a safe place like a bank or credit union.

Also, know how to prevent tech thieves and scammers from accessing your money.

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management ability

Back

This resource involves using people to organize, direct, plan, and develop the use, sale, and transportation of different resources.

Example: A hotel manager may be responsible for hiring, scheduling, and determining the types of people needed to work in a hotel.