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Social Studies SOLs 2.7 & 2.8 |
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| Vocabulary words to know: | |
| economic choice | the choice or decision among alternatives |
| barter | the exchange of goods and services without the use of money |
| cash | money or currency like coins and paper bills |
| checks | written permission that tells a bank to pay money as instructed |
| credit purchase | the practice of buying a good or service now and paying for it later |
| bank | a business where people can save money and earn interest |
| savings account | a bank account where money is deposited and earns interest |
| investments | stocks, bonds, real estate, and other goods purchased in hopes that their value will rise |
| value | what goods and services are worth |
| interest | the money the bank pays you to keep your money in a savings account |