Term 1 EMS revision

Money and bartering

Advantages: flexible, no waste, fair use of resources

Disadvantages: hard to value items, dishonest trades, hard to find matches

Electronic banking (EFT)

Advantages: convenient, fast, 24/7 access, no cash needed

Disadvantages: needs internet, risk of fraud, impersonal.

Needs and wants

Needs are essential like food, water or shelter and wants are nice to own. Unlimited wants vs limited resources cause a scarcity problem

Producers and consumers

Producers make goods/services and consumers buy and use those goods/services

House holds

Producers provide labor and make goods, consumers use goods/services and create work

Using resources wisely

Save scarce resources like water, eg. Turning taps off, collecting rain etc.

Recycling and reusing

Make new from used, less waste and pollution and extend item life.