Economic Central is dedicated to providing a clear understanding of basic finance. In this lesson, the question of where money goes is addressed in basic terms. An explanation is given as they follow the exchange of money for a purchase. The money is followed through the circular process of banking. Currency, check, debit cards, and credit cards are explained. The economy of saving and borrowing is described in student terms. What you do with your money determines your financial worth.
- Checks - printed piece of paper that you fill out.
- Consumer - one who acquires goods and services; buyer.
- Currency – paper or coin money used as an exchange for purchase.
- Debit Card – looks like a credit card; used to replace paper checks.
- Deposit – money placed in a bank account in the name of an individual or business.
- Discount – to reduce in cost.
- Exchange – to give or take in return for something else.
- Money – paper or coin currency used as an exchange for purchase.
- Sale – discount on purchases saving money.