Lesson 6 - The Power of the Purse | Pygg E. Bank Economic$

Kaltura

The mission of Economic Central is to influence good money skills. The goal is to educate students on the practical principles of money management. Our economy is built by spending income on durable goods and non-durable
goods. By spending your income, you become a consumer. Being a responsible consumer is making sure that you save and when you spend, do it with a good purpose. Through this lesson, students get an overview of the “power of the purse.” By having a better understanding of where money is spent and why, students can appreciate the power of a budget.

Vocabulary:

Consumer – one who acquires goods and services; buyer.
Consumer Durables – items that last a long time.
Consumer Non-Durables – tangible things such as food and paper products.
Consumer Services – things that other people do for us.
Durable Goods – items that last a long time such as furniture, cars, appliances.
Entrepreneur – someone who starts a business from scratch.
Non-Durable Goods – food, fuel, and other items that are very useful, but don’t last.