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Do your parents love getting a good on something they needed to buy? A can be defined as a purchase made at a price advantageous to the buyer. This usually means a low price, of course. In essence, a is a "good deal."

Does a mean you bought something on sale? Are all sales bargains? The answer to both questions is "not necessarily ." Something doesn't have to be on sale to be a . And, as you'll learn, not all sale items are bargains.

The companies that manufacture products and the stores that sell them want to make money. People that need or want these products want to spend as little money as possible. With these competing interests, it's easy to see why getting a good isn't always easy.

If your parents take care of most of the in your family, you may have never given much thought to how to be a - that's a fancy word for "smart" - shopper. Learning how to manage your money wisely, though, is an important lesson for all kids to learn.

Once you start to work to earn money, you'll realize that work is exactly what it sounds like...hard work! You'll want to keep as much of your money as you can, while also satisfying all your needs and as many of your wants as possible. The best way to do that is to learn how to be a smart shopper.

Here are a few simple ways you can be a shopper. Use these ideas to help your parents whenever you go with them:

Price: If you want to save money, then an item's price should obviously be a big . If there are no other factors to consider or if all other factors are equal, then going with the cheapest item usually makes sense. While price is usually an important , there are often other things to consider.

How much of a product do you need? Smaller quantities are usually cheaper, but our "Try it out!" explains how you can save money by buying larger quantities, since manufacturers often offer better deals on larger quantities (buying "in "). Just realistically evaluate how much of a product you need. If you waste or don't use part of your purchases, you won't end up saving any money by buying larger quantities.

In addition to , you should always consider . To the extent that is a matter of opinion, it might help to think of in terms of preference instead. For example, generic products are often just as good as brand-name products, and they're usually much cheaper. However, if you've had a bad experience with a product or really prefer the taste of a particular food product, then it's probably best to go with what you prefer, even if it's a bit more expensive.

Discounts: When for an item, keep an eye out for discounts, such as coupons, in-store specials, sales and rebates. Don't assume that sale items are good bargains, though. Do your research and make sure that items "on sale" can't be purchased cheaper at other stores or online.

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Do your parents love getting a good on something they needed to buy? A can be defined as a purchase made at a price advantageous to the buyer. This usually means a low price, of course. In essence, a is a "good deal." Does a mean you bought something on sale?

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Today's Wonder of the Day was inspired by Shemaiah. Shemaiah Wonders, " How do Credit/Debit Cards work ? " Thanks for WONDERing with us, Shemaiah!

Instead of writing checks or paying in , many modern consumers for their purchases with debit or credit cards. A few decades ago, this wasn't the case. People needed and checks to for groceries, haircuts, dinners, movies, and other goods and services at the time they purchased them.

Credit cards have been around since the 1950s, and debit cards have been around since the 1970s. Despite their relatively young , there are now more than a billion credit cards and debit cards tucked away in American wallets.

It may seem strange that a piece of plastic can for the same things as a one hundred dollar bill, but most merchants gladly accept both. Let's find out how debit and credit cards work, and learn what gives plastic its purchasing power.

Debit cards are linked to a bank account. When you use your debit card, you give the permission to make an electronic withdrawal from your bank account. When you go shopping with a debit card, the amount of each purchase is taken out of your account, and the money is used to the .

In order to use a debit card, you must have enough money in your bank account to cover the of your purchase. If you buy a $15 book, you must have at least $15 in your account.

Credit cards and debit cards may look alike, but they don't work exactly the same. Credit cards are issued by banks and lenders. Unlike debit cards, which use money from your own bank account to for purchases, credit cards for purchases using money from the 's account.

Each time you make a purchase with a credit card, it's like taking out a tiny from the bank that issued your card. When you accept the credit card, you agree that you will back the money you from your each time you charge a purchase.

The bank keeps track of each purchase you make with your card and sends you a monthly telling you how much money you have charged on your card and what you need to repay.

When you receive your credit card bill, you have two options. You can the entire amount you owe, or you can part of the total.

If you only part of the total you owe, the bank will charge you an extra fee for borrowing its money. This is called "." is typically a certain percentage of the total money owed on your credit card.

Let's look at another example. If your family bought $500 worth of groceries in one month using your debit card, $500 would be withdrawn from your bank account.

If you bought the same $500 worth of groceries using your credit card, however, no money would be withdrawn from your bank account. Instead, you would for that purchase using the bank's money.

At the end of the month, your credit card would arrive. The would show you had spent $500 to buy groceries using the bank's money.

You would have the choice of paying the entire $500 owed or only part of it. Let's say you $100, leaving a $400 balance on the credit card that you off the following month.

If your credit card has a 10 percent rate, you would also owe another $40 in (10 percent of the outstanding $400 balance). This $40 is added as payment for the convenience of using the bank's money to for your groceries when you first bought them.

That means that instead of a $500 shopping trip, your groceries actually $540 in the end.

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Are Debit Cards and Credit Cards the Same?

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Today's Wonder of the Day was inspired by Shemaiah. Shemaiah Wonders, " How do Credit/Debit Cards work ? " Thanks for WONDERing with us, Shemaiah! Instead of writing checks or paying in , many modern consumers for their purchases with debit or credit cards. A few decades ago, this wasn't the case.

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There it is. That thing you've been wanting for months now. What is it? It could be a bicycle or a skateboard. Maybe it's a new laptop or a tablet computer. Perhaps it's a cell phone or a new pair of soccer .

If you only had that one thing, you'd be so happy. But it's . And you don't have the money to buy it. What can you do? Working for spare cash and saving your money over time would work. But that might take a while.

Maybe you could the money from a friend or family member and pay them back over time. That way you could have what you want now and pay for it later. Doesn't that sound great? There's only one problem: you have to go into .

What is ? is an obligation to repay someone money that you have borrowed. usually involves paying , too. is like a paid to the one you from for the of using their money for a period of time.

For example, if you $100 from your parents to buy a new bicycle, they might have you pay them back $110 over time. That extra $10 - 10% of the total borrowed - is a that reimburses them for the use of their money.

When banks lend money to their customers, they charge , too. That's one way banks make money to stay in business. Banks lend money for all sorts of reasons, like to buy a new house or car.

You can also go into by charging purchases to a credit card. Banks credit cards to allow people to purchase things they need or want and pay for them over time.

Unfortunately, can become a huge if you're not careful. Borrowing too much money can make it difficult to stay on top of your . When you owe more money than you make in , people say you're "in the red."

This comes from the old accounting practice of showing negative numbers on a in red ink. Black ink represents positive numbers. So if you're making more money than you're paying out in expenses, you're "in the black."

Most people have to go into at one time or another for various reasons. For example, to go to college, you may need to money for . Likewise, houses can be very . The only way some people can afford to live in a house is to the money from a bank.

You can pay for these items over many years with the you make from a job. You just need to be careful not to too much money, or you will soon find that your does not cover the payments you need to make. Then you'll be "in the red" and that's not where you want to be!

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There it is. That thing you've been wanting for months now. What is it? It could be a bicycle or a skateboard. Maybe it's a new laptop or a tablet computer. Perhaps it's a cell phone or a new pair of soccer . If you only had that one thing, you'd be so happy.

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Do you enjoy school? Or are you ready to enter the ? If you've ever gotten a taste of earning your own spending money, getting a job may sound like a good idea.

Trust us, though. Enjoy school while you can and make the most of it! The things you learn in school will help you build a foundation upon which you can build a fantastic future!

Work is a reality of grown-up life. Some people have jobs they love, while others work all their lives in jobs that are unsatisfying . It's important to have passion for the work you do, because you spend a lot of your life doing it!

Not everyone works at a typical job, though. Sometimes people start their own businesses and work for themselves. They're the boss and that's how they like it! We call these people entrepreneurs.

An entrepreneur is someone who starts, manages, and accepts the risks of a new enterprise . In fact, the word " entrepreneur " is borrowed from the French word meaning "one who undertakes or manages."

Can anyone be an entrepreneur ? Absolutely ! Should everyone be an entrepreneur ? Not necessarily! Entrepreneurs have particular personalities that are suited for taking risks and running a . Other people are often better suited to work for entrepreneurs. It all depends upon your personality.

Even kids can be entrepreneurs. Have you ever run a lemonade stand in the summer? If so, you were being an entrepreneur ! Many kids come up with great ideas and then get help from adults to turn their ideas into new businesses. Check out the entrepreneur featured in the video for Wonder 754.

If you're going to be a successful entrepreneur one day, there are a few you'll need to have. Successful entrepreneurs tend to be good leaders who can others well and build teams of workers who are inspired to follow the entrepreneur 's for the .

If you think you might want to be an entrepreneur one day, here are some things you can focus on to prepare yourself while you're young:

Learn how to set goals! Setting goals - and then accomplishing them - will help you learn how to develop and planning skills. It'll also help you in all areas of life, not just !

Learn how to opportunities ! If you only see roadblocks, you'll never get to where you want to go. Learn to turn into opportunities and you'll get to places you never dreamed you'd go!

Learn all you can about money! Financial literacy is a must for future entrepreneurs. Learning about money at an early age will help you develop financial knowledge that will benefit you the rest of your life.

Give free to your creative side! Starting a new means attracting new customers. In a world filled with millions of options for our attention, it's more important than ever to be creative in marketing your .

Get comfortable with failure! No is an absolute success from the very start. Failing is OK...as long as you learn an important lesson from it. Perseverance and learning from mistakes have been the basis for many successful ventures.

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Do you enjoy school? Or are you ready to enter the ? If you've ever gotten a taste of earning your own spending money, getting a job may sound like a good idea. Trust us, though. Enjoy school while you can and make the most of it!

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Do you like to pictures for your friends and family members? Many kids like to grab their colored pencils and a when they're getting ready to go for a long ride in the car. Creating original works of art is a great way to pass the time in the car.

Not all works of art turn out exactly like you intended them to, though. Perhaps you wanted to a of your dad wearing his new tennis shoes. You an for the head and then you add the shoes. Something doesn't look quite right, though. Oops! You forgot to the neck, chest, arms, and legs.

Your of Dad in his new tennis shoes ends up looking like a potato getting ready to go for a jog. But don't worry! We're sure your dad will love it anyway. "Jogging Potato" will probably earn a spot on the front of the refrigerator alongside your other works of art.

The works of art you create for friends and family members are very to them because of the behind them. One day when you're all grown up, your friends and family members will treasure these mementos of your .

But what about those paintings that sell for prices at art auctions? What makes them so ? What is it about the works of Picasso, Monet, Kahlo, da Vinci, and O'Keeffe that make them worth millions of dollars?

Economists would tell you that the price of art, like the price of most commodities , is largely based upon and . When it comes to , no one really needs art. However, there are plenty of people who want beautiful artworks.

With plenty of for artwork, it is the side of the equation that often leads to outrageously expensive prices for art. Scarcity plays a role. Many of the most famous artists in history are no longer living. Picasso and Monet aren't painting any more pictures. That makes the surviving pieces they did paint extremely .

But what about living artists? There are plenty of current pieces by living artists that are selling for extremely high prices. What drives up the price of these works? and still play a role. still exists and, even though the artist is still alive, he or she can only produce so much art. It often takes lots of time to produce a single piece of artwork.

This leads to another factor that affects the price of art: each piece of art is unique. Even if an artist is still living, he or she is highly unlikely to create multiple copies of the same piece of artwork. To the extent that a particular piece is in high , there is only one available. This tends to drive the price up.

Art professionals also play a role in pricing. Artists, dealers, gallery owners, and museum curators help to create for artworks by promoting artists and their works. These professionals help to determine which art is good and which artists might be the next Picasso or Monet. In this way, they help to set the values of artworks expected to appreciate in value over time.

So exactly how much can paintings sell for? It depends on the artist and the artwork. Prices can vary from hundreds to over a hundred million dollars! In a private sale, Picasso's Le Rêve sold for approximately $150 million. At an art , The Scream, a famous painting by Edvard Munch, sold for about $120 million.

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Do you like to pictures for your friends and family members? Many kids like to grab their colored pencils and a when they're getting ready to go for a long ride in the car. Creating original works of art is a great way to pass the time in the car.

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When's the last time you heard a friend or family member complaining about the high of something? Chances are it might have been the last time you were at the gas station. High gas prices have been a source of much complaining for quite a while now.

You may have done some complaining of your own, too, though. Have you been to the movie theater or wanted to buy a video game recently? If so, you've probably seen how prices on just about everything tend to go up over time.

But have you ever stopped to WONDER about how those prices get set? Let's find out as we take a look at some basic economic principles today in Wonderopolis!

How prices are determined depends upon the type of product or service you're talking about. There are many, many factors that go into setting prices. In fact, there are too many to cover in a single Wonder of the Day.

For example, taxes and government regulations often impact prices of certain goods and services. We'll put those factors aside for now and instead concentrate on the basic economic principles that work together to help determine prices in a free market economy.

Although some people believe certain objects have an objective, value, any particular good or service is ultimately only worth what buyers are willing to pay for it. That leads us to the concepts of and .

The of a good or service is how much producers are willing to make at a given . The for a good or service is how much consumers are willing to buy at a given .

and interact with two other factors: (how much of the good or service ends up in the market) and (what is charged for the product or service given , , and in the market).

All these factors influence each other. To see how they work together, let's look at some real-world examples. Do you remember the last time a new must-have techno- came on the market? was very high. Everyone had to have it. Unfortunately, was low. It was brand new and the manufacturer had yet to make many of them.

What was the of the item? It was likely extremely high. You wouldn't be able to find it on sale. In fact, you probably couldn't even find it in stores, because it was being bought as quickly as it could be produced.

Of course, over time, the opposite can also happen. When that latest techno- came out, last year's model was still on shelves. No one wanted it now. was very low. Because people weren't buying them, was plentiful and the on store shelves was more than needed. What happened to its ? It likely fell quickly.

As the fell and the item was offered on sale, more people probably wanted to it for a lower . Sooner or later, the would settle at a lower amount that would balance the with the public's for the product.

All this happens constantly and automatically as we go about our daily lives. Manufacturers make decisions about how many items to based upon their estimates of . can often be influenced by advertising and other factors. Consumers' actual purchases affect the of items available and prices accordingly.

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When's the last time you heard a friend or family member complaining about the high of something? Chances are it might have been the last time you were at the gas station. High gas prices have been a source of much complaining for quite a while now.

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Profit - How The Economy Works - Business & Economic Development Made Simple - Cartoon 1940s

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Going Places - Cold War cartoon about profit and its importance in Western (US) economic development. Stressing the need for continued industrial profit, competition, expansion, stock market and bank involvement if an economy is to endure.

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Producers & Consumers...Goods & Services 2nd Grade

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Producers & Consumers 2nd Grade (made w/ onetruemedia)

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Schoolhouse Rock

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Schoolhouse Rock: Money - Tax Man Max Music Video

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Song Lesson for Kids Homeschooling Economics Barter & Trade

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Schoolhouse Rock teaches barter and trade - economics lesson for students. This video is part of a playlist with many hours of homeschooling videos and lessons: http://www.youtube.com/playlist?list=PL79156F04DE48560E Please share and enjoy with students, teachers and your kids. http://www.facebook.com/libertyclick http://www.twitter.com/libertyclick http://www.youtube.com/libertyclick Great for a history lesson in the home schooling or classroom setting.

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Schoolhouse Rock - bank - save & borrow

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1994. This song teaches about how your money that you deposit in a bank earns interest or the money you borrow gains interest. The song is performed as a country music song, a genre that was enjoying a popular renaissance at the time. This song was voted the 18th best song on the 30th anniversary edition.

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Schoolhouse Rock - choose & plan before spending

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Debuted in 1995. It was written and sung by Dave Frishberg. This song teaches about budgeting your money. This song teaches about the expenses people encounter and ways to save money, by showing how a kid with a $7.50 allowance spent all of it far quicker than he wanted to (and, as it turned out, could have).

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Schoolhouse Rock

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Song Lesson for Kids Homeschooling Economics Barter & Trade

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SchoolHouse Rock    Where The Money Goes