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Money is stuff you use to buy things, like food or toys. Money can be coins or notes, or sometimes it can be stored on credit cards or in bank accounts.
Allowance, or pocket money, is money you get from your mum and dad, grandparents or caregivers. If you get an allowance, you should be careful how you spend it and save some of it up to buy something big in the future.
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Economics is a subject where you learn about the scarcity of resources. You learn about how goods and services are made, sold and bought by people.
An economist is a person who knows lots about economics. They study money and predict how money will lose or gain value.
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A bill is a piece of paper that shows how much money someone owes someone else. If you are in a restaurant, you get a bill before you leave showing you what food you have ordered and how much money you have to pay. You have to pay the bill before you leave.
A debt is something that you owe to someone else. If you borrow someone else's money to buy something you want, you owe that person money and you have a debt. If you have too many debts you will be in trouble so you should always try to pay people back and pay bills you have.
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An accountant is a person who records how much money has been spent and will be spent, including working out how much tax a person, organization or business must pay to a government of a city, province, state or country.
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A bank is a special type of business that looks after your money and lets people borrow money.
When you put money in the back, the bank pays you for letting it borrow your money. It then lets others borrow that money, but they have to pay more to borrow it that you got paid to save it. This is how the bank makes it's money.
If you save money now it can increase in value and you will be able to spend it later.
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