Grade 8- Social Studies Book

SOCIAL STUDIES GRADE 8 41

Chapter 3 MONEY MANAGEMENT

Can we live without money?

Diagram of Learning contents

Money Management

What is money ? ?

Where does your money go ?

Save today for a better tomorrow.

42 SOCIAL STUDIES GRADE 8

Chapter 3

Words to learn Date: …./.…/….....

Picture Word Meaning

Bill A Banknote.
(n.)

Coins Flat, typically round pieces of
(n.) metal with an official stamp,
used as money.

Barter trade The exchange of goods, property,
(n.) services, etc. for other goods,
etc. without using money.

Seashell Shell of any mollusk living in the
(n.) sea.

Shell bead A string of beads made from
(n.) shells.

SOCIAL STUDIES GRADE 8 43

Chapter 3

What is money ?

Anything that is generally accepted as payment
for goods or services can be called money. Today
you may see money is bills and coins, but other
materials have also been used.

• People exchange one thing for another. This is
called barter trade. One person might offer flour
to another in return for meat.

• Ancient people used grain or metal in exchange
for other goods. Seashells were used as currency
in ancient China and Africa while shell beads were
used by native Americans in the old days.

Name money used in the following countries

Country/Group Currency Country Currency
China Russia
Australia
England Mexico
European Union Sweden

Iran Iraq
Japan

44 SOCIAL STUDIES GRADE 8

Chapter 3

Hands On Activity Date: …./.…/….....

Instructions : Name Currency and symbol used in the following countries.

Country/Group Currency Symbol
Brunei

Cambodia
Indonesia

Laos
Malaysia
Myanmar
Philippines
Singapore
Thailand
Vietnam

SOCIAL STUDIES GRADE 8 45

Chapter 3

Words to learn Date: …./.…/….....

Picture Word Meaning

Revenue The money that a government
(n.) receives from taxes or that an
organization receives from its
business.

Expenditure An amount of money spent.
(n.)

Statement A printed record of money paid
(n.) or received.

Balance A state where things are of
(n.) equal weight or force.

Expense The money that you spend on
(n.) something.

46 SOCIAL STUDIES GRADE 8

Chapter 3

Do you know where your money goes?

How much money do you have? And how
much do you spend in a day? You could be
aware of this by making a record of your
spending called “revenue and expenditure
statement”. It helps you track your money.
Then you will be able to make a plan for your
saving which is a helpful habit.

Study these revenue and expenditure statements. Find out
what the word “brought forward” refers to.

Revenue and expenditure statement

Date Item Revenue Expense Balance
7/3/22 (Baht) (Baht) (Baht)
120
8/3/22 Brought forward 120 - 320
9/3/12 300
10/3/22 Pocket money 200 - 350
From dad 320
170
Snack - 20 170

Babysitting 50 -

Lunch - 30

Movie tickets - 150

Total 370 200

SOCIAL STUDIES GRADE 8 47

Chapter 3

Hands On Activity Date: …./.…/….....

Instructions : Make your own statements on the tables given.
Record your spending at least one week.

Revenue and expenditure statement

Date Item Revenue Expense Balance
(Baht) (Baht) (Baht)

Total

48 SOCIAL STUDIES GRADE 8

Chapter 3

Words to learn Date: …./.…/….....

Picture Word Meaning

Saving An amount of something such
(n.) as time or money that you have
saved.

Deposit A sum of money that is paid
(n.) into a bank account.

Savings Account Money that you have saved in a
(n.) bank.

Interest The extra money that you
(n.) receive from your deposit in a
bank.

Invest To buy property, share in a
(n.) company in the hope of making
a profit.

SOCIAL STUDIES GRADE 8 49

Chapter 3

Save today for a better tomorrow.

Why do you need to save your
money? Saving is a way to make
sure your have money for future
expenses which could be a new
comic book, a nice meal with
friends, a vacation or your education.
It is crucial to spend some time
thinking about this now!

How to save money ? If you have money
that you do not want to spend, you may
deposit it at a bank. Your deposit will be
recorded in a savings account which is an
agreement between you and the bank.
This is a very safe way, and you also earn
interest from the bank. This fee is calculated
as a percentage of the amount you deposit.

Another thing you can do with your money is to invest it. You may buy
bond, stock or mutual funds from government or companies. Investing your
money can give you more than the interest earned from the bank; it makes
your money grow. However, it could be very risky. Millions of people in the
world have lost all their saving this way. You need to manage in order to
save safely and save wisely.

50 SOCIAL STUDIES GRADE 8

Chapter 3

Hands On Activity Date: …./.…/….....

Complete the exercise.

Check what you have learned from this chapter.

1) Give three examples of your 2) Name three things you can buy
future expenses. to invest your money.

• ___________________________ • b__________________________

• ___________________________ • s__________________________

• ___________________________ • m__________________________

3) Complete five words which relate 4) Interest is calculated as a
to saving your money ___________________ of the
__________________ you deposit.
• D_____t
• B___k
• I______t
• S______ a_____t

5) E _ _ _ _ _ _ means when you 6) E _ _ _ _ _ _ _ _ _ _ means the
spend or use money. total amount of money that a person
spends.

7 ) From my revenue and expenditure statements, the biggest expense is.

SOCIAL STUDIES GRADE 8 51

Chapter 3

Review

Exercise : Date: …./.…/….....

Instructions : Your mother gives you 1,500 Baht a week as the pocket
money. Last week you had 540 Baht left. Make your own
statement on the table given below, record your spending
everyday for this week.

Revenue and expenditure statement

Date Item Revenue Expense Balance
(Baht) (Baht) (Baht)

Total

52 SOCIAL STUDIES GRADE 8

Chapter 3

Hands On Activity Date: …./.…/….....

Part I : Thinking and Writing Activity

Instructions : You want to buy a new iPhone 13 Pro Max, the price is
around 42,900 Baht. You want to buy it with your own
money. What will you do to save the money that you need ?

Thinking Diagram

SOCIAL STUDIES GRADE 8 53

Chapter 3 Date: …./.…/….....

Hands On Activity

Part II : Presenting and Promoting Activity

Form the students into group, discuss on the topic “Save Today for a better
Tomorrow.” Choose one from each group to present in front of the class.
You may write what you have discussed in the box below.

54 SOCIAL STUDIES GRADE 8

Chapter 3

Brain Teasers

1. Why is saving money so important ?
2. Do you know something about economy ?

Note

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SOCIAL STUDIES GRADE 8 55

Chapter 3

Grading Myself

What is Money ?
Where does my

money go?
Save today for a
better tomorrow.

56 SOCIAL STUDIES GRADE 8

SOCIAL STUDIES GRADE 8 57

Chapter 4 SOMETHING ABOUT
ECONOMY

What are the reasons for
economic change ?

Diagram of Learning contents

SOMETHING ABOUT ECONOMY

Factors of Production

Stages of Production

Economic System

58 SOCIAL STUDIES GRADE 8

Chapter 4

Words to learn Date: …./.…/….....

Picture Word Meaning

Production The process of making goods,
(n.) especially large quantities.

Produce To bring about; to make things
(v.) to be sold, especially in large
quantities.

Fertile Land or soil that plants grow
(n.) well in.

Medical Connected with ways of treating
(n.) illness.

Repair To restore something that is
(n.) broken, damaged or torn to
good condition; to fix.

SOCIAL STUDIES GRADE 8 59

Chapter 4

Factors of Production

Production is the process of making goods and services. Economists call
resources used to make all goods and services “Factors of production”.
Factors of production refer to land, labor, and capital.

land labor

capital

land Land refers to all nature resources used to produce goods
and services. Natural resources are materials found in
nature. They include fertile land or farming and products
that are in or on the land, such as coal, water and forests.

labor Labor is the effort that a person gives to a task for which
that person is paid. Labor could mean the medical aid
provided by a doctor or the work done by a worker. It could
also be an artist’s creation of a painting or the repair of a
television.

capital Capital is any human-made resource that is used
to produce other goods and services. Capital
includes buildings, tools, knowledge, skills.

60 SOCIAL STUDIES GRADE 8

Chapter 4

Hands On Activity Date: …./.…/….....

Instructions : Susan is going to have a food stall in The Mall. She wants
to sell fried banana. Write down factors of production she
would need.

land
labor
capital

SOCIAL STUDIES GRADE 8 61

Chapter 4

Words to learn Date: …./.…/….....

Picture Word Meaning

Extraction The action of taking out
(n.) something, especially using
effort or force.

Raw Material The basic material from which
(n.) a product is made.

Industry Economic activity concerned
(n.) with the processing of raw
materials and manufacture of
goods in factories.

Catering The provision of food and drink
(n.) at a social event or other
gathering.

Quarry A place where large amounts of
(n.) stone are dug out of the ground.

62 SOCIAL STUDIES GRADE 8

Chapter 4

Stages of Production

Types of work
Primary industries
These involve the extraction of raw materials to be supplied to other industries.

farming forestry fishing mining

Secondary industries
These are where raw materials are assembled or manufactured to produce finish.

food processing car assembly manufacturing building

Tertiary industries
These are jobs which involve providing goods and services for the public.

transport retail medicine catering

SOCIAL STUDIES GRADE 8 63

Chapter 4

Production can be classified or grouped according to the types of work people
do as follows:

Primary

Secondary

Tertiary

These groups are also referred to as stages of production.

Primary The primary stage of production involves extracting
raw materials from the earth and sea. Examples
include agriculture, fishing, forestry, mining and
quarrying.

Secondary The secondary stage is the manufacturing stage
when raw materials are turned into a huge variety
of consumer and producer goods.

Tertiary The tertiary stage is concerned with distributing goods
and providing commercial services such as banking
and insurance or direct services such as hairdressing.

64 SOCIAL STUDIES GRADE 8

Chapter 4

Employment structure for the UK and Bangladesh, 2000

UK 2%

22% Key
76% primary
secondary
Bangladesh tertiary

58% 25%
17%

The sizes of these three sectors vary from country to country. In many
developing countries the primary sector is larger than the other two
sectors, while in developed countries the tertiary service sector is the
largest. This makes different employment structure and reflects level
of the countries’ development.

SOCIAL STUDIES GRADE 8 65

Chapter 4

Hands On Activity Date: …./.…/….....

Instructions : Look at the pictures. Which stages of production do these
products relate to?

66 SOCIAL STUDIES GRADE 8

Chapter 4

Words to learn Date: …./.…/….....

Picture Word Meaning

Life style The way in which a person or
(n.) a group of people lives and
works.

Healthcare The service of providing
(n.) medical care.

Self-reliance Ability to do or decide things by
(n.) yourself rather than depending
on other people for help.

Earn To get money for work that you
(v.) do.

Comfortable Feeling pleasantly and
(n.) physically relaxed.

SOCIAL STUDIES GRADE 8 67

Chapter 4

Economic System

We have learned that economy is a system in which people exchange
products and services which meet their needs and wants. With people’s
different life styles, various economic systems and concepts have been in
use around the world. Some of them are explained here.

Command
Economy

Sufficiency
Economy

Market Mixed
Economy Economy

68 SOCIAL STUDIES GRADE 8

Command Chapter 4
Economy
In a command economy, all economic
Market decisions are taken by the state. The
Economy government controls all economic activities
by deciding which goods and services are
Mixed produced as well as how they are sold.
Economy Businesses are owned by the government
who also pay for people’s healthcare and
education.

This is an economy where almost all
economic activities happen freely in the
market. There is very little government
control or ownership of industry. People
produce, sell and buy what they need and
want at prices they prefer. People have
their own businesses, but they must buy
services for their own use such as
healthcare or education.

This type of economy combines both the
com mand economy and market economy.
The state owns some important elements
of the economy, like the healthcare system
or education, but people can have their
own businesses, too. To say, a mixed
economy consists of the private sector and
the public sector.

SOCIAL STUDIES GRADE 8 69

Chapter 4 Sufficiency economy represents an idea
of taking a middle path in life. It suggests
Sufficiency moderation, self-reliance, honesty and
Economy integrity while using one’s knowledge
with prudence in all activities. People can
spend money for a comfortable life, but it
shouldn’t be more than what they earn.
This concept can be used by everyone in
all walks of life.

70 SOCIAL STUDIES GRADE 8

Chapter 4

Hands On Activity Date: …./.…/….....

Instructions : Form the students into group, discuss about the economic
system and write down in the box below.

Economic system What you have found
Command economy

Market economy

Mixed economy

SOCIAL STUDIES GRADE 8 71

Chapter 4

Exercise : Review

Date: …./.…/….....

Classify the following job into three stages of production.
Job Stage of production

a) Bank clerk
b) Travel agent
c) Bus driver
d) Copper miner
e) Nurse
f) Farm worker
g) Butcher
h) Fisherman
i) Baker
j) Engineer

72 SOCIAL STUDIES GRADE 8

Hands On Activity Chapter 4

Date: …./.…/….....

Part I : Thinking and Writing Activity

Instructions : There are 4 types of Economic System.
Please recording data as the diagram below.

Thinking Diagram

The types of Economic Systems

The government controls all economic activities.

People have their own businesses, but they must buy
services for their own use such as healthcare or education.

This type of economy combines both the command
economy and market economy.

People can spend money for a comfortable life,
but it shouldn’t be more than what they earn.

SOCIAL STUDIES GRADE 8 73

Chapter 4 Date: …./.…/….....

Hands On Activity

Part II : Presenting and Promoting Activity

Explain how you can use the concept of sufficiency economy in your life.

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74 SOCIAL STUDIES GRADE 8

Chapter 4

Brain Teasers

1. What are the factors affecting the economic
growth of Thailand ?

2. What is the “Sufficiency Economy” ? Explain.

Note

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SOCIAL STUDIES GRADE 8 75

Chapter 4

Grading Myself

Factors of Production
Stages of Production

Economic System

76 SOCIAL STUDIES GRADE 8

Glossary

Chapter 1 : Who runs our society ?

1.1 Introduction & Family

Vocabulary Definition Thai Meaning

Institution (n.) A large important organization that has a particular
purpose.

Goal (n.) The object of a person’s ambition or effort.

Harmony (n.) When things seem right or suitable together.

Grown-up (n.) An adult.

Knowledge (n.) Skills acquired by a person through experience or
education.

1.2 Education Definition Thai Meaning
Vocabulary
The learning or developing of a skill, habit, or quality.
Acquisition (n.)
Discussion (n.) Talk about something and tell each other their ideas
or opinions.
Research (v.)
To study a subject in detail in order to get
Generation (n.) information or achieve a new understanding of it.
Workforce (n.)
The people born and living at about the same time.

All the people who work for a company or
organization.

1.3 Religion Definition Thai Meaning
Vocabulary
Having the highest rank, level, or importance.
Supreme (adj.)
Guidance (n.) Help and advice about how to do something or about
how to deal with problems.
Ceremonies (n.)
A set of acts, often traditional or religious performed
Culture (n.) at a formal occasion.

Conserved ( v.) The way of life, of a particular group of people at a
particular time.

To protect important place or thing from harm.

SOCIAL STUDIES GRADE 8 77

Glossary

1.4 Economy Definition Thai Meaning
Vocabulary Thai Meaning
Something that is made to be sold. Thai Meaning
Product (n.)
Distributing (n.) Sending goods to shops/stores and businesses so
that they can be sold.
Manufacturing (n.)
The making of articles on a large scale using
Currency (n.) machinery; industrial production.
Standardization (n.)
The system of money that a country uses.

Making something conform to a standard.

1.5 Government

Vocabulary Definition

Enforce (v.) To make people obey a law.

Conflict (n.) Serious disagreement or discord.

Violence (n.) The use of physical force so as to injure, abuse,
damage, or destroy.

Infrastructures (n.) The basic systems and services, that a country or
organization uses in order to work effectively.

Laws (n.) Rules that are made to help people live together
in peace.

Chapter 2 : Being a valuable member.

2.1 We are a member of a group.

Vocabulary Definition

Valuable (adj.) Very useful or important, precious.

Member (n.) A person or thing that is part of a group.

Family (n.) A group of people who are related to each other.

Community (n.) A group of people living in the same place.

Country (n.) A land lived in by a group of people with a common
government.

78 SOCIAL STUDIES GRADE 8

Glossary

2.2 What are a group member’s duties?

Vocabulary Definition Thai Meaning

Friendship (n.) A relationship between friends.

Duty (n.) A task or action that someone is required to perform.

School band (n.) A group of student musicians who rehearse and
perform instrumental music together.

Gardener (n.) A person who works in or takes care of a garden as
an occupation or pastime.

Waiter (n.) A man whose job is to serve customers at their
tables in a restaurant.

2.3 What are Thai’s duties ?

Vocabulary Definition Thai Meaning

Respect (v.) To feel or show honor or esteem for; hold in high
regard.

Improve (v.) To make or become better.

Soldier (n.) A person who serves in an army.

Natural resource (n.) A supply of something that a country has and can
use, especially to increase its wealth.

Taxes (n.) An amount paid to the government based on
a person’s income, a company’s profits.

2.4 What are your duties ?

Vocabulary Definition Thai Meaning

Various (adj.) More than one; several.

Bear in mind ( v.) To remember.

Unquestionably (adv.) That cannot be doubted.

Manage (v.) To succeed in doing something difficult.

Responsibility (n.) A duty to be in charge of someone or something.

SOCIAL STUDIES GRADE 8 79

Glossary

Chapter 3 : Money Management

6.1 What is money ?

Vocabulary Definition Thai Meaning

Bill (n.) A Banknote.

Coins (n.) Flat, typically round pieces of metal with an official
stamp, used as money.

Barter trade (n.) The exchange of goods, property, services, etc. for
other goods, etc. without using money.

Seashell (n.) Shell of any mollusk living in the sea.

Shell bead (n.) A string of beads made from shells.

6.2 Do you know where your money goes ?

Vocabulary Definition Thai Meaning

Revenue (n.) The money that a government receives from taxes or
that an organization receives from its business.

Expenditure (n.) An amount of money spent.

Statement (n.) A printed record of money paid or received.

Balance (n.) A state where things are of equal weight or force.

Expense (n.) The money that you spend on something.

6.3 Save today for a better tomorrow

Vocabulary Definition Thai Meaning

Saving (n.) An amount of something such as time or money that
you have saved.

Deposit (n.) A sum of money that is paid into a bank account.

Savings Account (n.) Money that you have saved in a bank.

Interest (n.) The extra money that you receive from your deposit
in a bank.

Invest (n.) To buy property, share in a company in the hope of
making a profit.

80 SOCIAL STUDIES GRADE 8

Glossary

Chapter 4 : Something about Economy

7.1 Factors about Production.

Vocabulary Definition Thai Meaning

Production (n.) The process of making goods, especially large
quantities.

Produce (V.) To bring about; to make things to be sold, especially
in large quantities.

Fertile (n.) Land or soil that plants grow well in.

Medical (n.) Connected with ways of treating illness.

Repair (n.) To restore something that is broken, damaged or
torn to good condition; to fix.

7.2 Stages of Product

Vocabulary Definition Thai Meaning

Extraction (n.) The action of taking out something, especially using
effort or force.

Raw Material (n.) The basic material from which a product is made.

Industry (n.) Economic activity concerned with the processing of
raw materials and manufacture of goods in factories.

Catering (n.) The provision of food and drink at a social event or
other gathering.

Quarry (n.) A place where large amounts of stone are dug out of
the ground.

7.3 Economic System

Vocabulary Definition Thai Meaning

Life style (n.) The way in which a person or a group of people lives
and works.

Healthcare (n.) The service of providing medical care.

Self-reliance (n.) Ability to do or decide things by yourself rather than
depending on other people for help.

Earn (v.) To get money for work that you do.

Comfortable (n.) Feeling pleasantly and physically relaxed.

SOCIAL STUDIES GRADE 8 81

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SOCIAL STUDIES GRADE 8 83

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SOCIAL STUDIES GRADE 8 85

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SOCIAL STUDIES GRADE 8 87

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SOCIAL STUDIES GRADE 8 89

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