Something people make or grow and then sell
Jobs that workers do for others
Goods and Services
Things we would like to have but can live without
Tradding of goods and services without money
Buying something using money, what we use today
All the money a person earns
Putting money somewhere safe so it can be used later
A plan that shows income, spending and saving
A person who makes a good or provides a service
someone who buys goods or services
a product that is very popular and hard to find at the stores because they sell quickly
Supply and Demand
If a product is popular, the producer will make much more of it because it is in "demand". The price might go up. If no one is buying (demanding) the producer will not make as much or might stop making it. The price may go down.
When there isn't enough of something to satisfy everyone's needs and wants. If something is scarce, it means that there isn't enough of it.
Giving something up to get something else; what you give up when you make a choice. Example: There are 2 toys you want to buy but you only have enough money for one. The one you do not buy is your opportunity cost.
The decision to buy one thing instead of another.
Things found in nature that we use (trees)
Tools that help us do work (computers, factories)
People who work (any job)
Using money to buy products or services
Keeping money instead of buying things