Many people are careful not to spend all their income.
A safe place where people keep their money.
Instead of keeping it they put it in a savings account.
Money the bank adds each month to a savings account.
Things that people must have to live.
Examples of needs
Food, water, clothing, and shelter.
Something that protects or covers.
Examples of shelter
Houses, trailer homes, and apartments.
• Things that people would like to have
• Peple do not have to have those things.
People have to make choices about what to buy. If they use all their money to buy one thing, they cannot buy something else.
Someone who buys a good or services.
Example of a consumer
You are a consumer when you buy crayons.
Someone who provides a service or makes goods.
Example of a producer
Your dad is a producer because he has a glass company and provides his service to the public.
The money people earn when they work.
The amount of money you pay to buy something.
• The things people make or grow.
• Are things you can touch, such as cars, apples, and baseballs.
A building where people work to make goods.
Activities that people do to help other people, like doctors and teachers.
Human resources are people.
Things such as tools, machinery, buildings, and trucks.
Soil and water.
• We don't have enough resources to produce all the goods and services we want.
• The three kinds of resources are all limited. However, people have unlimited wants for goods and services. That is why there is scarcity.
A book that tells what words mean.
A set of books that has articles on different topics. The articles tell facts.
Takes place when people exchange goods or services without using money.
Depending on one another
People in countries around the world depend on trade to get the goods and services they want.
Farmers choose to grow mainly one crop.