6th grade economics vocabulary

Created by eakhurst 

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economics

the study of money and how it is used.

advertising

telling people about a product.

capital

money

capital resources

materials for making products

goods

items that satisfy wants and needs

services

activities that satisfy wants and needs

human resources

production energy put in by people

interdependence

relying on each other

market economy

system that is built from buying and selling products

market place

a place where you buy and sell

natural resources

things from nature used in making a product (plants, soil, water, minerals, animals, air)

opportunity cost

what you give up when you make a choice

producer

someone who makes something to buy and sell

consumer

the person or party that purchases the products

vendor

a salesperson

production

something made to buy and sell

scarcity

not having enough to go around

specialization

being very good at one particular job

supply

how much of a product you HAVE

demand

how much of a product you NEED

trade

exchanging goods and services

wants

things you would LIKE to have but are not necessary to have for survival.

needs

things you MUST have to survive (water, food, shelter, clothing, companionship, etc)

budget

a plan of how much money is available and how it will be spent.

profit

the money remaining after expenses have been paid.

wages

money to an employee for work completed.

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