20 terms

Economics Vocabulary 5th grade

STUDY
PLAY
natural resources
resources supplied by nature
human resources
talents and skills of human beings
capital goods
human-made materials that help produce products
entrepreneur
person who has skill and leadership to start a new business and produce new products
producer
makes goods using the factors of production
consumer
buys and uses goods and services
scarcity
many individuals desiring something that has limited availability
opportunity cost
value of the second-best choice given up when a decision is made
supply
amount of an item produced for sale
demand
number of consumers who want and are able to buy an item
income
payments received by people that can be spent over a period of time
import
to buy goods from another country for sale or use
manufacturing
making a large amount of goods
market
exchange of goods and services between buyers and sellers
interdependent
each country needs the others to meet the needs and wants of its people
profit
revenue of a business minus cost- what you make
export
to sell products to another country
free enterprise system
people can own and run their own business
specialization
producing only a few products instead of many different products
competition
businesses trying to win more business from customers