22 terms

Economics 5th grade

Economics important vocabulary
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consumer
someone who uses or buys goods or services
economics
the study of the manufacture, distribution, sale and use of goods and services
demand
how much in the way of goods and services people want and are able and willing to buy at a given price
goods
materials that are produced for people to buy or things that can be seen and touched
services
jobs that people do for other people in return for pay
natural resouces
things in nature for which man has found use
profit
the amount of money that a company makes after all the costs of running the business have been paid
producer
a person who makes goods or provides services
cost
the amount of money that must be spent to get a certain good or service
supply
the amount of a product that is available for people to purchase
wants
things that people would like to have but can live without, such as TVs
needs
things that people must have in order to survive, such as food
opportunity cost
the things you give up when making a choice between two things
production
making and providing goods and services for people to buy
human resources
people with skills who do a job. (doctors, police, lawyers)
scarcity
when there are not enough goods and services to satisfy the wants and needs of people
wages
money that is paid to a worker for the amount of time that has been worked
employer
the person who hires someone else to do work
employee
a person who is hired by someone else to do a job
specialization
when people do the jobs that they are interested in and do best
competition
a contest between businesses or people to get the most customers or the best price
division of labor
different jobs needed in production are divided among various workers