3rd Grade Economics Vocabulary

These are the vocabulary words that are for the 3rd grade Social Studies Economics Unit. The test over these words will be on Thursday, March 14.
STUDY
PLAY
free enterprise
the freedom to start a business
marketing
the job of getting customers to want a produt
wage
the money a worker is paid
bank
an institution that provides financial services
budget
a plan for saving and spending money
overhead
the amount of money it takes to run a business
profit
the money that a business makes after paying its bills
manufacture
to make goods
economy
the way a country produces and uses goods and services
business
an activity in which workers make or sell goods or do work for others
scarcity
a shortage or lack of supply or a product
abundance
large supply of an item
supply
the amount of goods offered for sale by a business
demand
the desire or need for a product
economic choice
the choice made among possibilities
opportunity cost
what you give up in order to get what you want
competition
the efforts of two businesses with the same products to get customers to buy from them
consumer
a person who buys a product or a service
producer
someone who makes a product or offers a service
loss
a producer that does not earn a profit
wants
things we like to have but do not need
needs
things we must have to live
goods
things people make
trade/barter
the exchange of one kind of product or service for another
natural resources
resources that occur naturally
human resources
the time and effort people spend to make goods or provide services
capital resources
made by people and used to produce other goods and services
specialization
to do just one kind of work or sell just one kind of product
interdependence
when businesses or people depend on each other for goods and services
import
to bring in products from somewhere else
export
to send out products to sell
Why do people save money?
for an expensive purchase, for emergencies, and to earn interest