29 terms

Economic Word 6th Grade

Terms that the 4th grade students need to know for Social Studies/Economics
STUDY
PLAY
a resource that comes from earth or nature
natural resources
resource from people, work that people do or skills and knowledge people have
human resources
resources made by people
capital resources
the amount of money, time, or effort needed to do something.
cost
not being able to have everything wanted making choices necessary; when supply is less than demand
scarcity
something you buy that can be touched
goods
something you purchase that someone does for you
service
group of buyers and sellers of a particular good or service
market
the money a business earns after it pays for supplies, salaries, and other costs
profit
plan for making and spending money
budget
division of work into specialized activities or tasks, allowing people to be more productive and do a job that interest them
specialization
things required to live
needs
term for everything people desire beyond basic goods and services used to meet their needs
wants
the total amount of a specific good or service that is available to consumers
supply
a consumer's desire and willingness to pay a price for a specific good or services
demand
the money a customer must pay for a product or service
price
the price at which the quantity demanded equals the quantity supplied
equilibrium price
money earned from working
income
a person who uses (consumes) goods and services
consumer
a person who uses resources to make/produce goods and/or provide services
producer
The resources used to make goods and services (i.e., natural resources, human resources, and capital goods)
Productive Resources
A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk
Entrepreneur
What you give up when you make a decision, The value of your second-best choice.
Opportunity Cost
Goods, services and capital assets purchased from other countries
Import
Goods, services and capital sold to other counties
Export
Making large amount of goods
Manufacturing
People can own and run their own businesses
Free Enterprise System
A situation in which each country needs the other to meet the needs and wants of its people
Interdependent
A competition between companies to win more business
Competition
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