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3rd Grade Georgia Economics

Terms in this set (26)

economy
the way that people make, buy, sell, and use things
goods
things that people make, grow, buy, or sell
services
work that one person does for another for payment
scarcity
not enough goods or services; a lack of goods or services
supply
the amount of goods available; the amount producers will make for a certain price
specialize
to do one special kind of work
tax
a fee citizens or others pay to local, state, or national government
barter
to trade one item for another
benefit
a gain, advantage or positive result
budget
a plan for using money
capital resources
things made by people that help workers make goods or provide resources
consumer
someone who buys goods
cost
a loss, scrifice, or negative result
demand
the amount of something consumers are willing to buy for a certain price
entrepreneur
a person who takes a risk or chance and starts a business
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