Chapter 11 Economics Vocabulary
www.quizlet.com Young Fifth Grade Economics Vocabulary
Economics – the study of making, buying, and selling goods or services.
Free enterprise – type of economy where people and businesses make their own choices about producing and buying goods.
Service – any kind of work performed for others.
Goods – things people want or need; merchandise.
Entrepreneur – person who owns their own business.
Capital resources – money, tools, equipment, and buildings used to produce goods and services.
Human resources – people who do the work to produce goods or services.
Supply – the amount of a good that is offered for sale.
Demand – a desire for a good or service by people willing to pay for it
Scarcity – limited numbers.
Barter – to trade.
Producer – a person who makes a good or performs a service.
Consumer – a person who buys a good or service.
Needs – basic things everyone must have to live.
Income – amount of money earned; wages or salary.
Opportunity cost – the item not chosen during the process of choosing one good or service over another.
Specialization – when an individual or company specializes in doing one part of a task and relies on others to complete the other parts.
Interdependence – people depending on one another.