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Fifth Grade Social Studies

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.