33rdrd Grade Grade Economics Economics

Picture Picture VocabularyVocabulary

33rdrd Grade Economics Grade Economics VocabularyVocabulary

ProductProduct ServiceService PricePrice

EconomicsEconomics ConsumerConsumerSupplySupply

AdvertisementAdvertisement Trade-OffTrade-Off DemandDemand

Opportunity CostOpportunity Cost BarterBarter HaggleHaggle

International TradeInternational Trade ProducerProducerScarcityScarcity

EntrepreneurEntrepreneur BudgetBudget TaxesTaxes

ExportsExports ImportsImports

What do we call the study of how What do we call the study of how people produce, sell, and buy people produce, sell, and buy

products and services?products and services?

_______________________________

EconomicsEconomics

What do we call something that is What do we call something that is done for someone else?done for someone else?

______________________________

ServiceService

What do we call something that is What do we call something that is made?made?

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ProductProduct

What do we call the person who What do we call the person who buys products or services?buys products or services?

_______________________

ConsumerConsumer

What do we call the amount of What do we call the amount of money needed to buy a product or money needed to buy a product or

service?service?

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PricePrice

What do we call the amount of a What do we call the amount of a product or service to be sold?product or service to be sold?

One Many

_________________

SupplySupply

One Many

What do we call the need or desire What do we call the need or desire that people have for a product or that people have for a product or

service?service?

________________________

DemandDemand

What do we call information that a What do we call information that a producer provides about its product or producer provides about its product or

service (usually to try to convince a service (usually to try to convince a consumer to purchase it)?consumer to purchase it)?

__________________________

AdvertisementAdvertisement

What do we call it when a person What do we call it when a person has to give up buying or doing one has to give up buying or doing one

thing in order to buy or do thing in order to buy or do something else?something else?

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Trade-offTrade-off

What do we call what a person What do we call what a person gives up buying or doing when he gives up buying or doing when he chooses to buy or do something chooses to buy or do something

else?else?

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Opportunity costOpportunity cost

What do we call it when we trade What do we call it when we trade for something?for something?

________________________

BarterBarter

What do we call it when we What do we call it when we negotiate back and forth for a negotiate back and forth for a lower price or better trade?lower price or better trade?

______________________________

HaggleHaggle

What do we call it when there is What do we call it when there is not enough of something?not enough of something?

_______________________

ScarcityScarcity

What do we call products sent What do we call products sent from one country to another?from one country to another?

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ExportsExports

What do we call products brought What do we call products brought into one country from another?into one country from another?

_________________________

ImportsImports

What do we call money collected What do we call money collected by a government to pay for public by a government to pay for public

goods and services?goods and services?

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TaxesTaxes

What do we call the buying and What do we call the buying and selling of products between selling of products between

different countries?different countries?

__________________________________

International TradeInternational Trade

What do we call someone who What do we call someone who makes or grows a product?makes or grows a product?

_______________________________

ProducerProducer

What do we call a plan for using What do we call a plan for using money?money?

________________________________

BudgetBudget

What do we call a person who What do we call a person who takes risks, or chances, and starts takes risks, or chances, and starts

a business?a business?

________________________________

EntrepreneurEntrepreneur

What do we call making the choice to What do we call making the choice to buy or do one thing instead of another buy or do one thing instead of another after weighing the costs and benefits?after weighing the costs and benefits?

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Trade-OffTrade-Off