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Economics Vocabulary - 3rd Grade
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Side A ------ Side B Goods ------ Things that are produced to satisfy wants Services ------ Work that is done for or by someone to satisfy a want Scarcity ------ When you do not have enough resources to produce everything you want Limited Resources ------ Not having enough resources Opportunity Cost ------ The next best choice one gives up in order to get something else Land (Natural) Resources ------ all of the things found in nature Labor (Human) Resources ------ the people who work to provide goods and services Capital Resources ------ the tools, buildings, etc. used to make goods and perform services Specialization ------ each person finds a job that he or she can do well Division of Labor ------ dividing the jobs among the workers Interdependence ------ depending on one another to get the job done well Consumer ------ someone who buys the goods and services Producer ------ someone who produces (makes) the goods or services
Side A ------ Side B Goods ------ Things that are produced to satisfy wants Services ------ Work that is done for or by someone to satisfy a want Scarcity ------ When you do not have enough resources to produce everything you want Limited Resources ------ Not having enough resources Opportunity Cost ------ The next best choice one gives up in order to get something else Land (Natural) Resources ------ all of the things found in nature Labor (Human) Resources ------ the people who work to provide goods and services Capital Resources ------ the tools, buildings, etc. used to make goods and perform services Specialization ------ each person finds a job that he or she can do well Division of Labor ------ dividing the jobs among the workers Interdependence ------ depending on one another to get the job done well Consumer ------ someone who buys the goods and services Producer ------ someone who produces (makes) the goods or services
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