Economics Vocabulary - 3rd Grade

Economics Vocabulary, 3rd Grade
  
Created Feb 19, 2009
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chacxib
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Side ASide 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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