Economics Vocabulary - 3rd Grade


Economics Vocabulary, 3rd Grade
  
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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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