Economics Vocabulary - 3rd Grade

13 cards

Economics vocabulary, 3rd grade


 
  
Created Feb 19, 2009
by
chacxib

 

 
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  Side A   Side B
1
Goods
 
Things that are produced to satisfy wants
2
Services
 
Work that is done for or by someone to satisfy a want
3
Scarcity
 
When you do not have enough resources to produce everything you want
4
Limited Resources
 
Not having enough resources
5
Opportunity Cost
 
The next best choice one gives up in order to get something else
6
Land (Natural) Resources
 
all of the things found in nature
7
Labor (Human) Resources
 
the people who work to provide goods and services
8
Capital Resources
 
the tools, buildings, etc. used to make goods and perform services
9
Specialization
 
each person finds a job that he or she can do well
10
Division of Labor
 
dividing the jobs among the workers
11
Interdependence
 
depending on one another to get the job done well
12
Consumer
 
someone who buys the goods and services
13
Producer
 
someone who produces (makes) the goods or services

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