Economics Vocabulary - 3rd Grade

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Economics Vocabulary, 3rd Grade

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Things that are produced to satisfy wants
Work that is done for or by someone to satisfy a want
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
each person finds a job that he or she can do well
Division of Labor
dividing the jobs among the workers
depending on one another to get the job done well
someone who buys the goods and services
someone who produces (makes) the goods or services