Term
|
Definition
| the study of how people use resources; the buying and selling of goods |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| the tools and equipment that people use in their work |
|
|
Term
| What are the four parts of the economy? |
|
Definition
| banks, government, businesses, and households |
|
|
Term
|
Definition
| things we would like to have but do not need to survive |
|
|
Term
|
Definition
| things we need in order to survive |
|
|
Term
|
Definition
| water, food, shelter, and clothing |
|
|
Term
|
Definition
| things that are produced or made |
|
|
Term
|
Definition
| an activity that people do for others |
|
|
Term
|
Definition
| Cars, houses, bread, toys |
|
|
Term
|
Definition
| teaching, cleaning houses, cutting hair, nurses helping patients |
|
|
Term
|
Definition
| when there aren't enough good or services |
|
|
Term
|
Definition
| people who make goods or provide services |
|
|
Term
|
Definition
| people who spend money to buy the things they need or want |
|
|
Term
|
Definition
| the need or desire that people have for a product or service |
|
|
Term
|
Definition
| amount of product or service to be sold |
|
|
Term
|
Definition
| what you give up to make an economic choice |
|
|
Term
|
Definition
| to trade by exchanging goods or services |
|
|
Term
|
Definition
| depending on others to help produce goods or services |
|
|
Term
|
Definition
|
|
Term
|
Definition
| to focus on one area of work or learn a lot about one type of job |
|
|
Term
|
Definition
| a plan for saving and spending money |
|
|
Term
|
Definition
| the money a person makes by working |
|
|
Term
|
Definition
| the earth including its people, resources, climate, and physical features |
|
|
Term
|
Definition
| places where people keep their money, get loans and other financial services |
|
|
Term
|
Definition
| free time when you do not need to work or study |
|
|
Term
|
Definition
| the people who rule a country, state, or city |
|
|
Term
|
Definition
| households, businesses, government, and banks |
|
|
Term
|
Definition
| all the people who live together in a house |
|
|
Term
|
Definition
| companies that make or sell things or provide a service |
|
|
Term
|
Definition
| a business providing tours of places or a business that provides the service of traveling |
|
|
Term
|
Definition
| the money left over after a product is sold and the costs of making it are paid |
|
|
