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Economics

Grade 3

QuestionAnswer
I chose ice cream instead of a popsicle. What was my opportunity cost? popsicle
I chose a video game instead of a DVD. What was my opportunity cost? DVD
What is a decision that we make when picking out something to buy out of two or more things? economic choice
We can not have everything that we want. So, we have to make _____________ . choices
What we give up to buy something is called _________________________________ . opportunity cost
I might not be able to buy something because I do not have enough money. I may need to put my money in a savings _________ so that I can have enough money to make the purchase later. account
What do we call things that we have to have in order to live? needs
What do we call things that we would like to have but we do not have to own them to live? wants
A skateboard or an apple? Which one is the want? skateboard
An ipod nano or water? Which one is a need? water
The market price is is the same as this. monetary cost
A person or thing that makes a good or provides a service. producer
A person who purchases goods and services. consumer
Money put away in a bank for use in the future. savings
To trade for a good or a service without using money barter
What do we call it when two things depend on each other? interdependence
Created by: mrstompkins