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Social Studies vocabulary review

cosmetics A type of make-up
buy To purchase goods or services
spend To use money to pay for goods or services
profit Money a business makes after paying their expenses
borrow To use someone else’s money with permission and agree to pay it back with interest.
earn To make money
save To set aside money to use later
breaking even Earning enough money to pay your expenses
budget A plan of how to spend your money
price How much a good or service costs
supply How much of an item a business has
demand How bad people/consumers want a good or service
scarcity When there is not a lot of something
goods Things that are produced
services Work that is done for other people
forms of money Coins, bills, checks, debit cards, credit cards
donation money given to charity
free market Companies decide what they want to buy or sell based on how much profit they will make.
producer People or businesses that provide a good or service.
consumer Someone who buys and uses goods and services
simple business A person selling a single product.
sales tax Money you pay to the government
Created by: harperteacher