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Economics

5th grade

QuestionAnswer
Competition Rivalry or challenge between businesses
Profit The extra money a business keeps after paying its costs
Interdependence The dependence on others for goods and services
Raw material Natural resources from which useful things can be produced
Renewable Resources A natural resource which can be replaced by man on nature (example: tree, water)
Non-renewable resources A natural resource which cannot be replaced (example: oil)
Demand The willingness to buy certain goods or services
Economics The study of choice making concerning spending, producing and saving: money matters
Scarcity Not as many goods available as people would like
Goods Things made by people or found in nature
Services Work that does not result in something you can touch or hold
Choice A decision about something
Consumer One who buys
Supply Amount of something, and the willingness or ability to sell certain goods or services
Needs Something that is necessary for humans to live a healthy life
Price The amount that a good or service costs
Import To bring something into the country
Export To send something out of the country
Wages Payment received for work or services (usually based on an hourly payment)
Natural Resources Things that come from the Earth
Tariff A tax on imported goods
Income The amount of money one earns from his/her job
Created by: Linda_Pilkington
 

 



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