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Economics
5th grade
| Question | Answer |
|---|---|
| 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