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economic choices

words for 3rdgrade students related to the cause & effect of economic choices

QuestionAnswer
goods products, or things, that can be bought or sold
services work that someone does for someone else
consumer a person who buys a product or service
producer someone who makes a product
supply the amount of goods offered for sale by a business
demand the desire or need for a service or product
scarcity a shortage or lack of supply of a product or service
budget a plan for saving and spending money
opportunity cost what you give up in order to get what you want
free enterprise the opportunity to start a business, to make and sell for profit any product or service allowed by law
economics the study of the flow of goods and services through producers and consumers
earn to work for something
spend to use something up
save to set something aside to be used at another time
system a group of related parts that work together to achieve something; or the "rules" that bring order to a process
cause Something that makes something else happen. Out of two events, it it the first to thing to happen.
effect Something that happens as a result of a cause. Out of two related events, it is the second or last thing to happen.
Created by: spoon5
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