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economic choices
words for 3rdgrade students related to the cause & effect of economic choices
Question | Answer |
---|---|
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. |