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Economy Vocab
vocabulary for 5th grade level
| Term | Definition |
|---|---|
| economy | the system in which a country makes and manages goods, services, resources, and money |
| entrepreneur | a person who uses resources to start a business |
| free enterprise | a type of economy in which economic decisions are made by people and businesses, with little government influence |
| product | a good produced and offered for sale |
| producer | a person who creates or supplies goods and services (business) |
| scarcity | a condition in which people cannot have everything they want because of limited resources |
| profit | the amount of money left after all business expenses have been paid |
| prototype | a model, or sample, of a product that is going to be produced |
| representative democracy | a form of government in which ultimate power lies with the people, who exercise that power through elected representatives |
| public goods and services | goods and services provided by a government for the use of all citizens |
| private goods and services | merchandise and skills offered in markets for a price; citizens have to pay to use these |
| philanthropist | a person who contributes to society by donating their time, their wealth, resources, or their talent |
| consumer | people who buy and use goods and services (citizens) |
| labor | work produced by human resources, or people |
Created by:
grace.barb
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