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4th 9 weeks SS
Social studies vocabulary
| Term | Definition |
|---|---|
| free enterprise economic system – | economic system where people have freedom as consumers and producers |
| budget – | a plan for managing a person’s income and expenses |
| income – | money a person gets from working or selling goods and services |
| expense – | the costs a person has for goods and services they buy |
| profits – | the money made by a business after paying all expenses |
| scarcity – | a shortage of a resource |
| entrepreneur – | a person who starts a business |
| Earning – | providing a paid service, completing a paid job, interest from saving |
| Saving – | setting aside money, either in a savings account or piggy bank, earned or given for future use |
| Spending – | purchasing goods and services to satisfy wants and needs |
| Donating – | giving money or goods and services with a monetary value to a charitable organization |
| Goods - | things that people make or grow to sell. These would be things that are tangible that you can buy (think about it like you can take it home with you) |
| Services - | Jobs that people perform for others. They are something paid for that is done BY and FOR someone (an item is not taken home) |
| Consumers: | A consumer is a person that buys a good or gets a service for consumption. (This means they will use the goods themselves) |
| Producers: | a person or business that makes or provides goods and/or services. |
| Henry Ford – | founded the Ford Motor Company in 1903 and developed the Model T by 1908. Ford used interchangeable parts, mass production, and the assembly line to reduce the price of the Model T and revolutionize manufacturing. |
| Milton Hershey- | Entrepreneur. Hershey Company |
| Mary Kay Ash- | Founder of the cosmetic (make-up) empire. Her motto is “You can do it! She worked hard and was successful, but was often held back, so she started her own company. She became a billionaire. She wanted to help women rise up |
| Wallace Amos- | Entrepreneur of a cookie business. Other products did he create besides Famous Amos Cookies: Uncle No Names Cookies which sold muffins, The Cookie Kahuna, and currently working on Aunt Della’s Cookies. Philanthropist. |
| Sam Walton- | founder of Walmart. developed many business practices there that would help him make Walmart the number one retail store in the world. He bought in volume so he could buy goods for lower prices, a savings he passed to his customers. |
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