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Unit 5 Eco Per Fin

5th Grade S.S. Unit 5 Vocabulary

TermDefinition
consumer a person or organization that uses a commodity or service
credit an agreement to entrust a buyer with goods or services without immediate payment, based on confidence in the buyer’s ability and intention to pay
currency something that is used as a medium of exchange or for money
debt something that is owed or that one is bound to pay to another
demand to ask for with proper authority; claim as a right
Division of Labor a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency
economics considerations on how something will be paid for
goods the things that a customer can order and a company can deliver
interest a sum paid or charged for the use of money or for borrowing money
needs something that must be in place for task completion or success
opportunity cost the money or other benefits lost when pursuing a particular course of action
price the sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale
producer a person who creates economic value, or makes goods or provides services
production the act of creating or manufacturing something
scarcity/shortage when there is not enough
services work performed for payments
specialization the act of becoming good at a particular skill or pursuing a particular line of work
supply to provide what is missing
surplus something that remains what above what is used or needed
wants to wish, crave, demand or desire something
Created by: user-1946276
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