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Economics
economics terms in third grade
| Term | Definition |
|---|---|
| income | the amount of money people earn depends on their job |
| budget | a plan that lists what can be spent or saved |
| opportunity cost | what you give up to buy something else |
| competition | the effort a seller makes to win buyers |
| scarcity | a lack of goods or services |
| goods | things people buy or sell |
| service | work that one person does for another |