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1st Grade Economics

1st Grade SOL

TermDefinition
Needs Things that are necessary to live such as water and food.
Wants Things that people would like to have but do not really need such as a new toy
Money Coins and bills used to buy goods and services.
Goods Physical things that people buy to use,
Services Work done by someone else that you pay for. Example paying someone to mow your yard.
Trade The exchange of goods, services, or money between one person to another.
Consumer Someone who buys goods and services.
Producer Someone who supplies goods and services.
Income Money earned from working a job.
Scarcity When there is not enough of something to satisfy everyone's wants and needs.
Created by: tlucero3
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