Transcript Economics Picture Vocabulary 2012

rd
3
Grade Economics
Picture Vocabulary
rd
3
Grade Economics Vocabulary
Product
Economics
Advertisement
Opportunity Cost
International Trade
Entrepreneur
Exports
Service
Consumer
Trade-Off
Barter
Producer
Budget
Imports
Price
Supply
Demand
Haggle
Scarcity
Taxes
What do we call the study of how people
produce, sell, and buy products and services?
_______________________________
Economics
What do we call something that is done for
someone else?
______________________________
Service
What do we call something that is made?
__________________________
Product
What do we call the person who buys products
or services?
_______________________
Consumer
What do we call the amount of money needed
to buy a product or service?
___________________________
Price
What do we call the amount of a product or
service to be sold?
One
Many
_________________
Supply
One
Many
What do we call the need or desire that people
have for a product or service?
________________________
Demand
What do we call information that a producer provides
about its product or service (usually to try to
convince a consumer to purchase it)?
__________________________
Advertisement
What do we call it when a person has to give
up buying or doing one thing in order to buy
or do something else?
_______________________
Trade-off
What do we call what a person gives up
buying or doing when he chooses to buy or do
something else?
_____________________________________
Opportunity cost
What do we call it when we trade for
something?
________________________
Barter
What do we call it when we negotiate back
and forth for a lower price or better trade?
______________________________
Haggle
What do we call it when there is not enough of
something?
_______________________
Scarcity
What do we call products sent from one
country to another?
_______________________________
Exports
What do we call products brought into one
country from another?
_________________________
Imports
What do we call money collected by a
government to pay for public goods and
services?
___________________________
Taxes
What do we call the buying and selling of
products between different countries?
__________________________________
International Trade
What do we call someone who makes or grows
a product?
_______________________________
Producer
What do we call a plan for using money?
________________________________
Budget
What do we call a person who takes risks, or
chances, and starts a business?
________________________________
Entrepreneur
What do we call making the choice to buy or do one
thing instead of another after weighing the costs and
benefits?
___________________________________
Trade-Off