Transcript Economics Picture Vocabulary

rd
3
Grade Economics
Picture Vocabulary
What do we call the study of how people
produce, sell, and buy products and services?
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Economics
What do we call something that is
done for someone else?
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Service
What do we call something that is
made?
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Product
What do we call the person who buys
products or services?
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Consumer
What do we call the amount of money needed
to buy a product or service?
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Price
What do we call trying to convince consumers
to buy your product or service instead of
someone else’s?
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Competition
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?
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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)?
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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?
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Trade-off
What do we call what a person gives up buying
or doing when he chooses to buy or do
something else?
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Opportunity cost
What do we call it when we trade for
something?
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Barter
What do we call it when we negotiate back
and forth for a lower price or better trade?
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Haggle
What do we call it when there is not
enough of something?
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Scarcity