Basic Economic Terms - 5th grade

Front

bank account

Back

a place to put money to keep it safe or earn interest

Front

interest

Back

borrowers promise to pay the bank back according to a schedule and for a small fee

Front

credit card

Back

a card that allows its holders to use it for small loans

Front

scarcity

Back

a limit to what we can have; limited resources

Front

opportunity cost

Back

the thing you have to give up to get the thing you want

Front

trade agreement

Back

make it easier for businesses to import or export goods to and from other countries

Front

export

Back

send out goods to other countries

Front

import

Back

bring in goods from other countries