5th Grade Economic Terms

This means not having enough of something that people want.

• scarcity
• trade
• specialization
• price incentive

This is a company or person that sells goods and services.

• provider
• conservation
• economic system
• consumer

This is when people use available resources to make the goods they are best able to produce, and trade to get the other goods they need.

• specialization
• supply/demand
• trade
• price incentive

This is the exchange of buying/selling of goods and services.

• trade
• specialization
• economic system
• supply/demand

This is how much of something is available and how much of something people want.

• provider/producer
• supply/demand
• producer/consumer
• conservation/specialization

This is someone who organizes a business venture and assumes the risk for it.

• entrepreneur
• price incentive
• income
• effects on the environment

This is the result of environmental impacts on human health and welfare.

• scarcity
• conservation
• effects on the environment
• trade

This is a person who makes purchases or buys goods and services.

• consumer
• producer
• provider
• trade

This encourages people to purchase goods and services.

• income
• supply/demand
• scarcity
• price incentive

This is a set of rules that guides the use of resources and production of goods in a country.

• economic system
• price incentive
• effects on the environment
• income