Economics 5th grade

Things that occur naturally in the world and can be used as a good or service

• Human resources

• Capital resources

• Natural resources

People who work as a good or service

• Human resources

• Capital resources

• Natural resources

A type of resource that is made in a factory.

• Human resources

• Capital resources

• Natural resources

An object that satisfies a need or want.

• Good

• Service

• Barter

• Cost

When you exchange something for another without using money.

• Good

• Service

• Barter

• Cost

An action that might satisfy your needs or wants that you pay for.

• Good

• Service

• Barter

• Cost

An action that might satisfy your needs or wants that you pay for.

• Good

• Service

• Barter

• Cost

The value of what you give up when you make a choice

• Revenue

• Opportunity cost

• Profit

The money you make off of selling a good or a service.

• Revenue

• Opportunity cost

• Profit

The number of items sold times the selling price.

_______________

• Revenue

• Opportunity cost

• Profit