Economics - Being a Responsible Spender

An exchange that benefits both parties.

• trade

• opportunity cost

• scarcity

• voluntary exchange

short in supply; shortage

• barter

• economy

• scarcity

• budget

From 1803 to 1890, the United States exploded with growth. It spread out from coast to coast, becoming one of the biggest countries in the world.

• The Westward Expansion

• The American Revolution

• The Civil War

• Voter's Rights

trading one thing for another without using money

• price incentive

• barter

• needs

• wants

a plan for using money

• opportunity cost

• wants

• budget

• Industrial Revolution

things that we must have in order to survive ​

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• budget

• wants

• technology

• needs

things that we would like to have, but that are not necessary for survival

• opportunity cost

• wants

• specialization

• economy

when a business does one type of product or a worker does one type of job

• trade

• technological advances

• opportunity cost

• specialization

exchanging goods or services

• trade

• price incentive

• barter

• needs

motivations to either supply a good or service or to buy that good or service

• needs

• budget

• price incentives

• Industrial Revolution