Economics- 3rd grade Review

Opportunity Cost means:

• To give money to a bank

• Depending on others to produce things that you need

• The thing that you give up when you buy something else

Resources are:

• Anything used to produce goods

• Making one kind of good or service

• Trading without using money

Barter means:

• To give money to the bank

• A country's system of money

• Trading without using money

Specialization means:

• Depending on others to produce things that you need

• Making one kind of good or service

• Anything used to produce goods

Interdependence means:

• Depending on others to produce things that you need

• The thing that you give up when you buy something else

• Making one kid of good or service

Deposit means

• A country's system of money

• Trading without using money

• To give money to a bank

Currency means:

• Not having enough of something

• A country's system of money

• To give money to a bank

Scarcity means:

• Not having enough of something

• Anything used to produce goods

• Making one kind of good or service

Which of these is a need?

• nail polish

• Xbox

• Water

• Boots

Which of these is a need?

• Clothes

• A vacation

• A car

• A book