3rd Grade Business Vocabulary

Free Economic Enterprise System

• economic system where people have freedom as consumers and producers

• money a person gets from working or selling goods and service

• money a person gets from working or selling goods and service

• the costs a person has for goods and services they buy

• a shortage of a resource

Budget

• economic system where people have freedom as consumers and producers

• money a person gets from working or selling goods and service

• a plan for managing a person's income and expenses

• the costs a person has for goods and services they buy

• a shortage of a resource

Income

• economic system where people have freedom as consumers and producers

• money a person gets from working or selling goods and service

• a plan for managing a person's income and expenses

• the costs a person has for goods and services they buy

• a shortage of a resource

Scarcity

• economic system where people have freedom as consumers and producers

• money a person gets from working or selling goods and service

• a plan for managing a person's income and expenses

• the costs a person has for goods and services they buy

• a shortage of a resource

Profits

• economic system where people have freedom as consumers and producers

• money a person gets from working or selling goods and service

• a plan for managing a person's income and expenses

• the costs a person has for goods and services they buy

• the money made by a business after paying all expenses

Expense

• economic system where people have freedom as consumers and producers

• money a person gets from working or selling goods and service

• a plan for managing a person's income and expenses

• the costs a person has for goods and services they buy

• the money made by a business after paying all expenses

Entrepreneur

• economic system where people have freedom as consumers and producers

• a person who starts a business

• a plan for managing a person's income and expenses

• the costs a person has for goods and services they buy

• the money made by a business after paying all expenses

Earning

• economic system where people have freedom as consumers and producers

• a person who starts a business

• providing a paid service

  completing a paid job

  interest from saving

• the costs a person has for goods and services they buy

• the money made by a business after paying all expenses

Spending

• economic system where people have freedom as consumers and producers

• Purchasing goods and services to satisfy wants and needs

• providing a paid service

  completing a paid job

  interest from saving

• the costs a person has for goods and services they buy

• the money made by a business after paying all expenses

Saving

• economic system where people have freedom as consumers and producers

• Purchasing goods and services to satisfy wants and needs

• providing a paid service

  completing a paid job

  interest from saving

• Setting aside money earned or given for future use, either in:

  a savings account

  piggy bank

• the money made by a business after paying all expenses