Economics easy

The amount of money a person earns for their work.

• budget

• income

• tax

• labor

food, clothing and shelter

• wants

• needs

A plan for how much money will be spent on each type of item that a person must buy.

• income

• checking account

• budget

• interest

You set the table, your mom makes dinner, and your brother loads the dishwasher. This is an example of:

• productive capacity

• scarcity

• opportunity cost

• division of labor

People earn money for their work. Their work is called _______.

• entrepreneur

• employer

• labor

• income

Money that is paid to the government.

• tax

• income

• budget

• surplus

The total amount of a product that a company is willing to produce.

• product

• supply

• demand

• consumer

The amount of a product that consumers are willing to purchase at a certain price.

• scarcity

• surplus

• supply

• demand

The United States has a __________.

• banking economy

• credit card economy

• free market economy

• product economy

A percentage of the total amount of money a person has in their savings account that the bank pays into their account.

• loan

• debit card

• tax

• interest