Unit 3-Vocabulary (2nd S.S.)

What is economics?

• The study of wants and needs, scarcity and supply and demand.

• People have wants and needs.

• Stores sell thing based on supply and demand.

• We need to budget our money.

What is an economy?

• The wealth and resources available to people.

• producers and consumners

• wants and needs

• goods and services

What is a producer?

• they make things to sell

• they buy things

What is a consumer?

• they make things to sell

• they buy things

What is Supply?

• what people want to buy

• whats available

What is demand?

• what people want to buy

• whats available

What is a budget?

• Helps us decide what to spend on our wants.

• Helps us save money.

• Helps us decide what we can afford now and what we need to save money for.

An ___________________ is a person who studies the economy.

• consumer

• producer

• economist

_____________ is how much money a person makes.

• Budget

• Income

• Economy

• Savings

______________ are the amount of money you have to spend on needs.

• Expenses

• Savings

• Budget

• Income