Economics Vocabulary 5th Grade

things that can be touched

• Services

• Goods

• income

• Price

work that does not produce something you can touch

• Services

• Price

  
  

• Profit

• Goods

the amount of money that producers are willing to sell a good or service for

• Profit

• Services

• Goods

• Price

the amount of money the producer makes from the sale of a good or service after expenses

• Price

• Goods

• Profit

• Services

 a limited supply

• Producers

• scarcity

• Consumers

• Demand

those who buy a good or service

• Producers

• Scarcity

• Demand

• Consumers

those who produce a good or service

• Producers

• Demand

• Consumers

• scarcity

the amount of goods and services people are willing to buy

• Scarcity

• Producers

• Demand

• consumers

giving up the opportunity to satisfy other wants

• Supply

• Opportunity cost

• Specialization

• Price inenttive

putting  money, resources, and labor into making the things that you are most efficient at producing

• Price incentive

• opportunity cost

• Specialization