Economy Key Terms

What does the word "entrepreneur" mean?

• A person who buys goods and services.

• A person who starts their own business to sell goods or services.

• A person who works for someone else.

• A person who saves money.

Tags

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.1.6

CCSS.L.K.5A

If a business has more money after paying for its costs, what is this extra money called?

• Loss

• Debt

• Profit

• Expense

What is the meaning of the word "economy"?

• The way people earn, spend, and share money in a community.

• A place where people live.

• A type of business.

• A type of government.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

What does "local" refer to?

• Something that is far away.

• Something that is close to where you live, like a store or farm in your town.

• A type of transportation.

• A type of food.

Tags

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.3.2E

CCSS.L.5.6

CCSS.L.6.2B

Who is a "producer"?

• A person who buys goods.

• A person or company that makes or grows goods to sell.

• A person who saves money.

• A person who works for someone else.

Tags

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.1.6

CCSS.L.K.5A

What does "consumer" mean?

• A person who makes goods.

• A person who sells goods.

• A person who buys and uses goods or services.

• A person who saves money.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

What is "supply" in economic terms?

• The amount of a product or service available for people to buy.

• The desire for a product or service.

• The cost of a product or service.

• The quality of a product or service.

What does "demand" mean?

• The amount of a product available.

• How much people want a product or service.

• The cost of a product.

• The quality of a product.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

What is a "budget"?

• A plan for how to spend and save your money.

• A type of income.

• A type of expense.

• A type of investment.

What does "invest" mean?

• To save all your money.

• To spend money, time, or effort on something now, hoping it will bring benefits later.

• To borrow money from a bank.

• To spend money on entertainment.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C