Understanding Basic Economic Concepts

a plan that details how money will be earned and spent

• a guess how much money you make

• choice

• budget

• a savings plan

a decision between two or more options

• budget

• choice

• goods

• need

things that are made or grown and then sold

• choice

• budget

• need

• goods

something required for survival

• want

• choice

• budget

• need

to set aside money for a later use

• save

• spend

• budget

• choice

the performance of a duty or work for another person

• goods

• services

• spend

• want

give money to pay for something

the performance of a duty or work for another person

• goods

• services

• spend

• want

a desire, wish, or longing for something

to set aside money for a later use