3rd Grade Economic Vocabulary Review Flashcards | StudBud3rd Grade Economic Vocabulary Review
Terms and Definitions
1Interdependence
- What you give up to get something else
- people produce only some of the goods/services they consume
- people depend on others to get goods/services they need/want
- businesses that sell the same products to customers
2Specialization
- people depend on others to get goods/services they need/want
- What you give up to get something else
- people produce only some of the goods/services they consume
- businesses that sell the same products to customers
3Want
- Something you must have to stay alive
- Something someone does for others
- something you would like to have
- Something you can use
4Producer
- someone who provides a good or service
- how much of something people want to buy
- how much of something which is available to be bought
- someone who uses goods and services
5competition
- people depend on others to get goods/services they need/want
- What you give up to get something else
- people produce only some of the goods/services they consume
- businesses that sell the same products to customers
6scarcity
- not enough of something for everyone
- extra of something
- how much something costs
- extreme shortage of something
7Supply
- how much of something people want to buy
- someone who uses goods and services
- how much of something which is available to be bought
- someone who provides a good or service
8Opportunity Cost
- What you give up to get something else
- people depend on others to get goods/services they need/want
- businesses that sell the same products to customers
- people produce only some of the goods/services they consume
9Price
- extreme shortage of something
- extra of something
- not enough of something for everyone
- how much something costs
10Good
- Something you can use
- something you would like to have
- Something someone does for others
- Something you need to stay alive
11Surplus
- extreme shortage of something
- extra of something
- how much something costs
- not enough of something for everyone
12Shortage
- extra of something
- how much something costs
- not enough of something for everyone
- extreme shortage of something
13Consumer
- someone who uses goods and services
- someone who provides a good or service
- how much of something which is available to be bought
- how much of something people want to buy
14Demand
- someone who uses goods and services
- how much of something which is available to be bought
- how much of something people want to buy
- someone who provides a good or service
15Service
- Something someone does for others
- something you would like to have
- Something you need to stay alive
- Something you can use
16Need
- Something you can use
- something you would like to have
- Something someone does for others
- Something you must have to stay alive
