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5th grade GA SS - Economics Flashcards | StudBud
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5th grade GA SS - Economics
5th grade GA SS - Economics
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Georgia 5th grade Social Studies economics standards vocabulary words
Flashcards
20 cards
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Questions
20
Answers
1
someone who hires people and pays them for their work
economist
employer
employee
capitalist
2
having more of a product than you need
scarcity
opportunity cost
surplus
specialization
3
economic system where the government owns and operates everything
free market
capitalism
communism
specialization
4
actual cost of product plus how hard it is to get it
price
opportunity cost
tax
resource
5
what a person
gives up
by choosing one way of using resources instead of another
opportunity cost
price
surplus
scarcity
6
a shortage of goods or services
scarcity
specialization
opportunity cost
surplus
7
economy in which the people (not government) make most economic choices
voluntary exchange
public business
communism
free market
8
businesses owned and operated by private citizens or corporations (not the government)
private business
resource
tax
public business
9
tax on money that you earn
price
sales tax
opportunity cost
income tax
10
someone who works for other people in exchange for pay
economist
capitalist
employer
employee
11
when businesses are really good at providing one or more products or services
capitalism
communism
free market
specialization
12
personal plans for spending and saving money
scarcity
personal budget
surplus
voluntary exchange
13
Something that can be used by people
economics
resource
opportunity cost
specialization
14
process of willingly trading one valuable resource for another
voluntary exchange
free market
price
opportunity cost
15
economic system based on private business owned and operated by the people
capitalism
specialization
voluntary exchange
communism
16
tax on goods that you buy
price
sales tax
opportunity cost
income tax
17
money people pay to the government
price
surplus
scarcity
tax
18
businesses owned and operated by the government
resource
tax
private business
public business
19
study of how we choose to use money and resources
opportunity cost
scarcity
personal budget
economics
20
person who risks their own money to start their own business
private business
entrepreneur
voluntary exchange
employee
