Sixth Grade Economic Terms

a part of a whole expressed in hundredths

natural wealth of a country, includes lands, forests, and minerals

the percentage of people able to read

tangible objects that satisfy economic wants

If the demand is low, then the price is

situation that results when the demand for a product exceeds the supply

collective wealth of a country, or its means of producing wealth

condition that exists because human wants exceed the amount of resources available

land that is suitable for growing crops

average number of people per square mile

when a quantity supplied exceeds quantity demanded

quantity of a good or service that buyers are willing and able to buy at all possible prices

If the supply is high, then the price is

tools, machine, and factories used to produce goods

goods coming into a country

how much something costs

quantity demanded by the buyers equals the quantity supplied

goods leaving a country

amount of a good that producers are willing to offer

situation where decisions made by one person affect decisions made my other people

exchange of goods and services

desires that can be satisfied by consuming or using a good or service

If the demand is high, then the price is

If the supply is low, then the price is

decision made or course of action taken when faced with a set of alternatives

the average amount of income per person