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Unit 2 Vocabulary
Vocabulary Concepts for Economics
14
Economics
3rd Grade
11/10/2010

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Term

Exports

 

Definition
products that are sent from the United States to another country
Term
Imports
Definition
products that are brought into the United States from other countries
Term
Taxes
Definition
Money collected from the citizens; how the US pays for schools, libraries, roads, and other public services
Term
Service
Definition
something someone does for someone else
Term
Good
Definition
things that can be bought and sold, or that are needed or wanted
Term
Trade-off
Definition
having to make a choice between two things b/c you can't have both
Term
Opportunity Cost
Definition
the choice you give up in order to do/get something else
Term
Budget
Definition
a plan for how to use your money
Term
Consumers
Definition
the people who use and pay for the different goods and services that are provided
Term
Producers
Definition
the people that grow or produce the goods or services that people want or need
Term
Interdependence
Definition
when two or more groups depend on each other to produce and sell goods
Term
International Trade
Definition
when two or more countries barter goods and services
Term
Human Resources
Definition
the people necessary to provide a service or grow/make a product
Term
Entrepreneur
Definition
someone who owns their own business
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