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Economics Vocabulary


Study guide for second grade economics.

job the exchanges of goods and services WITHOUT money
income not being able to meet all the wants at the same time
needs to make something in a factory
wants the amount of items available
goods goods people use to do their jobs ex. hammers, trucks, ships
services things people make or grow to sell, for example food, clothing, candy
producers to sell and send goods to other countries-think "ex" "exit" out of the country
consumer money people earn from working, for example paycheck
factory things you must have to live
manufacture people working to make things or help others, for example farmers, painters, builders
trade things you like, nut can live without
barter people who make or grow a product or provide a service, for example doctor, salesman, baker
import the amount of items wanted
export the work some does to earn an income
human resources a building where people work to make goods
natural resources "customer", people who buy the goods and use services
captial resources the exchange of money for goods and services
supply to buy things from another country-think "im" "in"
demand work done by someone to help others, for example cutting hair, fixing a car
scarcity materials that come from the earth-think "nature", ex. woods, water, clay

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