City Trade & Spending: Concepts of Economics Henry Wilson Memorial 6 th grade: Social Studies October 21, 2013
Theme Vocabulary abundance: A very large amount, a quality that is more than enough, plentiful
Theme Vocabulary accountant: One who performs accounting services, prepares financial statements and tax returns, audit financial records, and develops financial plans
Theme Vocabulary advertising: Increasing the visibility of a product to increase sales and attract buyers
Theme Vocabulary budget: An itemized summary of spending along with plans for funding the spending
Theme Vocabulary demand: The willingness and ability of a person to purchase a good or a service
Theme Vocabulary division of labor: Dividing the work of a business so that employees do different kinds of work to share the work load
Theme Vocabulary goods: Things that can be held or touched (merchandise) that can satisfy people’s wants and needs
Theme Vocabulary labor costs: Total amount of money that a business pays its employees
Theme Vocabulary loan: An amount of money given by a person or bank that has to be repaid, usually with interest added on over time
Theme Vocabulary manager: One who directs a business or other enterprise
Theme Vocabulary marketing: Letting the public know about the products or services that you sell
Theme Vocabulary needs: Things that are required to survive in the present time and current society
Theme Vocabulary net pay: The amount of money left in your paycheck after all taxes are taken out
Theme Vocabulary overhead costs: Costs related to the running of a business, not raw materials or labor costs; these costs include rent, utilities, and advertising
Theme Vocabulary price: Cost of goods and services
Theme Vocabulary products: Goods and services offered for sale
Theme Vocabulary production: The process of making or creating a good/product
Theme Vocabulary profit: The amount of money that is made after the loan and expenses are paid
Theme Vocabulary raw materials: The materials used to make goods
Theme Vocabulary scarce item: Item in short supply
Theme Vocabulary scarcity: The condition of not being able to have all the goods and services wanted or needed; short supply
Theme Vocabulary services: A desirable task or skill performed in exchange for money
Theme Vocabulary supply: A quantity available or ready to use
Theme Vocabulary wants: Things that make life better, but are not absolutely essentials for survival
City Trade: Background Information Listen… Teacher Textbook pg