3 rd Grade Economics Picture Vocabulary. 3 rd Grade Economics Vocabulary ProductServicePrice EconomicsConsumerSupply AdvertisementTrade-OffDemand Opportunity.

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Presentation transcript:

3 rd Grade Economics Picture Vocabulary

3 rd Grade Economics Vocabulary ProductServicePrice EconomicsConsumerSupply AdvertisementTrade-OffDemand Opportunity CostBarterHaggle International TradeProducerScarcity EntrepreneurBudgetTaxes ExportsImports

What do we call the study of how people produce, sell, and buy products and services? _______________________________

Economics

What do we call something that is done for someone else? ______________________________

Service

What do we call something that is made? __________________________

Product

What do we call the person who buys products or services? _______________________

Consumer

What do we call the amount of money needed to buy a product or service? ___________________________

Price

What do we call the amount of a product or service to be sold? One Many _________________

Supply One Many

What do we call the need or desire that people have for a product or service? ________________________

Demand

What do we call information that a producer provides about its product or service (usually to try to convince a consumer to purchase it)? __________________________

Advertisement

What do we call it when a person has to give up buying or doing one thing in order to buy or do something else? _______________________

Trade-off

What do we call what a person gives up buying or doing when he chooses to buy or do something else? _____________________________________

Opportunity cost

What do we call it when we trade for something? ________________________

Barter

What do we call it when we negotiate back and forth for a lower price or better trade? ______________________________

Haggle

What do we call it when there is not enough of something? _______________________

Scarcity

What do we call products sent from one country to another? _______________________________

Exports

What do we call products brought into one country from another? _________________________

Imports

What do we call money collected by a government to pay for public goods and services? ___________________________

Taxes

What do we call the buying and selling of products between different countries? __________________________________

International Trade

What do we call someone who makes or grows a product? _______________________________

Producer

What do we call a plan for using money? ________________________________

Budget

What do we call a person who takes risks, or chances, and starts a business? ________________________________

Entrepreneur

What do we call making the choice to buy or do one thing instead of another after weighing the costs and benefits? ___________________________________

Trade-Off

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