1. Illustrated Glossary
Unit 4: Economics

2. allowance
a sum given to you by your parent(s) usually for the completion of chores

3. one of the decisions you can make
choice
one of the decisions you can make

4. a place where people live, work, or have fun together
community
a place where people live, work, or have fun together

5. people where we live who provide the goods and services we need
community helpers
people where we live who provide the goods and services we need

6. to make a choice of judgment
decide or
to make a choice of judgment

7. the ability and desire to purchase goods or services
demand
the ability and desire to purchase goods or services

8. things that are grown or made to sell
goods
things that are grown or made to sell

9. the people and their skills needed to produce goods and services
human resources
the people and their skills needed to produce goods and services

10. an amount of money that is earned by working at a job
income
an amount of money that is earned by working at a job 10

11. job work that someone does
work that someone does 11

12. something you hope to do in the future
long-term goal
something you hope to do in the future 12

13. needs
things that all people must have to survive (food, shelter, clothing if in a cold climate) 13

14. the choice you have to give up to get something else
opportunity cost
the choice you have to give up to get something else 14

15. one of the possible choices you can make
option
one of the possible choices you can make 15

16. what is needed to provide goods and services
resources
what is needed to provide goods and services 16

17. money saved over a period of time
saving
money saved over a period of time 17

18. not enough to satisfy demand
scarce
not enough to satisfy demand 18

19. scarcity
the condition that results when people’s wants are greater than the resources available to satisfy those wants 19

20. select chosen from a number or group Which one do I want?
chosen from a number or group 20

21. services
a job a person does to give useful or necessary help to others that doesn’t involve making or selling goods 21

22. something you hope to do soon
short-term goal
something you hope to do soon 22

23. enough to satisfy the needs or wants of people
supply
enough to satisfy the needs or wants
of people 23

24. things that people like to have but do not need to survive
wants
things that people like to have but do not need to survive

25. use of one’s strength or ability to get something done
work
use of one’s strength or ability to get something done 25