1. City Trade & Spending: Concepts of Economics Henry Wilson Memorial 6 th grade: Social Studies October 21, 2013

2. Theme Vocabulary abundance: A very large amount, a quality that is more than enough, plentiful

3. Theme Vocabulary accountant: One who performs accounting services, prepares financial statements and tax returns, audit financial records, and develops financial plans

4. Theme Vocabulary advertising: Increasing the visibility of a product to increase sales and attract buyers

5. Theme Vocabulary budget: An itemized summary of spending along with plans for funding the spending

6. Theme Vocabulary demand: The willingness and ability of a person to purchase a good or a service

7. Theme Vocabulary division of labor: Dividing the work of a business so that employees do different kinds of work to share the work load

8. Theme Vocabulary goods: Things that can be held or touched (merchandise) that can satisfy people’s wants and needs

9. Theme Vocabulary labor costs: Total amount of money that a business pays its employees

10. 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

11. Theme Vocabulary manager: One who directs a business or other enterprise

12. Theme Vocabulary marketing: Letting the public know about the products or services that you sell

13. Theme Vocabulary needs: Things that are required to survive in the present time and current society

14. Theme Vocabulary net pay: The amount of money left in your paycheck after all taxes are taken out

15. 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

16. Theme Vocabulary price: Cost of goods and services

17. Theme Vocabulary products: Goods and services offered for sale

18. Theme Vocabulary production: The process of making or creating a good/product

19. Theme Vocabulary profit: The amount of money that is made after the loan and expenses are paid

20. Theme Vocabulary raw materials: The materials used to make goods

21. Theme Vocabulary scarce item: Item in short supply

22. Theme Vocabulary scarcity: The condition of not being able to have all the goods and services wanted or needed; short supply

23. Theme Vocabulary services: A desirable task or skill performed in exchange for money

24. Theme Vocabulary supply: A quantity available or ready to use

25. Theme Vocabulary wants: Things that make life better, but are not absolutely essentials for survival

26. City Trade: Background Information Listen… Teacher Textbook pg. 34-35