1. 3 rd Grade Economics Picture Vocabulary

2. 3 rd Grade Economics Vocabulary ProductServicePrice EconomicsConsumerSupply AdvertisementTrade-OffDemand Opportunity CostBarterHaggle International TradeProducerScarcity EntrepreneurBudgetTaxes ExportsImports

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

4. Economics

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

6. Service

7. What do we call something that is made? __________________________

8. Product

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

10. Consumer

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

12. Price

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

14. Supply One Many

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

16. Demand

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

18. Advertisement

19. 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? _______________________

20. Trade-off

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

22. Opportunity cost

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

24. Barter

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

26. Haggle

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

28. Scarcity

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

30. Exports

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

32. Imports

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

34. Taxes

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

36. International Trade

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

38. Producer

39. What do we call a plan for using money? ________________________________

40. Budget

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

42. Entrepreneur

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

44. Trade-Off