3 rd Grade Economics Picture Vocabulary
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 trying to convince consumers to buy your product or service instead of someone else’s? ___________________________
Competition
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