1. Economics 6th Grade

2. Economics
The study of how people meet their wants and needs: what to produce; how to produce; and for whom to produce

3. Currency
Generally accepted form of money issued by a government – used as a medium of exchange for goods and services -Ex: merchandise, commodities, workers, paper money

4. Barter
Exchange goods or services for other goods or services without using money -Ex: bread exchanged for butter

5. Ex: Cars, books, cheerios, cell phone
goods
Something that you can touch or hold that consumers want that are supplied by producers. 
Ex: Cars, books, cheerios, cell phone

6. services Services are things you cannot hold
but that consumers want or need
that are produced in the economy. 
Examples: lawn care workers, dentists, barbers, waiters, etc 

7. The amount of a product that is available for the consumer to purchase
supply
The amount of a product that is available for the consumer to purchase
`````````````````````````````` Ex: I have a bushel of apples to sell

8. demand How much consumers are able and willing to pay for the product
Ex: Air Jordan's go from $100 to $75 more people will buy them

9. Not enough good/services to satisfy consumers
scarcity
Not enough good/services to satisfy consumers
Ex: Ms. Reed doesn’t have enough pencils for all the students in the classroom.

10. producer
People and/or companies which make and supply goods and services.
Ex – Farmers, Ford Motor Company

11. A person/group/company who buys a service or product.
Consumer
A person/group/company who buys a service or product.
Ex – a family that buys a car

12. Natural Resources Raw materials that come from earth (not man made)
Examples – petroleum, gold, bananas, water, etc

13. Human Resources The workers needed to make and sell goods and services
Ex - machine operator (human), cook, teacher, fire fighter

14. Capital Resources
Items such as land, buildings, equipment & machines that help workers make goods & provide services
Ex: hammer,
mail truck, pen

15. specialization
Producing only goods/services that an individual or country is good at to increase efficiency.
Ex: Floridian Oranges

16. Competition
More than one person/company is selling a good or service. This often lowers prices. Ex: Fast food restaurants – McDonalds, Wendy’s, Burger King

17. Trade The exchange of goods or services for
other goods and services or money.

18. Import
To receive goods/services from another country Ex: America buys and receives coffee beans from South America

19. Export
To send goods/services to another country -Ex: US sends cars to other countries

20. Tariff
Tax on imports

21. Market
A place where people buy and sell goods or services Ex: Shopping mall, flea market, black market