1. 3 rd Grade Economics Picture Vocabulary

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

3. Economics

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

5. Service

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

7. Product

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

9. Consumer

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

11. Price

12. What do we call trying to convince consumers to buy your product or service instead of someone else’s? ___________________________

13. Competition

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

15. Supply One Many

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

17. Demand

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

19. Advertisement

20. 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? _______________________

21. Trade-off

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

23. Opportunity cost

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

25. Barter

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

27. Haggle

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

29. Scarcity