Economics Vocabulary: Please help your child to be able to read the word, spell the word, know the definition, and use the word in a sentence.
- economy - the way goods and services are made and used in a community or country
- income - money people earn
- needs - things people must have in order to live
- wants - things people would like to have
- goods - items that are for sale
- services - jobs people are paid to do for others
- consumer - person who buys and uses goods and services
- producer - person who make or grows goods to sell to others
- manufacture - make goods by hand or by machine
- factory - large building where goods are made
- natural resource - raw material that comes from nature
- human resource - worker who makes goods and does services
- trade - exchange one good or service for others
- transportation - movement of people or goods
- scarcity - supply of goods or services that cannot be found or bought
- interdependence - when one person depends on another for goods and services needed