5th Grade Government and Economics: 5th Grade Economics

This list covers basic economic vocabulary.

Here are links to our lists in the collection: List 1, List 2, List 3, List 4, List 5, List 6, List 7, List 8
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Full list of words from this list:

words only definitions & notes
  1. economy
    the system of production and distribution and consumption
  2. economics
    science dealing with the circulation of goods and services
  3. decision
    the act of making up your mind about something
  4. service
    work done by one person or group that benefits another
  5. resource
    aid or support that may be drawn upon when needed
  6. trade
    the commercial exchange of goods and services
  7. fundamental
    being or involving basic facts or principles
  8. scarce
    deficient in quantity or number compared with the demand
  9. scarcity
    a small and inadequate amount
  10. community
    a group of people living in a particular local area
  11. global
    involving the entire earth
  12. consequence
    a phenomenon that is caused by some previous phenomenon
  13. benefit
    something that aids or promotes well-being
  14. incentive
    a positive motivational influence
  15. economist
    an expert in the circulation of goods and services
  16. pattern
    something regarded as a normative example
  17. opportunity
    a possibility from a favorable combination of circumstances
  18. government
    the organization that is in charge of a political unit
  19. university
    an institution of higher learning that grants degrees
  20. opportunity cost
    the benefits lost by choosing one option over another
  21. supply
    give something useful or necessary to
  22. demand
    the ability and desire to purchase goods and services
  23. shortage
    an amount that is less than expected or required
  24. surplus
    a quantity much larger than is needed
  25. afford
    have the financial means to do something or buy something
Created on Wed Nov 29 14:54:09 EST 2023 (updated Thu Nov 30 16:07:03 EST 2023)

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