33rdrd Grade Grade Economics Economics

Picture Picture VocabularyVocabulary

What do we call the study of how What do we call the study of how people produce, sell, and buy people produce, sell, and buy

products and services?products and services?

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EconomicsEconomics

What do we call something What do we call something that is done for someone that is done for someone

else?else?

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ServiceService

What do we call something What do we call something that is made?that is made?

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ProductProduct

What do we call the person What do we call the person who buys products or who buys products or

services?services?

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ConsumerConsumer

What do we call the amount of What do we call the amount of money needed to buy a product or money needed to buy a product or

service?service?

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PricePrice

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

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CompetitionCompetition

What do we call the amount What do we call the amount of a product or service to be of a product or service to be

sold?sold?

One Many

SupplySupply

One Many

What do we call the need or desire What do we call the need or desire that people have for a product or that people have for a product or

service?service?

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DemandDemand

What do we call information that a What do we call information that a producer provides about its product or producer provides about its product or

service (usually to try to convince a service (usually to try to convince a consumer to purchase it)?consumer to purchase it)?

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What do we call it when a person What do we call it when a person has to give up buying or doing one has to give up buying or doing one

thing in order to buy or do thing in order to buy or do something else?something else?

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Trade-offTrade-off

What do we call what a person What do we call what a person gives up buying or doing when he gives up buying or doing when he chooses to buy or do something chooses to buy or do something

else?else?

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Opportunity costOpportunity cost

What do we call it when we What do we call it when we trade for something?trade for something?

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BarterBarter

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

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HaggleHaggle

What do we call it when What do we call it when there is not enough of there is not enough of

something?something?

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ScarcityScarcity