Economics Flashcards Preview

Social Studies - 3rd grade > Economics > Flashcards

Flashcards in Economics Deck (19):
1

Producer

People who make products or produce services

2

Service

Something one person does for another

3

Product

Items you can purchase

4

Productive resources

The basic items used to provide a service or produce a good

5

Scarcity

When there is not enough of something for all who want it

6

Budget

A plan to use income productively

7

Opportunity cost

What you have to give up

8

Expenses

Anything you spend money on

9

Income

Money you make or get

10

What is an example of an opportunity cost?

Io phone

11

What are examples of products

Ipad, iPhone , bagel

12

What are examples of services

Hair salon, waitress, teacher

13

Give an example of a product and it's productive resources

A cookie is a product . The productive resources are water, flour, and sugar.

14

What is the goal of a budget?

The goal of a budget is to have extra money left over to save

15

What is a positive incentive?

A saw where you buy one product and get another one for free

16

What is a negative incentive?

Speeding ticket or late fee for a late library book

17

What is an example of print communication

Billboards and newspapers

18

What is an example of oral communications?

Radio and word of mouth

19

Consumer

People who buy a good or service