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18 Cards in this Set
- Front
- Back
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earn
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- to get something such as money, after working
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economic choice
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- decision to buy one thing instead of another
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product
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- goods and services
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budget
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- a plan that shows income, spending and saving
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income
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- all the money a person gets from a job or other source
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opportunity costs
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- what you give up when you choose to buy one thing over another
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supply
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- the amount of a product for sale at a certain price
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goods
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- things that are made or grown then sold
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spending
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- the amount of income a person uses
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savings
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- the amount of an income not spent
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demand
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- the amount of goods or a service that people want and can pay for at different prices
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profit
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- the income a business has left after all its costs are paid
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services
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- jobs that one person does for another
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When supply goes up the price will _________________.
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- go down
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Give some examples of needs.
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- food
- water - air |
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Give some examples of wants.
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- toys
- car - radio - TV |
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What are the three parts of a budget?
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1. income
2. spending 3. savings |
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Why were the CD's Robin's opportunity cost?
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- because she had to give them up so that she could get the bat
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