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5th Grade DBQ Economics words
Common economic words found on the NYS DBQ
15
History
5th Grade
10/16/2008

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Cards

Term
MINING
Definition
the act of taking natural resources from soil
Term
GOODS
Definition
a tradeable product
Term
SERVICES
Definition
An act that one pays for (waitress, teacher, etc.)
Term
PROFIT
Definition
The amount of money a business or person makes after paying bills
Term
NEED
Definition
An item that a person can't live without such as food, water, shelter, & clothing
Term
WANT
Definition
Something someone can live without (Playstation, books, etc)
Term
TAX
Definition
The money paid to government for services
Term
AGRICULTURE
Definition
An economic plan in which farming is used
Term
INDUSTRY
Definition
An economic plan in which products are made
Term
NATURAL RESOURCE
Definition
A naturally formed good that is used by humans
Term
SCARCITY
Definition
When there is not enough of a good
Term
SURPLUS
Definition
When there is too much of a good
Term
SUPPLY & DEMAND
Definition
An economic law that states when you have more of something, the price goes down and vice versa
Term
DEBT
Definition
The amount of money owed
Term
IRRIGATION
Definition
moving water to farmland
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