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Lawn Boy Economic Terms
Terms we learn while reading "Lawn Boy"
4
Economics
5th Grade
04/05/2011

Additional Economics Flashcards

 


 

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Term
ECONOMICS
Definition

The study of how the forces of supply and demand work.

 

Lawn Boy learns that his supply (lawn-mowing) is in great demand when many neighbors ask him to mow their lawns (chapters 1-3).

Term
SUPPLY & DEMAND
Definition

When supply exceeds demand, the price of a product will drop, and when demand exceeds supply, the price of a product will increase.

 

In today's economy, there is a huge demand for gasoline, but not a lot of gas (supply). That's why gas prices are so high.

Term
CAPITALISM
Definition

a market system based on private ownership, competition, and no government interference.

 

 

The U.S. economy is built on capitalism.  For example, Microsoft and Apple are competitors in the market, competing for the most customers of technology.

Term
STOCK
Definition
part ownership in a company; the stockholder shares in the profits of the company and has the right to vote on decisions
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