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Economics review
flashcard vocab for economics concepts & vocabulary
21
Economics
5th Grade
10/22/2010

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Cards

Term
Goods
Definition

an item that can be bought; a want or a need

(video game, hamburger, car)

Term
Services
Definition
job (firefighter, police officer, dentist, truck driver, teacher)
Term
produce
Definition
to make a good
Term
consumer
Definition
to buy, eat or drink a good
Term
distribute/allocate
Definition
to pass out a good
Term
scarcity
Definition
not enough of a good to meet demand
Term
surplus
Definition
too much of a good
Term
first-come-first-serve
Definition
whoever arrives first, gets the goods
Term
share equally
Definition
everyone receives same amount of a good
Term
ration
Definition
to use a small portion of a good over time
Term
lottery
Definition
randomly selected winner
Term
command
Definition
person in charge decides who receives goods
Term
price
Definition
cost of a good
Term
specialization
Definition
focus on one job and doing it well
Term
capital goods
Definition
tools used to create a good
Term
division of labor
Definition
breaking down a large job into smaller tasks
Term
interdependent
Definition
depending on others for survival
Term
barter
Definition
trade
Term
supply
Definition
amount of a good
Term
demand
Definition
amount of people who want a good/service
Term
What happens when competition happens amongst producers?
Definition
1. Cheaper prices
2. Better customer service
3. Better quality products
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