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SS terms
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11
Social Studies
7th Grade
01/13/2014
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Term
Goods:
 Definition
Physical products like food and clothing.
Term
Services:
 Definition
Jobs you pay to have done.
Term
Wants:
 Definition
Desires for goods or services.
Term
Consumers:
 Definition
We are consumers. We use goods and services.
Term
Economy:
 Definition
The system for producing and distributing goods and services.
Term
Money:
 Definition
Anything you can use to pay for goods and services.
Term
Profit:
 Definition
The difference between what it costs to make something and the price the buyer pays for it.
Term
Factors of production:
 Definition
Resources people have for producing goods and services.
Term
Capital:
 Definition
Anything produced in an economy that is used to produce other goods and services.
Term
Consumption:
 Definition
The act of buying or using goods and services.
Term
Invest:
 Definition
To use money to help a business get started or grow.
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