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Economics

4th Grade Economics Terms and Definitions

TermDefinition
Trade & Voluntary Exchange Act of buyers and sellers freely and willingly engaging in market transactions.
Opportunity Cost What you must give up to obtain something else. It is always the second best alternative (can be time, money, a resource, etc.).
Specialization When workers focus on performing separate tasks and, as a result, workers perform fewer functions more frequently.
Productivity Degree to which resources are used efficiently. Measured as the quantity of output per unit of input.
Incentives A cost or benefit that motivates a decision or action by consumers, workers, firms or other participants in the economy.
Government Revenue Funds raised by the government through taxing and borrowing (e.g., income tax, sales tax, property tax).
Banking Industry involved with conducting financial transactions (i.e., maintaining a checking account, savings account, or obtaining a loan).
Income Payments earned by household for selling or renting their productive resources. May include salaries, wages, interest and dividends.
Entrepreneurship A characteristic of people who assume the risk of organizing productive resource to produce goods and services; considered one of the factors of production.
Competition Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources.
Prices The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
Business Any activity or organization that produces or exchanges goods or services for a profit.
Households They spend their income for goods and services. They also sell resources to businesses.
Markets Places, institutions or technological arrangements where, or by means of which, goods and services are exchanged.
Government Spending Goods and services provided by the government (e.g., military, schools, roads).
Created by: trisha_connor
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