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JW Economic Vocab

6th Grade History Class

TermDefinition
GOODS Objects that people produce (make), distribute (exchange), or consume (use) to satisfy their needs and/or wants.
SERVICES Actions that someone does for someone else to satisfy their needs and/or wants.
ECONOMIC NEEDS Goods and/or services that are necessary to buy in order to live and function in society.
ECONOMIC WANTS Goods and/or services to buy that satisfy desires.
HUMAN RESOURCES A person that is used to produce a particular good or a service.
NATURAL RESOURCES A material provided by the earth that is used to produce a particular good or a service.
CAPITAL RESOURCES A man-made object that is used to produce a particular good or a service.
MARKETPLACES Any place that allows buyers and sellers to exchange currency (money) for goods and/or services.
SPECIALIZATION Individuals and companies concentrate (focus) on being an expert on a particular subject or skill.
INTERDEPENDENCE Individuals, companies, and nations rely on the goods and services of others to satisfy any needs or wants that they cannot satisfy on their own.
COST A total amount ($) spent on economic resources that went into producing a good or service.
PRICE A total amount ($) spent when purchasing a good or service at a marketplace.
SCARCITY A situation when there are limited economic resources, goods, or services.
SURPLUS A situation when there are extra economic resources, goods, or services.
SUPPLY The total amount of goods or services that are available. Changes in supply can affect the price.
DEMAND How badly people need or want a good or a service. Changes in demand can affect the price.
TARGET AUDIENCE Particular group(s) of people that an individual or company aims to sell their goods or services to.
Created by: JuliusWestMS
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