{
 "source": "https://peabody.kids/flashcards/kids-economics-goods-and-trade",
 "id": "kids-economics-goods-and-trade",
 "title": "Economics for Kids: Choices, Goods and Trade",
 "category": "social-studies",
 "subject": "Economics",
 "levels": [
  "k-2",
  "3-5"
 ],
 "description": "Needs and wants, goods and services, producers and consumers, trade, and making smart choices.",
 "tags": [
  "economics",
  "needs and wants",
  "trade",
  "jobs"
 ],
 "frontLabel": "Word",
 "backLabel": "Meaning",
 "cards": [
  [
   "Need",
   "Something you must have to live, like food, water, clothes and a home"
  ],
  [
   "Want",
   "Something you would like to have but can live without"
  ],
  [
   "Is food a need or a want?",
   "A need"
  ],
  [
   "Is a video game a need or a want?",
   "A want"
  ],
  [
   "Is a coat in winter a need or a want?",
   "A need"
  ],
  [
   "Good",
   "A thing you can see and touch that people buy, like a ball"
  ],
  [
   "Service",
   "Work someone does for you, like a haircut"
  ],
  [
   "Is a teacher's lesson a good or a service?",
   "A service"
  ],
  [
   "Is a bike a good or a service?",
   "A good"
  ],
  [
   "Producer",
   "A person or business that makes goods or services"
  ],
  [
   "Consumer",
   "A person who buys and uses goods and services"
  ],
  [
   "Resource",
   "Something used to make goods or services"
  ],
  [
   "Natural resource",
   "Something from nature, like water, trees or soil"
  ],
  [
   "Human resource",
   "People and the work they do"
  ],
  [
   "Capital resource",
   "Tools and machines used to make things"
  ],
  [
   "Scarcity",
   "Not enough of something for everyone to have all they want"
  ],
  [
   "Choice",
   "Picking one thing over another"
  ],
  [
   "Opportunity cost",
   "What you give up when you choose something else"
  ],
  [
   "Trade-off",
   "Giving up one thing to get another"
  ],
  [
   "Trade",
   "Exchanging goods or services"
  ],
  [
   "Barter",
   "Trading things without money"
  ],
  [
   "Money",
   "Coins and bills used to pay for things"
  ],
  [
   "Price",
   "How much something costs"
  ],
  [
   "Buy",
   "Pay money to get something"
  ],
  [
   "Sell",
   "Give something in exchange for money"
  ],
  [
   "Earn",
   "Get money for doing work"
  ],
  [
   "Spend",
   "Use money to buy"
  ],
  [
   "Save",
   "Keep money for later"
  ],
  [
   "Budget",
   "A plan for how to use your money"
  ],
  [
   "Profit",
   "Money a business has left after paying its costs"
  ],
  [
   "Business",
   "An organization that sells goods or services"
  ],
  [
   "Entrepreneur",
   "Someone who starts a business"
  ],
  [
   "Lemonade stand",
   "A simple business where kids sell drinks"
  ],
  [
   "Customer",
   "A person who buys from a business"
  ],
  [
   "Worker",
   "A person who does a job"
  ],
  [
   "Job",
   "Work that people do to earn money"
  ],
  [
   "Income",
   "Money you receive"
  ],
  [
   "Wage",
   "Pay for work"
  ],
  [
   "Tax",
   "Money people pay to the government for things like roads and schools"
  ],
  [
   "Bank",
   "A place that keeps your money safe"
  ],
  [
   "Market",
   "A place where people buy and sell"
  ],
  [
   "Supply",
   "How much of something is available to buy"
  ],
  [
   "Demand",
   "How much people want something"
  ],
  [
   "When many people want something that is hard to get",
   "The price may go up"
  ],
  [
   "Import",
   "A good brought into a country from another country"
  ],
  [
   "Export",
   "A good sent out to another country"
  ],
  [
   "Factory",
   "Place where goods are made"
  ],
  [
   "Farm",
   "Where food is grown"
  ],
  [
   "Where does a banana come from?",
   "From farms in warm places, then shipped to stores"
  ],
  [
   "Specialize",
   "Focus on doing one kind of job well"
  ],
  [
   "Why trade?",
   "People trade because no one can make everything they need"
  ],
  [
   "Fair trade",
   "Trade that pays workers fairly"
  ],
  [
   "Advertising",
   "Messages that try to get you to buy something"
  ],
  [
   "Coupon",
   "A paper or code that gives a discount"
  ],
  [
   "Sale",
   "A time when prices are lower"
  ],
  [
   "Donate",
   "Give something to help others"
  ],
  [
   "Charity",
   "A group that helps people in need"
  ],
  [
   "Allowance",
   "Money kids may get regularly"
  ],
  [
   "Interest",
   "Extra money a bank pays when you save"
  ],
  [
   "Loan",
   "Money borrowed that must be paid back"
  ],
  [
   "Debt",
   "Money you owe"
  ],
  [
   "Compare prices",
   "Look at different prices to find the best deal"
  ],
  [
   "Smart shopper",
   "Someone who plans, compares prices and saves"
  ],
  [
   "Piggy bank",
   "A container for saving coins"
  ],
  [
   "Wealth",
   "Having many valuable things"
  ],
  [
   "Cost",
   "What you pay or give up to get something"
  ],
  [
   "Benefit",
   "A good result from a choice"
  ],
  [
   "Decision-making steps",
   "Name the problem, list choices, weigh pros and cons, choose, then think about how it went"
  ]
 ]
}