#separator:tab #html:false #tags column:4 Need Something you must have to live, like food, water, clothes and a home kids-economics-goods-and-trade Want Something you would like to have but can live without kids-economics-goods-and-trade Is food a need or a want? A need kids-economics-goods-and-trade Is a video game a need or a want? A want kids-economics-goods-and-trade Is a coat in winter a need or a want? A need kids-economics-goods-and-trade Good A thing you can see and touch that people buy, like a ball kids-economics-goods-and-trade Service Work someone does for you, like a haircut kids-economics-goods-and-trade Is a teacher's lesson a good or a service? A service kids-economics-goods-and-trade Is a bike a good or a service? A good kids-economics-goods-and-trade Producer A person or business that makes goods or services kids-economics-goods-and-trade Consumer A person who buys and uses goods and services kids-economics-goods-and-trade Resource Something used to make goods or services kids-economics-goods-and-trade Natural resource Something from nature, like water, trees or soil kids-economics-goods-and-trade Human resource People and the work they do kids-economics-goods-and-trade Capital resource Tools and machines used to make things kids-economics-goods-and-trade Scarcity Not enough of something for everyone to have all they want kids-economics-goods-and-trade Choice Picking one thing over another kids-economics-goods-and-trade Opportunity cost What you give up when you choose something else kids-economics-goods-and-trade Trade-off Giving up one thing to get another kids-economics-goods-and-trade Trade Exchanging goods or services kids-economics-goods-and-trade Barter Trading things without money kids-economics-goods-and-trade Money Coins and bills used to pay for things kids-economics-goods-and-trade Price How much something costs kids-economics-goods-and-trade Buy Pay money to get something kids-economics-goods-and-trade Sell Give something in exchange for money kids-economics-goods-and-trade Earn Get money for doing work kids-economics-goods-and-trade Spend Use money to buy kids-economics-goods-and-trade Save Keep money for later kids-economics-goods-and-trade Budget A plan for how to use your money kids-economics-goods-and-trade Profit Money a business has left after paying its costs kids-economics-goods-and-trade Business An organization that sells goods or services kids-economics-goods-and-trade Entrepreneur Someone who starts a business kids-economics-goods-and-trade Lemonade stand A simple business where kids sell drinks kids-economics-goods-and-trade Customer A person who buys from a business kids-economics-goods-and-trade Worker A person who does a job kids-economics-goods-and-trade Job Work that people do to earn money kids-economics-goods-and-trade Income Money you receive kids-economics-goods-and-trade Wage Pay for work kids-economics-goods-and-trade Tax Money people pay to the government for things like roads and schools kids-economics-goods-and-trade Bank A place that keeps your money safe kids-economics-goods-and-trade Market A place where people buy and sell kids-economics-goods-and-trade Supply How much of something is available to buy kids-economics-goods-and-trade Demand How much people want something kids-economics-goods-and-trade When many people want something that is hard to get The price may go up kids-economics-goods-and-trade Import A good brought into a country from another country kids-economics-goods-and-trade Export A good sent out to another country kids-economics-goods-and-trade Factory Place where goods are made kids-economics-goods-and-trade Farm Where food is grown kids-economics-goods-and-trade Where does a banana come from? From farms in warm places, then shipped to stores kids-economics-goods-and-trade Specialize Focus on doing one kind of job well kids-economics-goods-and-trade Why trade? People trade because no one can make everything they need kids-economics-goods-and-trade Fair trade Trade that pays workers fairly kids-economics-goods-and-trade Advertising Messages that try to get you to buy something kids-economics-goods-and-trade Coupon A paper or code that gives a discount kids-economics-goods-and-trade Sale A time when prices are lower kids-economics-goods-and-trade Donate Give something to help others kids-economics-goods-and-trade Charity A group that helps people in need kids-economics-goods-and-trade Allowance Money kids may get regularly kids-economics-goods-and-trade Interest Extra money a bank pays when you save kids-economics-goods-and-trade Loan Money borrowed that must be paid back kids-economics-goods-and-trade Debt Money you owe kids-economics-goods-and-trade Compare prices Look at different prices to find the best deal kids-economics-goods-and-trade Smart shopper Someone who plans, compares prices and saves kids-economics-goods-and-trade Piggy bank A container for saving coins kids-economics-goods-and-trade Wealth Having many valuable things kids-economics-goods-and-trade Cost What you pay or give up to get something kids-economics-goods-and-trade Benefit A good result from a choice kids-economics-goods-and-trade Decision-making steps Name the problem, list choices, weigh pros and cons, choose, then think about how it went kids-economics-goods-and-trade