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 Free flashcards from Peabody at peabody.kids/flashcards/kids-economics-goods-and-trade