Flashcards › Social Studies › Economics
Economics for Kids: Choices, Goods and Trade
Needs and wants, goods and services, producers and consumers, trade, and making smart choices.
0 of 68 known
68 cards
- NeedWordSomething you must have to live, like food, water, clothes and a home
- WantWordSomething you would like to have but can live without
- Is food a need or a want?WordA need
- Is a video game a need or a want?WordA want
- Is a coat in winter a need or a want?WordA need
- GoodWordA thing you can see and touch that people buy, like a ball
- ServiceWordWork someone does for you, like a haircut
- Is a teacher's lesson a good or a service?WordA service
- Is a bike a good or a service?WordA good
- ProducerWordA person or business that makes goods or services
- ConsumerWordA person who buys and uses goods and services
- ResourceWordSomething used to make goods or services
- Natural resourceWordSomething from nature, like water, trees or soil
- Human resourceWordPeople and the work they do
- Capital resourceWordTools and machines used to make things
- ScarcityWordNot enough of something for everyone to have all they want
- ChoiceWordPicking one thing over another
- Opportunity costWordWhat you give up when you choose something else
- Trade-offWordGiving up one thing to get another
- TradeWordExchanging goods or services
- BarterWordTrading things without money
- MoneyWordCoins and bills used to pay for things
- PriceWordHow much something costs
- BuyWordPay money to get something
- SellWordGive something in exchange for money
- EarnWordGet money for doing work
- SpendWordUse money to buy
- SaveWordKeep money for later
- BudgetWordA plan for how to use your money
- ProfitWordMoney a business has left after paying its costs
- BusinessWordAn organization that sells goods or services
- EntrepreneurWordSomeone who starts a business
- Lemonade standWordA simple business where kids sell drinks
- CustomerWordA person who buys from a business
- WorkerWordA person who does a job
- JobWordWork that people do to earn money
- IncomeWordMoney you receive
- WageWordPay for work
- TaxWordMoney people pay to the government for things like roads and schools
- BankWordA place that keeps your money safe
- MarketWordA place where people buy and sell
- SupplyWordHow much of something is available to buy
- DemandWordHow much people want something
- When many people want something that is hard to getWordThe price may go up
- ImportWordA good brought into a country from another country
- ExportWordA good sent out to another country
- FactoryWordPlace where goods are made
- FarmWordWhere food is grown
- Where does a banana come from?WordFrom farms in warm places, then shipped to stores
- SpecializeWordFocus on doing one kind of job well
- Why trade?WordPeople trade because no one can make everything they need
- Fair tradeWordTrade that pays workers fairly
- AdvertisingWordMessages that try to get you to buy something
- CouponWordA paper or code that gives a discount
- SaleWordA time when prices are lower
- DonateWordGive something to help others
- CharityWordA group that helps people in need
- AllowanceWordMoney kids may get regularly
- InterestWordExtra money a bank pays when you save
- LoanWordMoney borrowed that must be paid back
- DebtWordMoney you owe
- Compare pricesWordLook at different prices to find the best deal
- Smart shopperWordSomeone who plans, compares prices and saves
- Piggy bankWordA container for saving coins
- WealthWordHaving many valuable things
- CostWordWhat you pay or give up to get something
- BenefitWordA good result from a choice
- Decision-making stepsWordName the problem, list choices, weigh pros and cons, choose, then think about how it went
Download this deck
- CSVExcel, Google Sheets, Numbers
- Anki / Quizlet (tab-separated)Import straight into Anki or Quizlet
- JSONFor programmers and apps
- Plain textOne card a line, “front : back”, ready for Peabody's flashcard maker to print
Want paper cards? Paste the plain-text download into the flashcard maker.