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Illustrated Glossary

Illustrated Glossary. Unit 4: Economics. allowance. a sum given to you by your parent(s) usually for the completion of chores. choice. one of the decisions you can make. community. a place where people live, work, or have fun together. community helpers.

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Illustrated Glossary

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  1. Illustrated Glossary Unit 4: Economics

  2. allowance a sum given to you by your parent(s) usually for the completion of chores

  3. choice one of the decisions you can make

  4. community a place where people live, work, or have fun together

  5. community helpers people where we live who provide the goods and services we need

  6. decide to make a choice of judgment or

  7. demand the ability and desire to purchase goods or services

  8. goods things that are grown or made to sell

  9. human resources the people and their skills needed to produce goods and services

  10. income an amount of money that is earned by working at a job

  11. job work that someone does

  12. long-term goal something you hope to do in the future

  13. needs things that all people must have to survive (food, shelter, clothing if in a cold climate)

  14. opportunity cost the choice you have to give up to get something else

  15. option one of the possible choices you can make

  16. resources what is needed to provide goods and services

  17. saving money saved over a period of time

  18. scarce not enough to satisfy demand

  19. scarcity the condition that results when people’s wants are greater than the resources available to satisfy those wants

  20. select Which one do I want? chosen from a number or group

  21. services a job a person does to give useful or necessary help to others that doesn’t involve making or selling goods

  22. short-term goal something you hope to do soon

  23. supply enough to satisfy the needs or wants of people

  24. wants things that people like to have but do not need to survive

  25. work use of one’s strength or ability to get something done

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