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 people where we live who provide the goods and services we need

decide to make a choice of judgment or

demand the ability and desire to purchase goods or services

goods things that are grown or made to sell

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

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

job work that someone does

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

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

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

option one of the possible choices you can make

resources what is needed to provide goods and services

saving money saved over a period of time

scarce not enough to satisfy demand

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

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

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

short-term goal something you hope to do soon

supply enough to satisfy the needs or wants of people

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

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