Economics

The amount of money a person earns for their work.

• budget

• income

• tax

• labor

food, clothing and shelter

• wants

• needs

video games, televisions, toys

• wants

• needs

A plan for how much money will be spent on each type of item that a person must buy.

• income

• checking account

• budget

• interest

You set the table, your mom makes dinner, and your brother loads the dishwasher. This is an example of:

• productive capacity

• scarcity

• opportunity cost

• division of labor

Which item might someone need to borrow money from the bank in order to buy?

• sneakers

• a house

• groceries

• couch

People earn money for their work. Their work is called _______.

• entrepreneur

• employer

• labor

• income

A card used to pay for items that comes directly from your bank account.

• credit card

• debit card

• savings account

• check

Money that is paid to the government.

• tax

• income

• budget

• surplus

When a company does one thing VERY well. For example, Starbucks and coffee.

• scarcity

• surpluss

• resource

• specialization