Things people make or grow that can be bought

Person who makes goods or provides services

Person who buys and uses goods and services

Things people must have to live

Things people would like but can live without

Not enough resources to meet all wants

Trade goods without using money

Plan for how to spend and save money

Money a bank pays you for saving

Money borrowed that must be paid back

How much of something is for sale

How much of something people want to buy

Place where buyers and sellers trade

What you give up when you choose

Social Studies · Economics

Economics Vocabulary

Money and market words from barter to scarcity for word games and review.

🎓 Grades 3–5
🌎 Social Studies
❓ 20 questions

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goods
Things people make or grow that can be bought
services
Work people do for others
producer
Person who makes goods or provides services
consumer
Person who buys and uses goods and services
needs
Things people must have to live
wants
Things people would like but can live without
scarcity
Not enough resources to meet all wants
barter
Trade goods without using money
budget
Plan for how to spend and save money
income
Money earned from work
savings
Money set aside for later
interest
Money a bank pays you for saving
loan
Money borrowed that must be paid back
profit
Money left after paying costs
tax
Money paid to the government
supply
How much of something is for sale
demand
How much of something people want to buy
entrepreneur
Person who starts a business
market
Place where buyers and sellers trade
opportunity cost
What you give up when you choose

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Economics Vocabulary

Grades 3–5 · Social Studies · Economics

Name:Date:Score:

Write the word from the word bank that matches each meaning.

Word banksavingsbartermarketbudgetproducerinterestdemandwantsconsumerneedsopportunity costloanprofittaxentrepreneurincomegoodssupplyscarcityservices

Things people make or grow that can be bought
Work people do for others
Person who makes goods or provides services
Person who buys and uses goods and services
Things people must have to live
Things people would like but can live without
Not enough resources to meet all wants
Trade goods without using money
Plan for how to spend and save money
Money earned from work
Money set aside for later
Money a bank pays you for saving
Money borrowed that must be paid back
Money left after paying costs
Money paid to the government
How much of something is for sale
How much of something people want to buy
Person who starts a business
Place where buyers and sellers trade
What you give up when you choose

classroom-games.net

Answer key

Economics Vocabulary

goods
services
producer
consumer
needs
wants
scarcity
barter
budget
income
savings
interest
loan
profit
tax
supply
demand
entrepreneur
market
opportunity cost

classroom-games.net