April 9-13 WORDS
S.S. "The Price is Right" Vocabulary List #2
These vocabulary words are words from our economics "The Price is Right" Unit.
Use your Social Studies text book (unit 5) to study along with the vocab. sheet.
1. human resources: the skills, knowledge, and hard work that people bring to their jobs
2. import: to buy goods or services from sellers in other countries
3. income: money that people earn for working, also called salaries or wages
4. industry: all of the people and companies that sell similar goods or services
5. interdependent: depending on each other
6. interest: the money a bank pays people for keeping their money there
7. invest: to save money in a way that increases its value in the future
8. marketplace: where people buy and sell goods
9. natural resources: things from nature are used to produce goods and services
10. needs: things we must have to survive, such as food, water, and shelter
11. opportunity cost: the thing that people give up to do what they most want
12. producer: someone who makes or sells goods, or provides services
13. scarcity: a lack of goods or services
14. services: some kind of work that one person does for another
15. specialize: to do one special kind of work
16. supply: the amount producers will make for a certain price
17. trade: to exchange goods or services with people for other goods and services
18. wants: desires for goods and services people would like to have, but do not “need”
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