Mrs. Kaye Allen's Kindergarten Class

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Monday, February 20, 2012

NO SCHOOL TOMORROW, Feb. 21st, due to weather/road conditions.

Posted by Mrs. Allen at 12:55 PM

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▼ 2012 (9)
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About Me

Mrs. Allen: Hello everyone. I am a Social Studies teacher at J.A. Duff Elementary School in Floyd County, Kentucky. I have been teaching for 7 years. This is my first year teaching 5 Grade Social Studies, so this year has been a wonderful learning experience for me. I plan to keep updated information related to our school and class on this blog, so please come back and check it out as often as you like. Thank you so much for visiting.

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Key Economic Terms and Definitions

1. Economics
– The study of the production
and distribution and human consumption of goods and services and their
management.
2. Scarcity
– scarcity happens when there is not enough of
something you want
3. Economic
Choice – the decision made from
alternatives
4. Opportunity
Cost –the best thing you give up to
get something
5. Wants
– a lack of required or usual amount
6. Consumption
– the act of consuming; using up something Ex. eating
7. Producers – a person who makes a good or produces a service
8. Goods
– something people want that you can hold or touch
9. Competitor
– someone or something that competes especially in
the selling of goods
10. Services
– something people do for other people
11. Money
– anything that is generally accepted as a medium of
exchange to buy goods and services, serves as a standard value, and has a store
value
12. Interdependence
– when people depend on each other
13. Specialize- to do a certain job
14. Work
– effort given to produce or accomplish something,
particularly to earn one’s living
15. Income
– the money you earn
16. Wages
–
payment given for using the services of labor. The money people receive for
working.
17. Price
– the amount of money a good or service costs
18. Barter
– trading a good or service for another good or service
19. Trade
– occupation or particular line of business
20. Supply
– quantity of a product that is available on the
market for purchase or that is available at a particular price
21. Competition
– a contest in which all who take part are competing
for the same thing
22. Cost
– the amount paid or charged for goods and services
23. Demand
– the desire and ability to purchase goods and
services
24. Tax
– money collected by the government from people or
business for public use
25. Production
– the act of creating goods that are used by
consumers
26. Distribution
– the marketing of goods
27. Barter
– trading a good or service for another good or
service without using money
28. Profit
– the extra money left after a business pays all costs of production
29. Needs
– things that are required
30. Free
Enterprise system – an economic system
where people are free to make their own decisions about what to produce and how
to use their money
31. Surplus
- means when there is more supply than demand,
as in extra resources
32. Export
- to ship goods and
services to other countries or places for sale, exchange, etc.
33. Import
– to bring in goods and services from a foreign place
34. Savings
– money people set aside as “just in case” money; income not spent, or
deferred consumption
35. Value
–
how much something is worth
36. Capital
goods resources – the buildings, equipment, roads, machinery,
and other constructed items needed to produce goods or provide services
37. Human
resources – the mental/physical skills of people that
are used to produce goods or services
38. Natural
resources – what exists or grows in nature and is
something humans use (i.e. water, trees, land, minerals deposits)
39. Invest
–
to spend money on capital goods resources use to produce other goods or
services.
40. Profit
–
the extra money left after a business pays all costs of production.
41. Financial
Institution - an institution that
provides financial
services for its clients or members.
42. Bank-
an institution for receiving, lending,
exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business.