Glossary of Economic Terms
Economic terms for Virginia k-3 SOLs
Barter-
the exchange of one good or service for another
Barter, Find,
sell, trade, buy any item, service or real estate with
TradeAway. Sell your home, buy a
car, trade for a boat or vacation.

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Sell or Trade |
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BASIC NEEDS- things people have to have in order to live
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FOOD |
SHELTER |
CLOTHING |
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Buyer also consumer- a person who buys or purchases goods or services
Capital resources- goods made by people and used to make other goods and services
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MACHINES |
TOOLS |
BUILDINGS |
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Choice- people must choose one thing over another because they can't have everything they want or because there is a scarcity.
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Choose:
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or
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Cost-conscious- being aware of the worth of things (goods or services)
Economic choice- the decision a consumer makes when buying something
Goods- things people make and use and satisfy their needs and wants
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Human resources- people working to make goods and services
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Interdependence- depending on others for certain goods or services

Money- that which is used to purchase goods (coins, paper money, and checks)

Natural resources- materials that come from nature (water, soil, wood, and coal)


Opportunity cost- what is given up when one is making a choice
or
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Choose only one. |
Saving- keeping money for the future and adding to it until a person has enough to make a future purchase
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Scarcity- limited resources (too many people want the same thing and there is not enough to go around)
Seller also producer- the person who makes or sells goods or services

Services- activities that satisfy people's needs and wants
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Specialization- being an expert in one job, product, or service

Oil Production Shipbuilding
Wants- things people would like to have
