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5th Grade History and Social Science - Economics Terms
16 cards·by ms_wagner
Assembly Line
a line of workers along which a product moves as it is put together, one step at a time
Bartering
the trading of one kind of good for another without using money
Budget
a plan for spending and saving money
Capital Resources
the money, tools, buildings, and machines needed to run a business
Competition
in business, the contest among companies to get the most customers or sell the most products
Economy
the way people in a state, region, or a country use resources to meet their needs
Free Enterprise
a kind of economy where people own and run their own businesses
Export
to ship goods from one country to another to be sold
Import
to bring goods in to one country from another to be sold
Interdependence
depending on one another for resources and products
Mass Production
a way of manufactoring in which many goods that are alike can be made quickly and cheaply
Raw Material
a resource in its natural state that can be used to manufacture a product
Sel-sufficient
being able to do almost everything for yourself
Service
an activity that someone does for others for pay
Supply
a good or service that a business offers for sale
Tax
money that a government collects from its citizens to pay for services