Economics Key Vocabulary

This resource was created by Daniel Medders. It may be printed and photocopied for single classroom use. It may not be put on the Internet, sold, or distributed in any form. Check out my store for more resources that are common core and The Georgia Standards of Excellence - GSE aligned.

Note to the Teacher

Thank you for choosing this resource to use with your students. I hope it serves as a wonderful vocabulary and economics experience for them.

How to Use This Resource:

• Print the sheets to be used in class.

• Use the Slideshow to go over the links

• Use the studystack link to review the words

• Use the choice board for studying the vocabulary and activities

• Use the worksheets to check for understanding.

If you have any questions, please feel free to email me dm130822@yahoo.com. 

Have fun! And…GAME ON!

Daniel

Standards Reviewed in this material

GSE

SS3E1 Define and give examples of the four types of productive resources. 

a. Natural (land) 

b. Human (labor) 

c. Capital (capital goods) 

d. Entrepreneurship (risk-taking and combining natural, human, and capital resources in an attempt to make a profit) 

SS3E2 Explain that governments provide certain types of goods and services in a market economy (schools, libraries, roads, police/fire protection, and military) and pay for these through taxes. 

SS3E3 Give examples of interdependence and trade and explain the benefits of voluntary exchange. 

a. Describe the interdependence of consumers and producers. 

b. Describe how goods and services are allocated by price in the marketplace. 

c. Explain that some goods are made locally, some elsewhere in the country, and some in other countries. 

d. Explain that most countries create their own currency for use as money. 

SS3E4 Explain the concept of opportunity cost as it relates to making a saving or spending choice.

SS5E1 Use the basic economic concepts of trade, opportunity cost, specialization, productivity, and price incentives to illustrate historical events. 

a. Describe opportunity costs and their relationship to decision-making across time (e.g., decisions by individuals in response to rationing during WWII). 

b. Explain how price incentives affect people’s behavior and choices (e.g., decisions to participate in cattle trails because of increased beef prices). 

c. Describe how specialization can improve standards of living and productivity (e.g., how Henry Ford’s use of the assembly line reduced the price of automobiles). 

d. Describe how trade and voluntary exchange promotes economic activity (e.g., how the Panama Canal increases trade among countries). 

SS5E2 Describe the functions of four major sectors in the U. S. economy. 

a. Describe the household function in providing resources and consuming goods and services. 

b. Describe the private business function in producing goods and services. 

c. Describe the bank function in providing checking accounts, savings accounts, and loans. 

d. Describe the government function in taxation and providing certain public goods and public services. 

SS5E3 Describe how consumers and producers interact in the U. S. economy. 

a. Describe how competition, markets, and prices influence consumer behavior. b. Describe how people earn income by selling their labor to businesses. 

c. Describe how entrepreneurs take risks to develop new goods and services to start a business. 

SS5E4 Identify the elements of a personal budget (income, expenditures, and saving) and explain why personal spending and saving decisions are important.