Basic Needs & Wants
What do we need to live, like food and water?
Needs
What is a plant or crop that farmers grow?
Crop
What are coins and paper bills we use to buy things?
Money/Currency
What do we call things a country sells to other countries?
Exports
What do we call people who work and make things?
Producers
What is something fun we want but don’t need to live?
Want
What do we call the job of growing crops and raising animals?
Agriculture
What is the amount of money we pay for something?
Price
What do we call things a country buys from other countries?
Imports
What are the tools and supplies we need to make something?
Material Resources
What is when we don’t have enough of something?
Scarcity
What do we call animals like cows and sheep on a farm?
Livestock
What do we call a person who buys things at a store?
Consumer
What do we call when two countries need each other’s goods?
Interdependence
What are the skills and knowledge people need to do their jobs?
Human Resources
What is when we trade one thing for another without using money?
Barter
What do we call it when a country stops all trading with another country?
Embargo
What is a tax a government puts on things we buy from other countries?
Tariff
What do we call when prices of things go up everywhere?
Inflation
What is when workers become really good at doing one special job?
Job Specialization
What is the path a product takes from being made to reaching stores?
Supply Chain
What do we call it when a country makes more of something than it needs?
Surplus
What do we call the difference between what a country buys and sells?
Balance of Trade
What is when a country can take care of itself without help from others?
Self-Sufficient
What do we call the way goods move from factories to stores to shoppers?
Distribution