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Arrow_left - 5th Grade History and Social Science: Economics
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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
Captial Resource
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
Export
goods shipped from one country to another to be sold
Free enterprise
a kind of economy where people own and run their own business
Import
a good brought into one country from another to be sold
Interdependence
depending on one another for resources and products
Mass Production
a way of manufacturing 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
Self-sufficient
being able to do almost anything for yourself
Service
an activity that someone does for others for pay
Supply
a good or service that business offers for sale
Tax
money that a government collects from its citizens to pay for services