Economics
Third Grade
Money
anything a group of people
accept in exchange for goods
and services
Goods
Real items, such as cars,
wristwatches, and
clothing
Goods
You need money to buy
goods, such as food and
clothing. You need money to
pay for a place to live or to
travel on a bus or a train. You
need money to pay for
services provided by doctors
and dentists. You need
money for just about
everything.
services
Work that is done
for other people
services
Services are provided by
doctors, lawyers,
dentists, teachers,
libraries, police, etc…
income
The money a person gets
from salary or wages,
interest, investments,
and other sources.
income
Any money that you earn or
receive from someone else is
called income.
Examples: washing the
car, babysitting, raking
leaves, cutting the grass,
etc..
currency
any kind of money that
is used as a medium of
exchange.
Budget
a plan for using
money
Costs
negative results
Benefits
 Positive results
Scarcity
 A lack of good or services
Producer
 Someone who makes and sells
goods or services
Consumer
Someone who buys the good or
services sold by a producer.
interdependent
 To depend on each other
Supply
The amount
producers will
make for a certain
price.
demand
The amount consumers
are willing to buy for a
certain price.
Marketplace
Where goods may be bought or sold
import
 To buy goods or
services from sellers
in other countries.
export
 To sell goods
or services to
people in
another
country
industry
 All of the people and
companies that sell
similar goods or
services.
Common good
 Whatever helps the most people in the
community
trade
 To exchange
things with
someone else.
Barter
To trade one item or service for
another.
In some countries people still barter
instead of using money. Some
countries even barter with each
other. For example, countries that
grow wheat can barter with countries
that produce sugar.
What do you barter? Baseball cards,
stickers, snacks?
Economy
 The way that people make, buy, sell,
and use things