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rd 3 Grade Economics Picture Vocabulary What do we call the study of how people produce, sell, and buy products and services? _______________________________ Economics What do we call something that is done for someone else? ______________________________ Service What do we call something that is made? __________________________ Product What do we call the person who buys products or services? _______________________ Consumer What do we call the amount of money needed to buy a product or service? ___________________________ Price What do we call trying to convince consumers to buy your product or service instead of someone else’s? ___________________________ Competition What do we call the amount of a product or service to be sold? One Many Supply One Many What do we call the need or desire that people have for a product or service? ________________________ Demand What do we call information that a producer provides about its product or service (usually to try to convince a consumer to purchase it)? __________________________ Advertisement What do we call it when a person has to give up buying or doing one thing in order to buy or do something else? _______________________ Trade-off What do we call what a person gives up buying or doing when he chooses to buy or do something else? _____________________________________ Opportunity cost What do we call it when we trade for something? ________________________ Barter What do we call it when we negotiate back and forth for a lower price or better trade? ______________________________ Haggle What do we call it when there is not enough of something? _______________________ Scarcity