Keiki Econ Dictionary

Definitions of common economics terms appropriate for lower grade levels

BARTER: trading one good for another without the use of money.

CAPITAL RESOURCES: goods that are used to make other goods and services.

CHOICE: deciding between two or more options.

COMPANY: a business that uses resources to produce and sell products.

CONSUMER: a person who buys and uses goods or services.

CURRENCY: the good everyone uses to buy things. See 'Money'.

DELAYED GRATIFICATION: choosing to wait for something better in the future. See 'Instant Gratification'.

DEMAND: is the relationship between the price of a good and how much everyone wants to buy.

ECONOMICS: is the study of how best to use limited resources.

EQUILIBRIUM PRICE: the price where there are no remaining buyers or sellers who could both benefit from exchange.

GOODS: items people buy. Contrast with 'Services'.

HIDOE ACRONYMS: for a useful guide to the common acronyms used across the Hawaii Department of Education system see here.

HUMAN RESOURCES: people working to produce goods and services.

INCOME: the money you earn from working.

INSTANT GRATIFICATION: wanting something immediately, without waiting. See 'Delayed Gratification'.

MONEY: what people use to buy things with and set how much things cost. See 'Currency'.

NATURAL RESOURCES: goods that come from nature.

NEEDS: things we must have to live (e.g. water, food, shelter). Contrast with 'Wants'.

NON-RIVAL GOODS: goods that everyone can enjoy at once.

OPPORTUNITY COST: the value lost from the second best choice that could have been chosen, but was not chosen.

PATIENCE: waiting calmly for something. See 'Delayed Gratification'.

PRIVATE GOODS: goods that only you can use.

PRODUCER: a person who makes goods or provides services.

PUBLIC GOODS: things that everyone can have and enjoy at the same time.

REWARD: something you receive in return for your behavior or effort.

RIVAL GOODS: goods that only a limited number of people can enjoy at once.

SAVE: to put money aside for future use.

SCARCITY: when there is not enough for everyone to have all that they want.

SERVICES: work done by someone to help another person. Contrast with 'Goods'.

SUPPLY: is the relationship between the price of a good and how much everyone wants to produce.

WANTS: things we would like to have but can live without (e.g. toys, games). Contrast with 'Needs'.

ECONOMICS LIBRARY