Economics Vocabulary

Use the vocabulary sheet first so later economics sheets feel familiar. On the trade sheet, have students total each column before graphing and check the bars against the table.

Match 12 economics terms such as scarcity and profit to definitions, then complete 6 sentences. The directions on the page read: Write the letter of the matching term from the box next to each definition. Use each letter once. An answer key is included.

Yes, both. We made it for 6th Grade Economics and Money, and the page works the same whether it lands on a kitchen table or a center rotation. At home, most families go through it together and talk the answers out loud, and that talking is where most of the learning happens with goods, services and trade. In class it runs well as independent work while you pull a small group. Print one copy or thirty, whichever the day needs.

Goods are items you can see and touch that are made and sold. Services are work that one person does for another in exchange for pay. Economics Vocabulary has students match both terms, along with 10 others, to their definitions.

The trade balance is the value of a country's exports minus its imports. If imports are greater, the country has a trade deficit, and if exports are greater, it has a trade surplus. Students calculate the balance for fictional Tarvia from a table of 5 products.

A tariff is a tax on imported goods. It makes those goods cost more, so buyers may choose products made at home. The page explains that tariffs can protect a country's producers but raise prices for its consumers.