Definitions: Match the Explanations with the Term Above

5th Grade Vocabulary Practice ECONOMICS- PART 2 Terms:

Import Boycott Scarce Monopoly Surplus Opportunity Cost Debt Profit Capital Resources Free Enterprise Inflation Export Benefit Definitions: Match the explanations with the term above.

1. ______All the tools used to make a product 2. ______To have more than you need 3. ______A reward that is gained 4. ______A product that is brought into a country to be sold 5. ______A governmental system whose laws allow free markets 6. ______A product that is taken to another country to be sold 7. ______A rise in the price of all goods 8. ______To owe more than you can pay 9. ______To have total control of the sales of a product 10. ______To have a short supply of 11. ______To refuse to buy goods or services 12. ______Something a person gives up in order to get something else 13. ______The money left over after all costs have been paid

Applications: Match the examples with the related term above.

1. If you buy something for $200 on a credit card, you will have created a ______that needs to be paid.

2. The ______of having a job is that you earn a paycheck.

3. The colonists wanted to ______tea because Parliament was taxing them to purchase tea.

4. The ______needed to start a lemonade stand might be money to make change, cups, lemonade, and a table.

5. ______happens when costs of products go up.

6. If no other company produced movies except Disney, Disney would have a ______on the movie-making business.

7. The shoes you bought were made in China. They would be known as an ______.

8. If you spend $3.00 making a cake, but you sell it for $5.00, you make a $2.00 ______.

9. One of the ______of exploring in the New World was that you had to leave your family.

10. Our government allows us to buy and sell products as we see fit. This is called a ______form of government. 11. Sometimes a store will buy too much of a certain product. This is known as having a ______.

12. A company that sells clothing to France needs to ______their product to France.

13. The most popular video game can’t be found in any store. That is because that particular product is ______.

Analysis: Describe what the opportunity cost and the benefit would be for starting your own business.

______

Create a pro and con scale about Free Enterprise with two pros and two cons.