<p> 5th Grade Vocabulary Practice ECONOMICS- PART 2 Terms:</p><p>Import Boycott Scarce Monopoly Surplus Opportunity Cost Debt Profit Capital Resources Free Enterprise Inflation Export Benefit Definitions: Match the explanations with the term above.</p><p>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</p><p>Applications: Match the examples with the related term above.</p><p>1. If you buy something for $200 on a credit card, you will have created a ______that needs to be paid.</p><p>2. The ______of having a job is that you earn a paycheck.</p><p>3. The colonists wanted to ______tea because Parliament was taxing them to purchase tea.</p><p>4. The ______needed to start a lemonade stand might be money to make change, cups, lemonade, and a table.</p><p>5. ______happens when costs of products go up.</p><p>6. If no other company produced movies except Disney, Disney would have a ______on the movie-making business.</p><p>7. The shoes you bought were made in China. They would be known as an ______.</p><p>8. If you spend $3.00 making a cake, but you sell it for $5.00, you make a $2.00 ______.</p><p>9. One of the ______of exploring in the New World was that you had to leave your family.</p><p>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 ______.</p><p>12. A company that sells clothing to France needs to ______their product to France.</p><p>13. The most popular video game can’t be found in any store. That is because that particular product is ______.</p><p>Analysis: Describe what the opportunity cost and the benefit would be for starting your own business.</p><p>______</p><p>Create a pro and con scale about Free Enterprise with two pros and two cons. </p>