My Business in the Market

budget: a plan that shows income, spending, and saving

income: all the money a person gets from a job or other sources

earn: to get something, such as money, after working

spending: the amount of income a person uses

savings: the amount of an income not spent

trade: the buying and selling of goods and services

goods: things that people make or grow to sell

services: jobs that one person does for another

need: something necessary, a must have for life (food, water, shelter)

want: something that makes life enjoyable, but isn't necessary for life

opportunity cost: what you give up to do something else

scarcity: not enough of something to meet people’s wants and need