Economics and Financial Literacy: Glossary
163 words, listed in the order you meet them in Courseversity lessons.
Full explanations
Goods and services
Social StudiesFull explanation
Goods are things people make or grow that you can touch, like bread or shoes. Services are jobs people do for others, like teaching or mending a bicycle.
Needs and wants
Social StudiesFull explanation
Needs are things people must have to live and stay healthy, such as food, water and shelter. Wants are things people would like to have but can live without.
Scarcity
Social StudiesFull explanation
Scarcity means there is not enough of something to give everyone all they want.
All words in this topic
Grade 1
water
From Grade 1
what we drink
Learn it in: What are needs? (Grade 1), Caring for plants (Grade 1), Water conservation (Grade 2)
want
From Grade 1
something we would like but can live without
Learn it in: What are wants? (Grade 1), Needs and wants (Grade 2), Goods and services (Grade 3)
clean water
From Grade 1
water safe to drink
Learn it in: Food, water, and shelter (Grade 1), Water conservation (Grade 2)
clothing
From Grade 1
what we wear
Learn it in: Clothing and other needs (Grade 1), Clothing and cultural expression (Grade 1)
education
From Grade 1
learning at school
Learn it in: Clothing and other needs (Grade 1), Teachers and schools (Grade 2), Changes in schools (Grade 2)
farmer
From Grade 1
a person who grows food
Learn it in: People who provide goods (Grade 1), Farmers and food providers (Grade 2)
trader
From Grade 1
a person who buys and sells goods
Learn it in: People who provide goods (Grade 1), Farms and markets (Grade 2)
electrician
From Grade 1
a person who fixes electric wiring
Learn it in: People who provide services (Grade 1)
firefighter
From Grade 1
a person who puts out fires and rescues
Learn it in: People who provide services (Grade 1), Public safety services (Grade 2)
police officer
From Grade 1
a person who keeps people safe and upholds laws
Learn it in: People who provide services (Grade 1), Public safety services (Grade 2)
option
From Grade 1
one of the things you can choose
Learn it in: Making simple choices (Grade 1), Environmental decision-making project (Grade 6)
trade-off
From Grade 1
what you give up for what you choose
Learn it in: Making simple choices (Grade 1), Choosing how to use resources (Grade 2), Advantages and challenges of different settlements (Grade 3)
limited
From Grade 1
not unlimited, only so much
Learn it in: Sharing limited resources (Grade 1), Choosing how to use resources (Grade 2)
resource
From Grade 1
something people use
Learn it in: Sharing limited resources (Grade 1), Community differences (Grade 2), Natural environments (Grade 2)
waste
From Grade 1
to use badly or throw away
Learn it in: Sharing limited resources (Grade 1), Waste and litter (Grade 1), Consumers (Grade 2)
Grade 2
income
From Grade 2
money earned from work
Learn it in: Why people work (Grade 2), Trade (Grade 4), Saving and budgeting (Grade 5)
skill
From Grade 2
something you can do well
Learn it in: Why people work (Grade 2), Human resources (Grade 3), Human resources (Grade 4)
qualification
From Grade 2
training that shows a person can do a job
Learn it in: Occupations (Grade 2)
factory
From Grade 2
a place where goods are made, often with machines
Learn it in: Producers (Grade 2), Manufacturing introduction (Grade 3)
producer
From Grade 2
a person or business that makes goods or provides services
Learn it in: Producers (Grade 2), Specialisation (Grade 4), Producers and consumers (Grade 5)
raw material
From Grade 2
a natural material used to make something
Learn it in: Producers (Grade 2), Natural resources (Grade 3), Production (Grade 4)
consumer
From Grade 2
a person who uses goods and services
Learn it in: Consumers (Grade 2), Specialisation (Grade 4), Producers and consumers (Grade 5)
quality
From Grade 2
how good something is
Learn it in: Consumers (Grade 2), Buyers and sellers (Grade 3)
cargo
From Grade 2
goods carried by a vehicle or ship
Learn it in: Transportation of goods (Grade 2), Transportation (Grade 4), Transportation networks (Grade 5)
delivery
From Grade 2
taking goods to where they are needed
Learn it in: Transportation of goods (Grade 2)
basic needs
From Grade 2
food, water, shelter and clothing
Full explanation with examples and practice →
Learn it in: Needs and wants (Grade 2)
scarce
From Grade 2
not enough for everyone to have all they want
Full explanation with examples and practice →
Learn it in: Needs and wants (Grade 2), Natural resources (Grade 3)
appreciate
From Grade 2
to value and be thankful for
Learn it in: Appreciating different occupations (Grade 2), Cultural diversity (Grade 3)
contribution
From Grade 2
what someone adds to help others
Learn it in: Appreciating different occupations (Grade 2)
dignity
From Grade 2
being worthy of respect
Learn it in: Appreciating different occupations (Grade 2), Helping communities (Grade 2), Human dignity (Grade 6)
interview
From Grade 2
to ask someone questions to learn about them
Learn it in: Appreciating different occupations (Grade 2), Local economic investigation (Grade 3), Conducting supervised interviews (Grade 3)
barter
From Grade 2
swapping goods or services without money
Learn it in: Why people use money (Grade 2), Trade beginnings (Grade 4), Regional trade networks (Grade 5)
exchange
From Grade 2
to give one thing and receive another
Learn it in: Why people use money (Grade 2), Atlantic connections (Grade 5), Trade routes and exchange (Grade 6)
money
From Grade 2
coins and notes used to buy things
Learn it in: Why people use money (Grade 2), Trade (Grade 4)
currency
From Grade 2
the kind of money a country uses
Learn it in: Recognising local currency (Grade 2), Regional trade networks (Grade 5), Economic interdependence (Grade 6)
note
From Grade 2
paper or polymer money
Learn it in: Recognising local currency (Grade 2), Recording evidence (Grade 4)
cost
From Grade 2
the amount you must pay
Learn it in: Prices (Grade 2), Production (Grade 3), Comparing solutions (Grade 3)
price
From Grade 2
the amount of money asked for something
Learn it in: Prices (Grade 2), Markets and trade (Grade 3), Trade (Grade 4)
budget
From Grade 2
a plan for how to use money
Learn it in: Needs before wants (Grade 2), Community improvement proposal (Grade 3), Buyers and sellers (Grade 3)
priority
From Grade 2
something that comes first because it matters most
Learn it in: Needs before wants (Grade 2), Identifying community issues (Grade 3), Resource-allocation activity (Grade 4)
bank
From Grade 2
a safe place that keeps money for people
Learn it in: Saving money (Grade 2), Banking introduction (Grade 5)
difference
From Grade 2
how much more or less
Learn it in: Comparing prices (Grade 2), Differences in daily routines (Grade 2), Comparing past and present life (Grade 4)
review
From Grade 2
to look back and judge how it went
Learn it in: Planning simple purchases (Grade 2), Economic decision-making (Grade 6)
donate
From Grade 2
to give money or goods to help others
Learn it in: Responsible use of money (Grade 2), Helping communities (Grade 2)
Grade 3
human resources
From Grade 3
the time, skills and knowledge of people
Learn it in: Human resources (Grade 3), Human resources (Grade 4)
specialisation
From Grade 3
doing one job very well
Learn it in: Human resources (Grade 3), Specialisation (Grade 4), Why people trade (Grade 5)
production
From Grade 3
making goods or providing services
Learn it in: Production (Grade 3), Production (Grade 4), Production and consumption (Grade 6)
cash crop
From Grade 3
a crop grown mainly to sell
Learn it in: Agriculture (Grade 3), Agriculture and settlements (Grade 4), Agriculture (Grade 5)
finished good
From Grade 3
a product ready for people to use
Learn it in: Manufacturing introduction (Grade 3)
manufacturing
From Grade 3
making goods from raw materials using tools and machines
Learn it in: Manufacturing introduction (Grade 3)
workshop
From Grade 3
a small place where craftspeople make things
Learn it in: Manufacturing introduction (Grade 3)
good
From Grade 3
a thing you can touch that people buy or sell
Learn it in: Goods and services (Grade 3)
mobile money
From Grade 3
money kept and sent using a mobile phone
Learn it in: Goods and services (Grade 3), Communication technologies (Grade 5)
demand
From Grade 3
how much people want to buy a good
Learn it in: Markets (Grade 3), Supply and demand introduction (Grade 5), Markets and prices (Grade 6)
retail
From Grade 3
selling in small amounts to ordinary buyers
Learn it in: Markets (Grade 3), Local trade (Grade 5)
wholesale
From Grade 3
selling in large amounts to shops or traders
Learn it in: Markets (Grade 3), Local trade (Grade 5)
export
From Grade 3
a good sent to be sold in another country
Learn it in: Transportation and trade (Grade 3), Trade and technology (Grade 4), Exports (Grade 5)
freight
From Grade 3
goods carried by vehicle, ship or aeroplane
Learn it in: Transportation and trade (Grade 3), Transportation networks (Grade 5)
import
From Grade 3
a good brought in from another country
Learn it in: Transportation and trade (Grade 3), Trade and technology (Grade 4), Imports (Grade 5)
data
From Grade 3
facts and numbers collected
Learn it in: Local economic investigation (Grade 3), Gathering evidence (Grade 5), Modern communication technologies (Grade 6)
investigation
From Grade 3
a careful search for facts about something
Learn it in: Local economic investigation (Grade 3)
Grade 4
opportunity cost
From Grade 4
the next best thing you give up when you make a choice
Full explanation with examples and practice →
Learn it in: Scarcity (Grade 4), Opportunity cost introduction (Grade 5), Opportunity cost (Grade 6)
scarcity
From Grade 4
not having enough of something to meet everyone’s wants
Full explanation with examples and practice →
Learn it in: Scarcity (Grade 4), Scarcity and choice (Grade 5), Scarcity (Grade 6)
entrepreneur
From Grade 4
a person who starts a business or new idea and takes risks to make it work
Learn it in: Human resources (Grade 4), Entrepreneurship (Grade 5)
labour
From Grade 4
work done by people to produce goods and services
Learn it in: Human resources (Grade 4)
capital resource
From Grade 4
a tool, machine or building used to make goods or provide services
Learn it in: Capital resources (Grade 4)
equipment
From Grade 4
the tools and machines needed for a particular task
Learn it in: Capital resources (Grade 4)
invest
From Grade 4
to spend time or money now to gain something later
Learn it in: Capital resources (Grade 4)
productivity
From Grade 4
how much can be made in a certain amount of time
Learn it in: Capital resources (Grade 4), Trade and specialisation (Grade 6)
process
From Grade 4
to change a raw material into a finished product
Learn it in: Production (Grade 4)
value added
From Grade 4
the extra worth gained when something is improved or made into something new
Learn it in: Production (Grade 4), Exports (Grade 5), Production and consumption (Grade 6)
efficient
From Grade 4
using time and resources well, without waste
Learn it in: Specialisation (Grade 4), Resource conservation (Grade 4)
fair trade
From Grade 4
trade in which producers receive fair prices and treatment
Learn it in: Trade (Grade 4), Benefits and challenges of trade (Grade 5)
disruption
From Grade 4
something that stops or interrupts a normal process
Learn it in: Economic interdependence (Grade 4)
supplier
From Grade 4
a person or company that provides goods or materials
Learn it in: Economic interdependence (Grade 4)
allocate
From Grade 4
to share out resources for particular uses
Learn it in: Resource-allocation activity (Grade 4)
Grade 5
benefit
From Grade 5
something good that you gain from a choice
Learn it in: Opportunity cost introduction (Grade 5), Benefits and challenges of trade (Grade 5), Opportunity cost (Grade 6)
shortage
From Grade 5
when there is not enough of something to meet demand
Full explanation with examples and practice →
Learn it in: Supply and demand introduction (Grade 5), Markets and prices (Grade 6)
saving
From Grade 5
keeping money for future use instead of spending it now
Learn it in: Saving and budgeting (Grade 5)
loan
From Grade 5
money borrowed that must be paid back, usually with interest
Learn it in: Banking introduction (Grade 5)
employment
From Grade 5
having a job in which you are paid to work
Learn it in: Employment and livelihoods (Grade 5)
wage
From Grade 5
money paid for work, often by the hour or day
Learn it in: Employment and livelihoods (Grade 5)
risk
From Grade 5
the chance that something may go wrong or lose money
Learn it in: Entrepreneurship (Grade 5)
debt
From Grade 5
money that is owed to someone else
Learn it in: Responsible financial decisions (Grade 5)
donation
From Grade 5
a gift of money or goods to help others
Learn it in: Responsible financial decisions (Grade 5)
financial plan
From Grade 5
a plan for how to earn, spend, save and give money to reach goals
Learn it in: Responsible financial decisions (Grade 5)
scam
From Grade 5
a trick to cheat people out of money or information
Learn it in: Responsible financial decisions (Grade 5)
vendor
From Grade 5
a person who sells goods, often in a market or on the street
Learn it in: Local trade (Grade 5)
weekly market
From Grade 5
a market held on one day each week where many people come to trade
Learn it in: Local trade (Grade 5)
border crossing
From Grade 5
a place where people and goods cross from one country to another
Learn it in: Regional trade (Grade 5)
customs
From Grade 5
the government service that checks goods crossing a border and collects duties
Full explanation with examples and practice →
Learn it in: Regional trade (Grade 5)
ECOWAS
From Grade 5
the Economic Community of West African States, a group of West African countries that cooperate on trade and other matters
Learn it in: Regional trade (Grade 5), Regional organisations such as ECOWAS (Grade 6)
regional trade
From Grade 5
trade between neighbouring countries in the same region
Learn it in: Regional trade (Grade 5)
local substitute
From Grade 5
a product made at home that can replace an imported one
Learn it in: Imports (Grade 5)
foreign exchange
From Grade 5
money from other countries that a country earns, used to pay for imports
Learn it in: Exports (Grade 5)
logistics
From Grade 5
planning how goods are stored, moved and delivered
Learn it in: Transportation networks (Grade 5)
transport network
From Grade 5
the roads, railways, ports and airports that link places
Learn it in: Transportation networks (Grade 5)
communication technology
From Grade 5
tools such as phones, radio and the internet that help people share information
Learn it in: Communication technologies (Grade 5)
digital divide
From Grade 5
the gap between people who can use technology and those who cannot
Learn it in: Communication technologies (Grade 5), Modern communication technologies (Grade 6)
e-commerce
From Grade 5
buying and selling goods and services over the internet
Learn it in: Communication technologies (Grade 5)
multinational company
From Grade 5
a business that operates in several countries
Learn it in: International economic connections (Grade 5)
trade agreement
From Grade 5
an agreement between countries about how they will trade
Learn it in: International economic connections (Grade 5), International trade cooperation (Grade 6)
protectionism
From Grade 5
policies that protect local producers from foreign competition, such as taxes on imports
Learn it in: Benefits and challenges of trade (Grade 5)
negotiation
From Grade 5
talking together to reach an agreement
Learn it in: Trade simulation (Grade 5), Peaceful conflict resolution (Grade 6)
simulation
From Grade 5
a pretend activity that shows how something works in real life
Learn it in: Trade simulation (Grade 5)
token
From Grade 5
a pretend coin or card used in classroom activities
Learn it in: Trade simulation (Grade 5)
Grade 6
enterprise
From Grade 6
the skill of organising resources and taking risks to start a business
Learn it in: Scarcity (Grade 6)
resources
From Grade 6
the things used to make goods and services, such as land, labour and capital
Learn it in: Scarcity (Grade 6)
consumption
From Grade 6
using goods and services to meet needs and wants
Learn it in: Production and consumption (Grade 6)
comparative advantage
From Grade 6
being able to produce something at a lower opportunity cost than others
Learn it in: Trade and specialisation (Grade 6)
manufactured good
From Grade 6
a product made from raw materials using machines or skills
Learn it in: Imports and exports (Grade 6)
trade balance
From Grade 6
the difference between the value of a country’s exports and imports
Learn it in: Imports and exports (Grade 6)
free rider
From Grade 6
a person who benefits from something without sharing in its cost
Learn it in: Public goods and services (Grade 6)
private good
From Grade 6
a good that one person buys and uses, and others cannot use at the same time
Learn it in: Public goods and services (Grade 6)
indirect tax
From Grade 6
a tax added to the price of goods or services, paid when buying
Learn it in: Taxation introduction (Grade 6)
exchange rate
From Grade 6
the value of one currency compared with another
Learn it in: Economic interdependence (Grade 6)