Vocabulary Terms for Lunch Money

Fourth Grade

Tier One

• Money - Anything that is used in the exchange of goods and services.
• Buy - To pay for something.
• Sell - To trade something for money or goods.
• Percent - A part of of 100. 

   

Tier Two

• Consumer - A person who buys and uses products.
• Competition - What happens when companies produce and sell the same product.
• Finance - To borrow money for something. 
• Good - Any kind of merchandise or product.
• Expense - Money you spent on something you need or want.
• Interest - Money paid for the use of other people's money.
• Monopoly - Many buyers and only one seller.
• Producer - Someone who makes good or products to sell.
• Products - Things made to be sold.
• Profit - Money left over after all costs have been paid.
• Savings Account - A bank account that earns interest on money you do not plan on spending right away.
• Service - Work done by one person that benefits another.

Tier Three

• Advertise - To say good things about something so people will buy it.
• Business Plan - A written description of a business idea and how it will be carried out.
• Economics - The study of how people seek to satisfy their needs and wants by making choices.
• Investment - Money put into a business in hopes of making a profit.
• Supply and Demand - Determines price and quantity of a product.

Terms and definitions on this page were taken from Economics by Stephen L. Slavin (2008) but modified to meet the needs of students in fourth grade.

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