Economics: Social Studies Terms Explained

Plain-language definitions of every economics term your child meets in school, each with kid-friendly explanations, worked examples, and common mistakes to watch for.

Price

A price is the amount of money people agree to pay to buy a good or service, usually shown as how many dollars or other currency units are needed for one item.

Profit

Profit is the money a person or business has left after paying all the costs of making and selling a good or service.

Public goods

Public goods are goods or services that everyone can use without reducing how much others can use, and that people generally cannot be kept from using, such as clean air, national defense, or a city park.

Every term here links to practice activities. Create an account to get started with your child.

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