Economics; Grade 5, Roblox Robux
mad city
1st or 2nd best game in roblox mostly on fourt page
jailbreak
2nd or 3rd or 1st best game in roblox mostly on fourt page
Noob
A beginner to Roblox
Hacker
A person who hacks the Roblox server
Builderman
CEO of Roblox
Labor
Human abilities, talents, training, and skills that contribute to the production of goods and services; labor can be either physical or mental efforts; human resources
Robux
Money in Roblox that you can buy stuff with.
Factors of Production
Productive resources of land, labor, capital and entrepreneurship
oof
Roblox death sound
gamer
Someone who plays games like roblox
Bloxburg
The Roblox town
Supply
The quantity of something that is needed or ready for use
Economics
The study of how people choose to use their limited resources to produce goods and services
Division of labor
a body of work divided into various tasks with individual workers or groups of workers responsible for completing specific segments throughout the production process
Export
a good that one country sells to another country
Producer
a person, company, or thing that makes or creates goods and services
Renewable resource
a resource that can be replaced
Nonrenewable resource
a resource that cannot be replaced
Services
a system or way of performing work that can satisfy people's wants and needs
Consumer
anyone who buys or uses good and services to satisfy his/her wants and needs
roblox
co ceo of roblox
Free enterprise
economic system in which people are free to start their own businesses and own their own property
Specialize
focus on one particular product, activity, or job
Import
good that one country buys from another country
Capital
productive resources, including machinery, tools, factories, stores, vehicles, etc made by past human efforts, used to produce goods or services
Scarcity
the condition of not being able to have all the goods and services that we want or need
Barter
the fair trade of one good or service for another good or service without using money
Opportunity Cost
the good or service given up when another good or service is chosen
Profit
the money a business has left after it has paid all its costs
Entrepreneur
the resources provided by profit-seeking decision-makers who organize resources and determine which economic activities to undertake and how they should be undertaken; one who organizes, manages, and assumes the risks of a business or enterprise
Demand
the willingness and ability of a person to purchase a good or a service
Wants
things that are desired or preferred, but unnecessary to survive
Needs
things that are required to survive in the present time and current society
Goods
things that can be held or touched (merchandise) that can staisfy people's wants and needs
Resources
things that people or groups of people use to produce their wealth
Land
those productive resources occurring in nature such as water, soil, trees, and minerals; natural resources
Abundance
very large amount; a quantity that is more than enough
