things upon which your life, health and safety depend
needs
things for which you desire or wish but life, health, and safety don't depend
wants
things you need and want
goods
things done for you to meet your needs
services
businesses that grow or make goods
producers
businesses that buy goods from producers and sell them to consumers
suppliers
the people who buy goods and services
consumers
a place where things are bought and sold
market
prices of products when suppliers sell to suppliers
wholesale
prices of products when suppliers sell to consumers
retail
a plan for how money will be spent and earned
budget
money that is spent
expenses
money that is earned
income
the amount of money earned before taxes and other deductions are taken out
gross
the amount of money earned before taxes and other deductions are subtracted
net
money paid to governments
taxes
the money left over after all the expenses in a business are paid
profit
the balance when more money is spent than is earned
deficit
to set aside or accumulate money for needs or wants in the future
save
the ability to obtain goods, services or money now in return for a promise to pay at some later date
credit
a good sold and brought from another country
import
a good sold to and sent to another country
export
any substance which has economic vaue. It could be crops, natural vegetation, livestock, wildlife, minerals or landforms.
natural resource
not using a resource at all, or leaving it alone
preservation
using resources wisely
conservation
limited resources with unlimited needs and wants
scarcity
a national plan for the production and distribution of wealth
economic system
an economic system where the consumers make all economic decisions
market economy
an economic system where the government makes all economic decisions
command economy
a kind of command economy where a one-party government representing the poor, working class people, owns all businesses and takes away the wealth of the rich and distributes it among the poor
communism
a kind of market economy where people make economic decisions for their own benefit, pay lower taxes, and keep more of the money they earn for themselves
capitalism
a kind of market economy where people make economic decisions together for the benefit of everyone, pay higher taxes, and receive more government services
