Beginning Economics
Help
|
|
||||
|---|---|---|---|---|---|
| another word for business | commerce | ||||
| to trade without using money | barter | ||||
| an easy medium of exchange that represents value | money | ||||
| the money used to start a business | capital | ||||
| willing and able to sell at a given price | supply | ||||
| willing and able to purchase at a given price | demand | ||||
| 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 | socialism |
Embed Code: If you would like this activity on your web page,
copy the script below and paste it into your web page.
show me how