| Description |
 |
|
| Term |
|
|
| 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 |
Biology Lab Midterm
