Beginning Economics

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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  


   

 
 

 
 

 

 
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