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Economic Glossary

Exchange City Economic Glossary

QuestionAnswer
Goods things that can be held to touched (merchandise) that can satisfy people's wants and needs
Demand the willingness and ability of a person to purchase a good or service
Needs things that are required to survive in the present time and current society
Interest a fee that is charged for borrowing money using a percentage of the amount borrowed
Resume a selling tool that summarizes someone's personal history and employment experiences
Revenue total income provided by a given source
Services a system or way of performing a task that can satisfy people's wants and needs
Slogan a brief, attention-getting phrase used in advertising or promotion
Supply a quantity of something that is needed or ready for use
Wants things that are desired and preferred, but unnecessary to survive
Loan money that is lent to someone, usually with interest
Congress The legislative branch of government which is made up of 2 groups: House of Representatives and the Senate.
Bill A proposed law under consideration by legislature.
Three Branches of Government: Executive, Legislative and Judicial
How a bill becomes a law: 1. A bill has to have a sponsor. 2. The bill has to be approved by the House of Representatives. 3. The bill has to be approved by the Senate. 4. The President can: a. sign the bill into law. b. veto the bill. c. pocket veto
Legislative Branch The Legislative branch includes Congress, made up of the House of Representatives and the Senate. In this branch, leaders create laws.
Executive Branch The Executive branch includes the President and the Vice President, plus the leaders who head different parts of government and who help the President make decisions (The Cabinet). The President enforces laws, and ensures the country follows them.
Judicial Branch The Judicial branch includes the court system, with the Supreme Court having the highest (most) power. The courts decide how laws are used and what they mean. Interprets the laws.
Created by: ldorso
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