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Economics SS6 Gilber
Economics 6th grade Social Studies Gilbert PMS
| Term | Definition |
|---|---|
| Mint | A place where coins are made |
| Inflation | Time when there is too much money in the economy, resulting in higher prices |
| Depression | A severe recession where there is too little money in the economy |
| Recession | A time when there is too little money in the economy |
| Export | A good that is made in one country and sent to another country for sale |
| Consumer | One who acquires goods or services for direct use or ownership |
| Service job | To perform a job for someone else in exchange for payment |
| Barter | People exchange goods or services without the use of money |
| Bank | Institution for saving and lending money |
| Loan | To borrow something, especially money, for a short period of time |
| Producing | The way societies turn resources into goods and services |
| Profit | The difference between the revenue/income a business generates and the cost of producing goods and services |
| Non-renewable resource | Natural resource that can't be replaces after being consumed |
| Renewable resource | Natural resource which can be replaced after being consumed |
| Durable good | A consumer good that is not depleted or consumed by use |
| Wants | Not essential for survival |
| Opportunity Cost | Choices/choosing to buy one item over another |
| Capital | Machines and tools used in producing |
| Goods | A product which may be sold to a consumer or another industry |
| Labor | Physical and/or mental work |
| Collateral | Property pledged a security for a loan |
| Competition | Economic situation where two or more businesses try for the same customer |
| Credit | Level of trust that an individual will pay back a loan |
| Demand | Level of desire for a product; how much something is wanted by a customer |
| Economy | The distribution of the nations' goods and services |
| Lien | Legal claim to a collateral itm |
| Market | Buying and selling of a product |
| Supply | The available amount of a product |
| Free Market System | What to produce, how much to produce, and the worth of goods and services is decided by private buyers and sellers |
| Needs | Essential for survival (water, food, housing, medical care, clothing) |
| Import | A good that is made in another country and shipped into a country for sale |
| Economics | The study of the production and distribution of wealth |
| Interest | Fee paid when you borrow money and earned when you save it |
| Consumption | How people use goods and services to satisfy their wants and needs |
| Taxes | Money collected by the government to pay for services for the people |
| Denominations | The amounts that money is printed in |
| NAFTA | A trade agreement between the U.S., Canada, and Mexico |
| Producer | Someone who makes goods or provides services |
| Surplus | Over-supply |
| Scarce | Hard to find; not enough to meet demand |
Created by:
egilbert12
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