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Holt Pt. 5 CC

TermDefinition
Development Economic Growth
Developed Country Country w/ strong economy
Developing Countries Countries w/ less-productive economies
GDP Total value of goods/services
Productivity About of goods/services
Technology Practical application of knowledge
Budget Plan that shows income & expenses
Saving Act of setting aside money
Interest Price paid for borrowing money
Credit Arrangement which a buyer can borrow money
Stock Share ownership of a company
Investing Act of using money
Bond Certificate issued by company
Economics Study of how people meet their wants & needs
Scarcity having limited resources
Opportunity cost cost of what you have to give up
Demand desire for a certain good/service
Supply amount of good/service
Producers people/businesses that make/sell products
Consumers people/businesses that buy/consume products
Incentive encourages people to act in a certain way
Market organized way for producers and consumers to trade goods and services
Created by: Parker H.