click below
click below
Normal Size Small Size show me how
Holt Pt. 5 CC
Term | Definition |
---|---|
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 |